Powered by

Mortgages; FHA, leave down payment assistance alone!

Jan 26, 2020 - Orange County Register (California)

Saving up for a down payment, even a 3.5% down that FHA often requires, is an insurmountable struggle for a plethora of low-income, hard-working Americans.

But about 150,000 families without the cash still have become homeowners thanks to down payment assistance from a variety of state or federal housing finance agencies — commonly referred to as HFAs.

Going forward, maybe not.

Last April, Federal Housing Administration Commissioner Brian Montgomery issued a bombshell direc...