HUD issues rule on downpayment assistance

The U.S. Department of Housing and Urban Development has published a rule taking effect at the end of October that will impose restrictions on some seller-assistance downpayment programs. The rule aims at programs in which sellers or some third-party entities benefit financially from providing the assistance. NAR submitted comments prior to publication of the rule urging HUD to construe the limitation on programs as narrowly as possible to protect safe and effective assistance programs.

SOURCE: Ohio Assoication of Realtor's Oct 15, 2007 Newsletter