Articles Tagged with ''down payment assistance programs''

HUD delays new rule on FHA down payment assistance in response to lawsuit

Halts implementation to review claims of "unlawful destruction" by Native American group
The Department of Housing and Urban Development announced Wednesday that it was delaying the implementation of new rules regarding down payment assistance for loans backed by the Federal Housing Administration in response to a lawsuit filed by a Utah-based Native American band, which claimed that the mortgagee letter "unlawfully targets American Indian tribes."
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HUD sued over new down payment assistance rules for FHA mortgages

Native American group claims "unlawful destruction" of down payment program
Last week, HUD announced it was issuing new rules for down payment assistance on FHA mortgages. According to HUD and the FHA, the new rules were meant to provide clarity around what documentation would be required for borrowers who are using funds from another source to cover part of the their down payment. But, according to one group, those rules do much more than that. And now, the group is suing HUD to get the rule change overturned.
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HUD announces new rules for down payment assistance on FHA mortgages

Claims "certain governmental agencies" may be operating outside existing rules
The Department of Housing and Urban Development announced this week that it is issuing new rules for down payment assistance on mortgages insured by the Federal Housing Administration. Click the headline for a full breakdown of which rules are changing and why.
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Wells Fargo expands affordable housing program to Houston

Big bank partners with nonprofits to offer down payment assistance to Houstonians
Wells Fargo announced Monday it is partnering with NeighborWorks America and nonprofit organizations to bring down payment assistance to prospective homebuyers in Houston. The bank is committing $6.1 million in housing assistance in the form of $15,000 grants to qualified home buyers in the city.
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Employers can now contribute to their employees’ down payments, just like a 401(k)

HomeFundMe, a crowdfunding down payment site, expands
Many employers offer a number of benefits as a way to entice new employees to join the company, including health insurance, paid time off, and contributions to the employees’ 401(k) account. While employees may not see the benefits of their 401(k) until they retire, employers can now offer a new benefit that employees will be able to use much sooner – help with a down payment on a house.
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One year later, here is how Fifth Third's no-down mortgage program is performing

Firsthand account from a borrower, too
This time last year, Fifth Third Mortgage revealed its exclusive Down Payment Assistance Program, which offered 3% of the purchase price in down payment assistance, leaving the borrower to put zero down on the home. Since no-down mortgage programs are still hard to come by, HousingWire visited with the lender for an update on the program to see how it’s performed. Spoiler alert: It’s performing well.
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Wells Fargo partners with NeighborWorks America to boost homeownership in Birmingham

Wells Fargo will invest $2.55 million
Wells Fargo is partnering with NeighborWorks America and Neighborhood Housing Services of Birmingham to boost homeownership in the Birmingham and Jefferson Country areas of Alabama. Through the program, borrowers may be eligible to receive a matching down payment assistance grant ranging from $2,500 up to $7,500.
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Urban Institute: HUD watchdog is wrong on borrower-financed down payment programs

Says HUD-OIG misunderstands, overstates issue
A recent report from HUD's watchdog said that HUD does not have sufficient oversight of borrower-financed down payment assistance programs for FHA-insured loans, which puts borrowers and the FHA’s flagship insurance fund at “unnecessary risk.” Analysts from the Urban Institute reviewed the report as well, and came to a different conclusion: HUD’s watchdog is wrong to call out the down payment assistance programs.
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