Quickdown 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
Quickdown is a program that works with non-profit agencies to provide down payment assistance. Home buyers who benefit from Quickdown are those who qualify for approved or pre-approved FHA home loans. This program is designed for those who want to buy a home but are "cash challenged" and can't afford the down payment. Quickdown Home buyers:
- Can't afford to purchase a home without down payment assistance
- Must use assistance funds for down payments only.
- Are often first-time home buyers or those who can't qualify for a conventional mortgage.
Quickdown requires the seller's participation, but does not work in direct contact with the seller. Ask your loan officer and/or real estate agent on how to get a willing seller involved in the closing of a home purchased with an FHA loan with assistance from Quickdown. If you have found a seller familiar with Quickdown:
- Make an offer on the home you wish to buy.
- Once the offer is approved, contact your loan officer and ask about using the Quickdown assistance program for the down payment.
- Your loan officer applies to Quickdown on your behalf.
If you are interested in using Quickdown, your loan officer must file an application for pre-approval, so it's important to decide on using this down payment assistance program as early as possible to avoid delays in processing and getting your funds in time to close the sale using your FHA home loan.
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:
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FHA Loan Articles and Mortgage News
October 10, 2018 - Depending on your financial needs and goals, it may be tempting to pay off an FHA mortgage faster than the term of the loan. This is a good idea if you need to save money over the lifetime of the mortgage-paying the full term of the loan means paying interest for that full term.
October 7, 2018 - The short answer is that most of them do. There is only one FHA refinance loan that has no FHA-required credit check, and most typical FHA forward mortgages for purchasing a new property will require one. Credit scores and credit history are important factors for home loan approval.
October 5, 2018 - There are two basic stages for many borrowers thinking about applying for a mortgage loan. Whether you are choosing an FHA mortgage or any other type of home loan including refinance loans, there should be a planning stage and an application stage in your home loan process.
October 3, 2018 - This is a common question, and at first glance, FHA loan rules do prohibit using single family FHA mortgages to purchase investment real estate. But much depends on the buyer’s definition of investment property compared to the FHA view.
September 27, 2018 - For FHA 203(b) loans, the amount of money approved for the mortgage must pay for the home and include the add-ons, but no cash is allowed back to the borrower except in the form of a refund. That is one reason why some borrowers ask about an FHA Jumbo Loan.
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!
