Partners in Charity
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
Partners In Charity is a non-profit group offering down payment assistance on properties such as single-family homes, condominiums, and multi-unit properties. Assistance is also available for rehabilitation programs. Partners In Charity funds are offered to those who qualify for FHA loans or are pre-approved for FHA loan amounts.
There is only one requirement to use the Partners In Charity program; you must intend to occupy the building you purchase. You can't get down payment assistance for purchasing a home you intend to rent. Partners in Charity offers:
- Need-based assistance from 2% to %10 of final closing price.
- Funds can be used for closing costs and down payment.
- This assistance can be listed as the source of down payment in the pre-approval process.
The Partners In Charity program can be listed in your "good faith estimate" for sources of down payment funds. It's important to decide whether you want to use this program in the early stages of your planning, preferably before submitting a request for pre-approval of an FHA home loan. Your loan officer can determine your needs to enter the correct amount of the down payment on these forms.
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:
SEE YOUR 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
August 8, 2019 - If you are in the planning stages for an FHA home loan, it’s important to begin budgeting for your home loan-related expenses including appraisal fees, home inspection fees, any required pest control, hazard insurance, and other costs.
July 30, 2019 - Buying a home for the first time? You will get plenty of advice-some you want, and some you don’t. What should you do once you have prepared in advance by working on your credit, pulling your credit reports, and saving up for the down payment and closing costs?
July 20, 2019 - FHA home loan rules for lenders includes step-by-step instructions on what to do in certain cases where negative credit information is on a borrower’s credit report. What do you need to know about judgments and how they can affect FHA home loan approval?
July 11, 2019 - There are several things you need to know about the house you are thinking of buying with an FHA mortgage. Don’t hesitate to ask the seller how old the property is, how long since the roof was repaired or replaced, or if there are problems with mold, flooding, or noise in the area.
July 8, 2019 - Whether you're a first time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.
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!
