FHA Loans for Homebuyers
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FHA Refinancing
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Need to Know
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FHA Programs for Homebuyers
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FHA and Consumer Debt Solutions
Elimination of Non Profit Down Payment Assistance
On July 30, 2008, President Bush signed H.R. 3221 - Housing and Economic Recovery Act of 2008.
Section 2113 of the bill 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 are effective October 1, 2008.
Today there are programs available that support low and moderate income home buyers in purchasing a home.
One of the best programs available to these potential homebuyers is Consumer Debt Solutions (CDS) Home Grants Program.
CDS provides grants in the form of cash gifts to qualifying homebuyers that can be used to cover the down
payment and closing costs for eligible FHA loans. Depending on the seller's contribution, Consumer Debt
Solutions can gift up to $10,000 of the final sale price of a home. This gift funds does not have to be paid back.
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Qualify for an FHA Loan
Compare Refinance Mortgage Rates
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Can CDS Help You?
Access to CDS is contingent upon your ability to pre-qualify for a home loan grant through an approved lender.
Once you are qualified and approved, you will be referred to a real estate agent who will help you find a home
that qualifies under CDS guidelines.
When you find the right home and the seller has accepted your offer, you are ready to close. At this time your
CDS gift funds are wired to the title/escrow company and you can to proceed to closing and the fulfillment of
your goal: homeownership, with help from HUD and Consumer Debt Solutions.
Are You Eligible?
The CDS Program uses many of the same criteria needed to qualify an FHA loan. Familiarize yourself with all the
qualifications for FHA loans by reviewing our website, and then apply for an FHA loan online.
Since this program is no longer available, we recommend that you get pre-approved for a low down payment FHA home loan.
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to Buying a Home with an FHA Loan
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> FHA Step 1
How much can you afford?
> FHA Step 2
FHA says, "Know your rights."
> FHA Step 3
Shop for an FHA loan.
> FHA Step 4
Shop for a place to call home.
> FHA Step 5
Make an offer for the home.
> FHA Step 6
Get a home inspection.
> FHA Step 7
Your homeowners insurance.
> FHA Step 8
Sign on the dotted line and move in.
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