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July 28th, 2008 1:48 PM by David W. Welch
The FHA/Mortgage Bailout legislation that is probably going to become a law this week will do away with seller funder downpayment assistance effective October 1st, 2008. If you have been planning on getting seller downpayment assistance on your FHA loan, get it done by September 30th. This law is going to help a lot of people, but this particular piece of it is not helping anybody. Also, the FHA downpayment requirement is going up to 3.5% from the existing 3%. Don't get me wrong, I believe these are going to be good for people in the long term. I just don't particularly agree with these particular aspects of the legislation going into effect when we need to be doing more to help people get into homes.