A ban on seller-financed downpayment assistance went into affect Oct. 1. according to Nehemiah Corporation of America, a report issued by the Congressional Budget Office (CBO) this week confirms that The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) would not cost the federal government any money for the next five years. This is due largely to the self-funding mechanism that sets premiums based on an individual's credit scores.
According to Nehemiah Corp. of America, a DPA provision within the bailout to reinstate DPA could help ensure continued liquidity in the stagnating housing market by providing aid to an estimated 600,000 working-class people for home purchases next year, generating $150 billion in home sales."
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