Quickdown Program

Quickdown is a program that works with non-profit agencies to provide down payment assistance. Home buyers who benefit from Quickdown are those who qualify for approved or pre-approved FHA home loans. This program is designed for those who want to buy a home but are "cash challenged" and can't afford the down payment. Quickdown Home buyers:

• Can't afford to purchase a home without down payment assistance
• Must use assistance funds for down payments only.
• Are often first-time home buyers or those who can't qualify for a conventional mortgage.

Quickdown requires the seller's participation, but does not work in direct contact with the seller. Ask your loan officer and/or real estate agent on how to get a willing seller involved in the closing of a home purchased with an FHA loan with assistance from Quickdown. If you have found a seller familiar with Quickdown:

• Make an offer on the home you wish to buy.
• Once the offer is approved, contact your loan officer and ask about using the Quickdown assistance program for the down payment.
• Your loan officer applies to Quickdown on your behalf.

If you are interested in using Quickdown, your loan officer must file an application for pre-approval, so it's important to decide on using this down payment assistance program as early as possible to avoid delays in processing and getting your funds in time to close the sale using your FHA home loan.

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

• Ameridream
• Nehemiah
• American Family Funds
• Familiy Home Providers
• Futures Home Assistance
• Grant America
• Housing Action Resource Trust
• Newsong
• Partners in Charity
• Responsible Home Ownership
• Quickdown

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. Down payment assistance programs allowed the seller and charitable organizations to contribute towards the closing costs and down payment of FHA loans.

FHA FORECLOSED HOMES

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