FHA bans gift program

Not sure if anyone has written on this but, FHA plans to do away with their gift program. I currently has a listing under contract in which the sellers are giving this 3% gift money. The loan officer says we are okay since we are already approved for it. I hope so!

The Federal Housing Administration will prohibit borrowers from using seller-financed down payment assistance programs that have helped hundreds of thousands of people buy homes but have come under the scrutiny of federal authorities.

Here's a link to the article. http://www.sacbee.com/103/story/405223.html