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 Loan Programs for 2023

The most recognized 3.5% down payment mortgage in the country. Affordable payments w/good credit.

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.

Quickdown Program

Loan Assistance Programs Canceled in 2008

Elimination of Nonprofit 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 2023

Quickdown is a program that works with non-profit agencies to provide down payment assistance. Homebuyers 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 Homebuyers:

  • Can't afford to purchase a home without down payment assistance
  • Must use assistance funds for down payments only.
  • Are often first-time homebuyers 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:

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

Can My Mortgage Payment Increase?

May 25, 2023 - There are several reasons why a mortgage loan payment might increase. Some borrowers mistakenly assume their home loan payments will never go up, but depending on circumstances, the amount you owe each month may change depending on several variables.

What to Know About FHA Rehabilitation Loans

May 24, 2023 - One important thing to know about FHA Rehabilitation Mortgages is that there are two types: one type is the rehab loan you get when you simply want to buy and repair a house, an FHA 203(k) Rehabilitation Mortgage.

FHA Home Loans for Existing Construction, New Construction, Proposed Construction

May 23, 2023 - What kind of FHA home loan do you need to buy a home? Do you want to build a home on your own lot from the ground up? That’s the job of an FHA One-Time Close construction loan, which differs from the type of FHA mortgage you need to buy an existing property.

Buying a Home? How Your Income Helps or Hurts Loan Approval

May 22, 2023 - Your income matters if you want to buy or build a home with an FHA mortgage. But there are some misconceptions about home loan approval regarding income. Do you know the difference between the facts and the fiction about home loan income requirements?

FHA Announces New HECM Policies

May 21, 2023 - The FHA Home Equity Conversion Mortgage, or HECM loan, is a reverse mortgage option for seniors, allowing them to borrow against the value of their home without a monthly mortgage payment. HUD and FHA announced revised HECM rules that allow for faster payments.