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Mortgage financing: additional action needed to manage risks of FHA-insured loans with down payment assistance: report to the Chairman
United States. Government
Paperback. Books LLC, Reference Series 2011-10-02.
ISBN 9781234338756
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Förlagets beskrivning
Original publisher: [Washington, D.C.] : U.S. Government Accountability Office, [2005] OCLC Number: (OCoLC)63109312 Subject: Mortgage loans -- United States. Excerpt: ... Figure 1: Number of FHA-Insured Single-Family Purchase Money Loans, Fiscal Y ears 2000 through 2005 Number of loans ( in thousands ) 1, 000 8 00 6 00 4 00 200 0 2000 2001 2002 2003 2004 2005 ( projected Fiscal year total ) Source: GAO. Note: Loans insured by FHA's 203 ( b ) program, its main single-family program, and its 234 ( c ) condominium program. Small specialized programs, such as 203 ( k ) rehabilitation and 221 ( d ) subsidized mortgages, were not included. Homebuyers with FHA-insured loans need to make a 3 percent contribution toward the purchase of the property. FHA, like many conventional mortgage lenders, permits homebuyers to obtain these funds from certain third-party sources and use the money for the down payment and closing costs. Generally, mortgage industry participants accept as third-party sources relatives, a borrower's employer, government agencies, 13 and charitable organizations ( nonprofits ). 13 Some mortgage industry participants consider secondary financing a type of down payment assistance. Secondary financing may take the form of an additional mortgage or secured loan that pays for a down payment, closing costs, or both. For the purposes of this report, we do not include secondary financing as a type of down payment assistance because the funds are not a gift. Page 9 GAO-06-24 Mortgage Financing
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Mortgage financing: additional action needed to manage risks of FHA-insured loans with down payment assistance: report to the Chairman
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