As I mentioned in one of my previous blogs, there are many new, revised, updated, and extended government programs aimed at alleviating the foreclosure crisis ... so many that I am a little confused at times. Will the latest program replace one that didn't work as planned? Or why does the government think one program will work better than the rest?

I recently read an interesting piece of news


Although the news has been fixated on the "rescue" (formerly known as "bailout") package in Washington, I want to remind everyone that one of the provisions of the Housing Bill that passed last July took effect this week on Wednesday, October 1st ... the end of seller-assisted down payments on FHA loans. However, there has been a movement in the real estate industry to repeal this provision


So Long, FHA Seller Financing!

Posted by: adminchat in Seller financeHousing BillGiftFHADown Payment on

One of the caveats of the new housing bill that recently passed is the elimination of "gifting" money---seller-funded, down-payment assistance on FHA mortgages. This down payment assistance gave buyers who were unable to save for a down payment the ability to purchase a home with little or no down payment.

Many times, the seller will help the buyer by giving them all or a portion of their down


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