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 2021
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
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July 24, 2021 - ​What factors change FHA loan rates? Interest rates, in general, can fluctuate daily, and it can be difficult to know what to think when you see rates offered at one level from one lender, and at a higher or lower rate elsewhere.
July 22, 2021 - How many mortgage calculators do you need? There are multiple versions and they all have an important function. Many seeking FHA loans won’t need to use all of them or even most of them. Sometimes you just need a little extra information for planning and saving purposes.
July 21, 2021 - Are you concerned that your lender might deny your home loan? Do you know why your loan might be denied and what you can do about it ahead of time? Reasons may include late or missed payments on rent or past mortgages, low credit scores, or houses that cannot pass the appraisal process.
