Sep. 9, 2008 - Save seller funded gifts

Time is getting short to act

There is a movement in Congress to save the use of seller-funded down-payment assistance scheduled to end October 1, 2008.  This was made a part of the sweeping housing bill that President George W. Bush signed into law this past July.

The Bill, HR 6694, proposes to revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development (HUD) under title II of the National Housing Act and to authorize risk-based insurance premiums for certain mortgagors under such mortgages.

Contact your Congressional Representative to request s/he co-sponsors this legislation, today.  Send Representative Rush Holt an electronic message or call his office at: 609-750-9365, 1-87-RUSH-HOLT (toll-free)

Read more on the subject at Inman News.