Quantcast

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 Mortgage Loan Rates

April 18, 2019
FHA Rates for April 18, 2019
Compare 30 Year Fixed Mortgages
Compare 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Compare Rates!

FHA Loans are a good choice for home purchase and refinance loans.

Choose a Loan Type

then
get
your

Your Credit Score

Do you know what's on
your credit report?
Get Credit Score Button
Get Credit Score Button
FHA.com is a privately owned website, is not a government agency, and does not make loans.

AmeriDream Program

Loan Assistance Program 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.

NEW: Down Payment Assistance Programs for 2019

AmeriDream is a non-profit organization dedicated to helping people find affordable housing. Part of the AmeriDream mission is to help low and moderate income families buy homes by offering down payment assistance. Buyers who are qualified for an FHA loan but don't have the money for down payment and/or closing costs are eligible to apply for AmeriDream down payment assistance:

  • A down payment gift of up to 10% (typically 3%-6%) of the purchase price.
  • A true gift-the down payment assistance is not repaid by the home buyer
  • Home buyer must have an approved FHA home loan or pre-approved FHA loan.

To participate in the AmeriDream down payment assistance program, buyers should;

  • Get pre-approved for an FHA mortgage and start looking for a home.
  • Make an offer on the home you want to buy and get a ratified contract.
  • Your loan officer applies for the AmeriDream down payment assistance program on your behalf.
  • You will receive a "Notice of Gift Approval" from AmeriDream.
  • Close the deal on your new home.

The seller must participate in the AmeriDream program, but your loan officer can assist a seller in signing up for the program by showing where and how to apply. For your home buying needs, the loan officer will handle your application for AmeriDream down payment assistance, but may require additional information from you to help fill out the form.

AmeriDream is just one of many organizations offering down payment assistance to those with FHA approved home loans. If you have been pre-approved for an FHA mortgage loan but don't meet the income requirements for the AmeriDream program, keep looking. There are several down payment assistance programs with no income requirements or restrictions.

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

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


FHA Loan Articles and Mortgage News

FHA Standards Versus Local Laws

April 15, 2019 - Some borrowers get confused over the differences in what the FHA home loan program will permit versus state or local laws that have a say in similar or identical areas. It’s easy to assume that FHA loan rules would override a local ordinance, but this is definitely not true.

FHA Condo Loans for Self-Employed Borrowers

April 13, 2019 - FHA condo loans allow financially qualified borrowers to apply for maximum financing of 96.5% and a 3.5% down payment. FHA loan minimums permit maximum financing and the lowest down payment for those with FICO scores 580 or higher.

FHA One-Time Close Construction Loan Rules to Know

April 12, 2019 - FHA One-Time Close construction loans are different than other FHA new purchase loans. There are some basic differences between new construction and existing construction FHA loans. Before we launch into those differences, it’s important to point out one very important aspect about this program.

Buying a Home With an FHA Loan? Ask Questions.

April 11, 2019 - If you are buying your first home with an FHA mortgage, there are some questions you should ask about the property you want to buy. Sometimes it only takes a little bit of information to help make up a potential homeowner’s mind, but knowing the right questions to ask is key.

Is the FHA One-Time Close Construction Loan Right for You?

April 10, 2019 - FHA One-Time Close construction loans are designed for those who want to have a home built for them from the ground up. Construction loan mortgages, especially FHA One-Time Close loans, are unique among mortgage lending products and have some distinct advantages.

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!