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

October 23, 2019
FHA Rates for October 23, 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.

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.

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 2019

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:

RHO

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED

FHA Loan Articles and Mortgage News

Home Loan Safety Tips

October 7, 2019 - The Department of Housing and Urban Development has an entire page dedicated to warning people about a type of home loan scam known as the loan modification scam. This is one of many different types of mortgage fraud, mortgage scams, and con games involving real estate.

What Can Affect Your Home Loan Appraisal?

October 6, 2019 - There are several areas that can affect whether your dream home is able to be purchased or not and your FHA appraiser is the one tasked with determining if the issues below will interfere with loan approval or not. 

What to do if Your Home Is Affected by a Natural Disaster

October 5, 2019 - Those who have FHA mortgages should know that the basic policy of the FHA and HUD in natural disasters is that participating lenders should consider loan moratoriums, flexible loan modification plans, and other foreclosure avoidance measures.

Tips to Get a Better Refinance Loan

September 30, 2019 - Do you need to refinance your home? There are some important steps you can take to help yourself get the best deal possible when trying to refinance. A bit of planning and preparation will go a long way toward helping you get the best rates and terms possible on your refi loan.

Reasons Why Home Loan Interest Rates Bounce

September 27, 2019 - In the earliest days of September 2019, mortgage loan interest rates were being reported in some circles as the best in three years. A week later, rates were suddenly pushing higher. Rates become more important when you are about to enter into a mortgage loan interest rate lock commitment with the lender.