Down Payment Assistance Companies Closing as Predicted : Alliance Academy

Thursday, June 7, 2007 - Down Payment Assistance Companies Closing as Predicted

The Neighborhood Gold and Buyers Fund down payment assistance program will cease to provide down payment assistance as of July 3rd 2007.

This announcement was sent out in an email where they claimed they were taking a voluntary step to comply with the IRS Revenue Ruling 2006-27 which ruled that providing seller funded down payment assistance was not a charitable activity.

The IRS is now taking full efforts to revoke the 501c3 status of these non-profits or have them comply by ceasing to provide down payment assistance.

For more information, please see the article I posted in June 2006:
http://allianceacademy.realtownblogs.com/industry/irsondpacompanies/

• Sign Up FREE!

DON'T MISS ANYTHING!
Get instant notifications of updates!

Contact the School

• Alliance Academy Homepage
• Email - Jerry Rutledge
• Email - Rachel McNamara

• Toll Free: (800) 353-9814
• DFW Metroplex: (972) 980-0643
• FAX: (972) 980-0616

RSS Feed

RSS Blog Feed

mortgage industry news daily headlines magazine broker banker originator origination loan officer programs training compliance resource scenario marketing association national America California residential commercial subprime conforming wholesale retail fraud fraudulent scheme scams fha va fixed rate adjustable balloon interest-only cofi cosi countrywide ameriquest fannie mae freddie mac washington mutual wells fargo first franklin first horizon continuing education renewal licensing license wamu national city WMC greenpoint union planters banco popular reverse mortgage school texas savings and mortgage lending department NAPMW notary TAMB NAMB MBAA NNA ethics Yahoo MSN Google AOL Go Lycos Alta Vista New York Times CNN CNBC MSNBC MBAA NAMB Lycos Market Watch Fannie Mae Freddie Mac

Thursday, June 7, 2007 - Down Payment Assistance Companies Closing as Predicted

SUBSCRIBE

NEWS CATEGORIES

Contact the School

RSS Feed