HUD Wants to Cut Certain Downpayment Grants


The Department of Housing and Urban Development wants to stop the way certain non-profits give cash to aspiring new homeowners for a downpayment, a program supporters say has helped nearly a million people buy a home.
A variety of programs help homeowners overcome the downpayment hurdle. The vast majority of low income borrowers turn to the FHA, which requires a 3% downpayment.
Some downpayment assistance programs offer loans or outright grants