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 Mortgage Loan Rates

January 17, 2020
FHA Rates for January 17, 2020
Compare 30 Year Fixed Mortgages
Compare 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
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

then
get
your

Your Credit Score

Do you know what's on
your credit report?
Get Credit Score Button
Get Credit Score Button
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 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 2020

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:

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

Should You Own or Rent in 2020?

January 4, 2020 - Purchasing a home, or building one from the ground up using a construction loan, is a serious commitment. You’ll need to review your credit rating and credit history, which is beneficial no matter what you decide about buying a home.

Six FHA Loan Tips You Need Today

January 2, 2020 -  Did you know FHA mortgages are not limited to first-time home buyers or those who have never owned property before? It’s true--you don’t need to have a financial need or be a first-time buyer to qualify.

FHA Jumbo Loans in 2020

December 30, 2019 - There is no income limit for FHA Jumbo loans, and there is no first-time home buyer requirement. There is, however, a set of rules that apply specifically to Jumbo loans that you’ll want to know about.

Home Loan Refinancing: Appraisal Required vs. No-Appraisal

December 24, 2019 - If you are interested in refinancing your home loan with an FHA mortgage, you may be confused over the rules . Some FHA refinance loans allow cash back to the borrower while others do not. The requirements for such loans will depend on whether there is cash back or not.

Gettting a Home Loan Even if You Have Credit Problems

December 22, 2019 - If you are considering a home loan in the new year, consider the options open to you with an FHA mortgage. FHA loans are guaranteed by the government for a certain amount of the loan, which makes it easier for the lender to offer you credit even if you have previous negative credit issues.