FHA purchase money mortgage endorsements for November 2008 was 78,824 units. This was a large decline from October when FHA endorsed 107,357 purchase mortgages. This decline in FHA purchase endorsements is partially a seasonal adjustment. Another contributor might be that as of October, seller assisted down payment assistance through a non profit organization is no longer eligible for FHA mortgage insurance.
Soon we might be asking "where is DAP ... now that we really need them?"
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