H.R. 3221, the Housing and Economic Recovery Act of 2008 is a 700 page bill. We will continue to report the details of this bill as we learn more about them.
SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT ASSISTANCE.
Paragraph (9) of section 203(b) of the National Housing Act (12 U.S.C. 1709(b)(9)) is amended to read as follows:
(9) CASH INVESTMENT REQUIREMENT-
(A) IN GENERAL – mortgage insured under this section shall be executed by a mortgagor who shall have
paid, in cash or its equivalent, on account of the property an amount equal to not less than 3.5 percent of the appraised value of the property or such larger amount as the Secretary may determine.
Stay tuned in as more comes out on the contents of this bill…..
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