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 Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for September 28, 2020
Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

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

FHA.com is a privately owned website, is not a government agency, and does not make loans.

The Housing Action Resource Trust

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

The Housing Action Resource Trust or HART program is a non-profit housing organization offering help to home buyers who qualify for FHA "first mortgage" loans. A first mortgage does not mean "first-time home buyers only," but rather those who are getting the initial mortgage and not applying for a second mortgage or home equity loan.

Those who have pre-approval for an FHA loan or have an approved FHA loan qualify for HART. This program is aimed at those who have the right credit and employment to qualify for an FHA loan but lack the money for a down payment and/or closing costs. To use the Housing Action Resource Trust:

  • Get an FHA-approved loan or pre-approval on an FHA loan.
  • Find a house and make an offer.
  • Tell your realtor you want to buy the home using the Housing Action Resource Trust program
  • Contact your loan officer, who applies to the HART program on your behalf.

As with other down payment assistance programs, the seller must agree to participate in the HART program. Your loan officer will let you know when funds are scheduled to be transferred in your name for the down payment and/or closing costs.

If your seller has not signed up for the HART program but is willing to participate, ask your loan officer and/or realtor for details on how the seller may register with the House Action Resource Trust.

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

Questions to Ask About Your Home Loan

September 18, 2020 - Are you thinking about buying a home, or considering applying for a construction loan to build a house on your own lot? There are some important questions to ask about home loans that could determine whether you buy an existing construction house or decide to build your own.

FHA One-Time Close Construction Loan Rules for Purchasing Land

September 14, 2020 - What are the FHA loan rules for buying land as part of a construction loan? Not all borrowers own their own land. Ehen you want to build on your own lot, you may need to purchase the lot as part of the loan.

Streamline Refinance Loans and Cash-Out Refinancing

September 11, 2020 - Cash-Out Refinance loans allow cash back to the borrower after the costs of the new loan have been satisfied and the original loan has been paid off. These refi mortgages can be issued by conventional lenders and through government-backed loan programs like the FHA.

Why Do Lenders Deny Home Loan Applications?

September 8, 2020 - Why do lenders deny home loan applications? This is a good question to ponder when you are in the planning stages of a construction mortgage loan application, condo loan application, or you want to buy a multi-unit home.

VA One-Time Close Construction Loans: When Mortgage Payment Start

September 6, 2020 - The VA loan benefit includes the ability to build a home on your own land using a VA One-Time Close construction loan. VA One-Time Close loans allow you to build a house on your own land or purchase land in conjunction with building a home.