Futures Home Assistance Program
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.
NEW: Down Payment Assistance Programs for 2020
Futures Home Assistance is a non-profit charity group offering a free down payment gift up to 6% of the closing costs of a home purchased with an FHA loan. The mission statement of Futures Home Assistance includes the belief that people who dream of owning a home should not be hindered because of a lack of down payment funds.
The application process for the Futures Home Assistance program is similar to many other charity groups offering down payment assistance:
- Apply for an FHA home loan or pre-approval for an FHA loan.
- Find a home and make an offer.
- The seller must agree to participate in the Futures Home Assistance program.
- Once the offer is approved, contact your loan officer.
- Your loan officer applies on your behalf for the Futures Home Assistance down payment assistance.
For those with approved FHA home loans, Futures Home Assistance usually responds to your loan officer's request within 24 hours. Once you are notified of approval your loan officer will tell you how long until your down payment gift funds are available. In some cases, more than the standard 6% down payment assistance amount may be available. Ask your loan officer whether you are eligible to receive more than 6% through this program.
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:
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
January 4, 2020 - Purchasing a home, or building one from the ground up using a construction loan, is a serious commitment. You’ll need to review your credit rating and credit history, which is beneficial no matter what you decide about buying a home.
January 2, 2020 - Did you know FHA mortgages are not limited to first-time home buyers or those who have never owned property before? It’s true--you don’t need to have a financial need or be a first-time buyer to qualify.
December 30, 2019 - There is no income limit for FHA Jumbo loans, and there is no first-time home buyer requirement. There is, however, a set of rules that apply specifically to Jumbo loans that you’ll want to know about.
December 24, 2019 - If you are interested in refinancing your home loan with an FHA mortgage, you may be confused over the rules . Some FHA refinance loans allow cash back to the borrower while others do not. The requirements for such loans will depend on whether there is cash back or not.
December 22, 2019 - If you are considering a home loan in the new year, consider the options open to you with an FHA mortgage. FHA loans are guaranteed by the government for a certain amount of the loan, which makes it easier for the lender to offer you credit even if you have previous negative credit issues.
