FHA down payment assistance comes from Family Home Providers. They down payment help to families with steady employment and good credit.
  FHA Refinance | FHA Lending Limits       >> FHA Loan (fixed rate) | FHA Facts | FHA Loan Types | Mortgage Calculators | Down Payment Grants | FHA Foreclosures



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FHA Loan Rates
May 17, 2008
30 Yr. Fixed
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No Points
Low Interest
Best APR
15 Yr. Fixed
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No Points
Low Interest
Best APR
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Remember, the FHA does not make home loans. They insure the FHA loans that we can assist you in getting.

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FHA Facts | FHA Loan Types | Down Payment Grants

FHA Down Payment Grants
-- Family Home Providers

Family Home Providers is a non-profit affordable housing company offering down payment assistance to any family with steady employment and good credit. Under the Family Home Providers plan, those with an FHA loan are eligible for 3% of the final contract price of the home purchased with the FHA approved loan. Under this program:
  • The buyer makes an offer on an FHA qualified home.
  • The home must appraise for the sales contract price (or more).
  • Buyer and Seller must apply for the program.
  • Funds are intended for down payments. The seller pays closing costs.
One business day before closing on the home, Family Home Providers will wire the money to the closing agent. Your loan officer can set up a homeowner's insurance policy for your new home and open an escrow account, and you can close the deal.

Under the Family Home Providers down payment assistance program, your out-of-pocket costs for the down payment and/or closing costs should be under $1,000. Talk to your loan officer if you think you need to lower this amount. The loan officer can give you advice for saving the extra money, or re-arranging the closing terms to absorb some of the additional costs into your FHA loan where permitted. You may not be able to absorb all the closing costs of an FHA mortgage, ask your loan officer what rules may apply to you.

Down payment assistance programs generally require the seller to pay a fee to participate. This fee is considered a payment for services rendered and not a tax-deductible charitable contribution.

For more information on how the grant program can be beneficial to you, you must be a qualified home buyer under the fha home loan program. We recommend that you first get pre-approved for an FHA home loan and then your lender will assist with getting you educated on the down payment program that is right for you.



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