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 October 29, 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.

Newsong 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 2020

Newsong provides a down payment assistance program for residential and commercial properties. This program offers a one-time gift for all closing costs, and there are no income requirements or limits on who can participate. Anyone who qualifies for an FHA loan can apply to receive down payment help from Newsong. The program does not require inspections or credit checks, and there are no restrictions on where you wish to buy your home as long as it is within the "geographic United States". The program offers:

  • No "first time homebuyer" restrictions-this program is for anyone buying a home with a pre-approved FHA loan or an existing FHA loan.
  • Up to $25,000 for closing costs for a home purchased with an FHA loan.
  • More funds available on a case-by-case basis-your loan officer will provide more information if you need to request additional assistance.
  • Gift funds made available 24 hours after approval.

If you are approved for an FHA loan and want to participate in the Newsong program, take the following steps:

  • Find a home and make an offer.
  • Once the offer is approved, contact your loan officer and ask about the Newsong program.
  • Tell your realtor you want to buy the home using the Newsong program
  • Your loan officer applies to Newsong on your behalf.
  • Money is available up to 24 hours after the application is approved.

In many cases same-day approval is possible if your loan officer can complete and send the paperwork before noon. The seller must participate in the Newsong program. Ask your loan officer and/or realtor how your seller should sign up for Newsong.

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

Qualifying for a New FHA Mortgage With a Past Loan Forbearance

October 20, 2020 - In the age of coronavirus, many home loan and refinance loan policies have been re-examined to see how borrowers can be helped into new loans or refinance loans even having needed a loan forbearance.

Credit Monitoring Before Your Home Loan

October 14, 2020 - If you don’t know the contents of your credit report, you aren’t ready for a home loan. But subscribing to a credit monitoring service is just the first step--knowing what options to choose can be an important step in getting better prepared for your mortgage loan application.

Do You Need to Refinance Your Mortgage?

October 13, 2020 - Mortgage loan interest rates fell to incredible lows in 2020 and many homeowners have taken advantage of those low rates to refinance their mortgages. There are many reasons to do so including saving money over the lifetime of the loan by paying a lower interest rate.

Why Some Homes Aren't Approved for FHA Mortgages

October 10, 2020 - Some borrowers find the property they want does not qualify for an FHA mortgage loan and they aren’t sure why--at first. You can save a lot of time and money by understanding what FHA loans are approved for and the kinds of property you cannot purchase using an FHA home loan.

Credit Monitoring Is Your Early Warning System

October 7, 2020 - With credit monitoring you opt into a level of protection that can warn you if such issues become present in your credit report. But keep in mind that knowing is only part of the battle--it takes time to contest a credit report problem.