FHA loans
The Partners in Charity down payment and closing cost assistance is provided as gift funds from 2% to 10% of the home price.
FREE CREDIT SCORE
Do you know what's on
your credit report?

Partners in Charity

FHA Down Payment Grants for Homeowners
Elimination of Non Profit Down Payment Assistance

On July 30, 2008, President Bush signed H.R. 3221 - Housing and Economic Recovery Act of 2008. Section 2113 of the bill 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.

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.

FHA GRANT ASSISTANCE PROGRAMS

FHA NEWS and RELATED ARTICLES
Those looking for home loans for fixer-uppers or even HUD REO properties may be curious about grant money available for home repairs. There are HUD press releases which discuss such FHA/HUD money and the latest disbursements to state and local agencies.

The first thing you learn as a new FHA mortgage borrower is that you can't apply for an FHA loan at just any bank. The FHA must approve lenders to offer FHA loans, FHA refinancing and homeowner bailout programs.

Privacy Policy | Terms of Use | About Us | Site Map | Contact | FHA Lenders

SecureRights Advertiser Contact Information

Copyright © 1997-2014 · FHA.com · All Rights Reserved
Web Design: Bouncing Pixel · Houston, Texas


Qualify for an FHA Loan
Compare Refinance
Mortgage Rates
Sites and Offers of Interest
 

Free FHA Limits Calculator

Display current FHA loan limits for states and counties on your real estate, mortgage, or community website.

Get: FHA Limits Widget

FEATURED SITES:

Military Hub
Helping you make the best financial choices, build wealth, and save money during and after your military service.

-- Military Insurance
-- Military Pay
-- GI Bill Education
-- Military Finance

VA Loans
Offering VA loan products that meet the home financing needs of active duty military and veterans across the country.

-- VA Loan Limits
-- VA Loan Refinance
-- VA Loan Guidelines


Remember, the FHA does not make home loans. They insure the FHA loans that we can assist you in getting. FHA.com is a private corporation, is not a government agency, and does not make loans.

FHA LOAN TYPES:

-- FHA Home Loan
-- FHA Secure
-- FHA Reverse
-- FHA Loan (fixed rate)

SPECIAL FHA TOPICS:

-- FHA Down Payments
-- FHA Credit
-- FHA Appraisals
-- FHA Mortgage Tips
-- FHA Loan Prequalify
-- Other Loan Types
-- FHA Loan Questions
-- Obama Mortgage
-- HOPE Act

FHA Foreclosed Homes

SEARCH FOR FREE!

Search by State
- or -
Enter Zip Code

FHA News Blog
- A Blog About FHA Loans -
This blog is brought to you by the knowledgeable group of counselors at FHA.com. Our team specializes in advising our customers about the value of FHA mortgage loans. > See also: VA Loans Blog
Military Rates and Charts
- A Military Hub Site -
Military guidelines, regulations, and benefits are introduced each year for everything from Military Pay Charts to your VA Loan benefits. We can help you stay informed. > See also: Military Pay Archive