In September
2003, HUD examined sources of downpayment funds for FHA-insured single family
mortgages. Over 8,000 underwriting case binders were retrieved for this study.
Information found on the HUD-1 and Mortgage Credit Analysis Worksheet forms in
the binders were used to verify data previously collected by HUD from the originating
mortgagees.
The
scope of study, methods used, and findings regarding sources of downpayment funds
and the amount of seller contributions toward settlement costs are all discussed
in this contract report. Read the report, Audit
of Loans with Downpayment Assistance (PDF)
,
(MS-Word).
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