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The Housing and Economic Recovery Act of 2008, enacted on July 30, 2008, prohibits any portion of the required down payment to be provided by:

1.    The Seller

2.    Any other person or entity that benefits from the transaction

3.    Any third party or entity that is reimbursed directly or indirectly by the seller

It is our understanding that this is effective for all loans approved on or after Wednesday, October 1, but check with your lender. Approval rules for lenders are very fluid right now so it's important you are working with an experienced, knowledgeable lender that stays informed of lending changes and communicates easily with you. If you are unsure of which local lenders to use to finance your home purchase, let us know or visit the financing section of our website for recommendations.