IRS Decision Changes FHA Lending Landscape
May 8th, 2006 by 
Erik
This is some pretty big news in the mortgage and real estate world. The IRS decided to rescind the “non-profit” status of organizations that enabled buyers to purchase a home with no down payment on an FHA guaranteed loan. Without “non-profit” status, the funds coming from said organizations are no longer acceptable for use under FHA guidelines.
This will surely affect many would-be home buyers. There is talk from FHA, however, that changes to their guidelines may be forthcoming.
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