Washington Report

Advocacy Updates from Washington D.C.

NAR Comments on FHA Interpretive Rule on Minimum Cash Investment Under the National Housing Act

On Dec. 28, 2012, NAR submitted comments to FHA on the interpretive rule regarding prohibited sources of minimum cash investment under the National Housing Act.  NAR appreciates the clarification that funds provided directly by Federal, State, or local governments, in connection with their respective homeownership programs, can be used for the required 3.5% cash investment for single family mortgages insured by FHA.  NAR requested similar clarification with regards to downpayment assistance for Employer Assisted Housing Programs (EAH), which can also offer valuable resources for homebuyers.

NAR Letter to FHA

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