WASHINGTON — Down payment assistance–a controversial home purchasing practice that was eliminated under the massive housing bill recently signed into law–could be resuscitated.
A bill requiring that the FHA accept seller-provided down payments has been introduced in the House of Representatives. The FHA Seller-Financed Down Payment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) was given the light of day with bipartisan support from the House.
NAFCU Associate Director of Legislative Affairs Eddie Ambrose said, "In general we support programs that allow consumers to borrow, but we want to make sure that consumers can afford the loan. We also recognize that with subprime loans, it can be a difficult call to make because not all subprime loans are inherently bad. We are concerned that credit terms dictated in the statute do not provide for market flexibility and that regulators should have the authority to make regulatory changes."
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