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FHA Down Payment Assistance (DPA), No money down
With most 100% loans being a thing of the past, FHA with Down Payment Assistance (DPA) provides some relief for those who are strapped for cash. If negotiated properly by the buyer's broker [agent], home buyers can put practically nothing, if not anything all, into the transaction.
Some contend that home buyers need some “skin” in the transaction to make them think twice before walking away from their commitments if times get tough; but really, will a 3% stake prevent this on any grand scale? Secondly, don’t these buyers have skin in the game when making mortgage payments? Lastly, isn’t the purpose of MI to offset default losses?
What am I missing? Perhaps, FHA should consider 100% loans if they are concerned about artificial sales prices to account for these down payments.
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Posted: 11:57 AM, Jul. 3, 2008 |
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