Downpayment Assistance Programs - which used charities in a three-way workaround of FHA...

|By:, SA News Editor

Downpayment Assistance Programs - which used charities in a three-way workaround of FHA source-of-funds rules - resulted in too many owners "not equipped for the financial responsibilities of home ownership," the agency said today. If not for seller-funded assistance, FHA's reserves would still be above the statutory 2% floor. And this year's tax credit means originations are way up ... (earlier)