Futures Home Assistance Program
Loan Assistance Programs Canceled in 2008
Elimination of Nonprofit 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 2022
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:
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FHA Loan Articles and Mortgage News
October 4, 2022 - FHA seller concessions are limited to a total of six percent. When a seller contributes more, it results in a lowering of the sale price for purposes of calculating the FHA loan amount, dollar for dollar on all money contributed that exceeds the six percent limit.
October 3, 2022 - First-time home buyer are likely to wonder about the kind of credit requirements needed for an FHA mortgage. According to Experian, there is no set minimum to buy a house. However, that does not mean you won’t have any minimum FICO score expectations from a lender or the FHA.
October 1, 2022 - Violations of the Fair Housing Act have a chilling effect on the housing industry when violations occur for renters trying to buy a home. Those who rent while home shopping have a hard if they must compete against a volatile housing market and illegal discrimination at the same time.
September 30, 2022 - If you purchased a home with an FHA mortgage and you live in an area affected by a natural disaster, you may be eligible or become eligible for FHA loan relief. The Department of Housing and Urban Development publishes guidelines for lenders and borrowers who are affected.
September 29, 2022 - Credit scores are only one part of your credit history and your loan officer will want to see the whole picture. What informs your loan officer’s decision to approve or deny your loan application for an FHA mortgage? Do a bit of basic research into how home loans work.
