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 2018
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 10, 2018 - Depending on your financial needs and goals, it may be tempting to pay off an FHA mortgage faster than the term of the loan. This is a good idea if you need to save money over the lifetime of the mortgage-paying the full term of the loan means paying interest for that full term.
October 7, 2018 - The short answer is that most of them do. There is only one FHA refinance loan that has no FHA-required credit check, and most typical FHA forward mortgages for purchasing a new property will require one. Credit scores and credit history are important factors for home loan approval.
October 5, 2018 - There are two basic stages for many borrowers thinking about applying for a mortgage loan. Whether you are choosing an FHA mortgage or any other type of home loan including refinance loans, there should be a planning stage and an application stage in your home loan process.
October 3, 2018 - This is a common question, and at first glance, FHA loan rules do prohibit using single family FHA mortgages to purchase investment real estate. But much depends on the buyer’s definition of investment property compared to the FHA view.
September 27, 2018 - For FHA 203(b) loans, the amount of money approved for the mortgage must pay for the home and include the add-ons, but no cash is allowed back to the borrower except in the form of a refund. That is one reason why some borrowers ask about an FHA Jumbo Loan.
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!
