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 January 24, 2021
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.

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 2021

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.
Your lender applies for the Partners In Charity program on your behalf. This program requires the seller to participate and your loan officer and/or realtor can help you with these details.

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:

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

Mortgage Rates in Early 2021

January 18, 2021 - 2020 was a newsworthy year for many important reasons, but for the housing market one of the biggest headlines involved volatility in mortgage loan interest rates for both government-backed mortgages like FHA loans and VA mortgages as well as for conventional lenders.

FHA Home Loans and Escrow: What You Need to Know

January 14, 2021 - Escrow accounts are used to hold the money you need to make a good faith deposit, pay property taxes, etc. The money is placed in the account and allowed to stay until the payment date. Escrow is basically a place to hold the money as it changes hands.

FHA Loans Will Look Different in 2021

January 6, 2021 - First-time home buyers won’t notice, but some of the FHA loan paperwork typically dealt with during the home loan process is changing. The changes are part of a larger move dictated by something known as the Housing Finance Reform plan.

Home Loan Resources for First-Time Buyers

January 3, 2021 - If you are considering your first home loan, there are some great resources you should use in your planning and saving stage of the mortgage. No new borrower has all the information they need to buy a home at their fingertips in the early days.

Home Construction Mortgage Options: One-Time Close Loans

December 30, 2020 - If you want to build a home on your own land or on land you buy in conjunction with your construction loan, you should know there are a variety of construction mortgages out there and  not all of them are the same.