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

April 25, 2018
FHA Rates for April 25, 2018
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
The Path to Homeownership
FHA.com is a private company, 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 2018

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

FREE CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


FHA Loan Articles and Mortgage News

Why You Can't Buy a Houseboat or RV With an FHA Mortgage

April 18, 2018 - There are some borrowers who want to know why it’s not possible to purchase a houseboat or a recreational vehicle (RV) with an FHA mortgage loan. Do you know the difference between a mobile home and an RV? Or why houseboats will never qualify for FHA home loan approval?

Is the FHA One-Time Close Construction Loan Right for You?

April 14, 2018 - FHA One-Time Close construction loans are designed for those who want to have a home built for them from the ground up. Construction loan mortgages, especially FHA One-Time Close loans, are unique among mortgage lending products and have some distinct advantages.

What Size Home Can I Buy With My FHA Mortgage?

April 12, 2018 - There’s more than one factor at work in that particular equation, as we’ll see. Did you know you can buy or renovated a multi-unit property with an FHA mortgage? Or rent out the unused living spaces in your newly purchased property?

FHA Loan Eligibility Tips for 2018

April 11, 2018 - The timing of your FHA loan application and when you submit it are among the most popular FHA loan eligibility tips. What do you need to know about successfully applying for an FHA home loan? Here are some of the basics.

FHA Loan Tips for Signers and Co-Signers

April 9, 2018 - FHA home loans and refinance loans are designed for either a single borrower or multiple borrowers; procedures for approving loans for multiple borrowers are more or less the same as for a single applicant. The lender must determine that all parties on the loan are creditworthy.

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!