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
December 5, 2018 - When you purchase a home with an FHA mortgage, are you already contemplating when you might sell or refinance? It may sound premature to some, but for those who prefer long-term financial planning a strategy for home ownership makes sense.
December 2, 2018 - The average civilian with no time in uniform cannot be approved for a VA home loan because this mortgage is a benefit offered in exchange for military service. FHA mortgages, on the other hand, are open to all financially qualified borrowers.
December 1, 2018 - FHA mortgage loans require the home to meet minimum standards in order for the loan to be approved by your participating lender. There are some issues that leave the lender no choice but to deny the mortgage. Do you know what those are?
November 29, 2018 - A study by the National Association of Realtors reveals that a large number of house hunters in the Millennial age range purchased a previously owned home that requires some kind of repair work. If it’s safe to assume that Millennials love fixer-upper homes.
November 28, 2018 - There is a big difference between house hunting in December and closing the deal in December. Buyers may find sellers more willing to negotiate during the winter months in general if it looks to the seller like a long time might pass before getting another offer.
FHA.com Reviews
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