FHA Requirements for Government Funded Downpayment Loans
On April 18, 2019 FHA issued Mortgagee Letter 2019-06 clarifying the documentation requirements for governmental entities providing downpayment assistance to FHA borrowers. We know that compatibility with FHA guidelines is of the utmost importance, and we are working quickly to ensure our downpayment loans remain compliant with FHA requirements.
We have a call with FHA on Wednesday, April 24 and are actively working with U.S. Bank to avoid any disruption in downpayment loans for FHA borrowers. We will send an eNews as soon as a solution is finalized.