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Old 06-01-2006, 02:13 PM
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Post FHA DPA Guidelines
HUD requires that downpayment gifts from charitable organizations be from nonprofits that are exempt from income taxation, according to a new mortgagee letter. Thus, for FHA to insure a single-family mortgage, lenders must ensure the entity is eligible to receive tax-deductible charitable contributions.

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Old 06-01-2006, 03:18 PM
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Are there any down-payment assistance orgs out there still that the IRS still views as non-profit?
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Old 06-02-2006, 08:02 AM
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www.neighborhoodgold.com

No worry on this though. FHA 100% will be released sometime this month or next they are saying.
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Old 06-02-2006, 08:03 AM
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Read this though. It has more info.

http://www.neighborhoodgold.com/news/news42.asp
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Old 06-02-2006, 10:30 AM
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Good find, Greg. I thought I'd read somewhere that Neighborhood Gold's status was rescinded by the IRS, but this proves otherwise.
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