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Seller/Interested Party Down Payment Assistance is Going by the Wayside so Close ASAP!
August 26th, 2008 9:39 AM

As announced on August 6, 2008, the Housing and Economic Recovery Act of 2008 will eliminate seller / interested-party funded down payment assistance programs on FHA loans effective October 1, 2008.

In order to close, fund and sell any loans that have the Down Payment Assistance (DPA) program included in the transaction, the last day to lock these loans is September 15, 2008.

 The AUS approval must have its final run (all changes made by Underwriting) on or before September 15, 2008.

 The Conditional Commitment Direct Endorsement Statement of Appraised Value (HUD-92800-5b) must be signed by the DE Underwriter on or before September 15, 2008.


Posted by Deanne M. Powell on August 26th, 2008 9:39 AMPost a Comment (0)

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