On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded down payment assistance. Historical program information is only provided for reference on this website. These grants are no longer available.

FHA Loan Rates

November 28, 2014
FHA Rates for November 28, 2014
30 Year Fixed
3.25% Rate
3.29% APR
15 Year Fixed
2.75% Rate
3.0% APR
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Partners in Charity

Loan Assistance Programs Canceled in 2008

Elimination of Non Profit Down Payment Assistance: On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes took effect on Oct. 1, 2008. We provide this information for reference only. These grants are no longer available.

Partners In Charity is a non-profit group offering down payment assistance on properties such as single-family homes, condominiums, and multi-unit properties. Assistance is also available for rehabilitation programs. Partners In Charity funds are offered to those who qualify for FHA loans or are pre-approved for FHA loan amounts.

There is only one requirement to use the Partners In Charity program; you must intend to occupy the building you purchase. You can't get down payment assistance for purchasing a home you intend to rent. Partners in Charity offers:

  • Need-based assistance from 2% to %10 of final closing price.
  • Funds can be used for closing costs and down payment.
  • This assistance can be listed as the source of down payment in the pre-approval process.
Your lender applies for the Partners In Charity program on your behalf. This program requires the seller to participate and your loan officer and/or realtor can help you with these details.

The Partners In Charity program can be listed in your "good faith estimate" for sources of down payment funds. It's important to decide whether you want to use this program in the early stages of your planning, preferably before submitting a request for pre-approval of an FHA home loan. Your loan officer can determine your needs to enter the correct amount of the down payment on these forms.

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.

Since this program is no longer available, we recommend that you get pre-approved for a low down payment FHA home loan.

Discontinued Down Payment Grant Programs:

RHO

FHA Loan Articles

Read About Mortgage News, FHA Updates, and Guidelines
Can the Seller Pay for FHA Home Loan Expenses?

FHA loan rules govern a wide range of issues when it comes to the purchase of a home with an FHA mortgage. The seller would be allowed to contribute up to six percent of the sales price of the property without a penalty.

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There’s a type of common question about FHA home loans that involves whether there’s any special help for some FHA loan applicants such as single parents. Is there any assistance for people who need down payment help or lower mortgage payments?

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Is There a 'No Credit Check' FHA Loan?

One type of question that sometimes arises about FHA loans-- Is there a no-credit-check version of an FHA mortgage loan? What is the criteria required for FHA loans that do not require a credit check and/or appraisal?