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 Homebuyers Programs
FHA Down Payment Grants
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.
Who says there are no bargains in real estate? HUD sells homes at discounted rates all over the country.
And there are organizations that offer gift grants to help with down payment and other costs needed to close
on your new HUD home.
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Qualify for an FHA Loan
Compare Refinance Mortgage Rates
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FHA tip: While many HUD homes come to the market in very good shape, others may be in need of extensive repairs.
Have a thorough inspection done before buying. Not only will the inspection reveal just how many
repairs and how much it will cost, but you may find that the rehab expenses can be added into your
FHA mortgage loan.
AmeriDream Charity Program
AmeriDream is a non-profit organization that offers gift funds to be used toward down
payments and closing costs for eligible homebuyers, at up to ten percent of the home's purchase price.
Nehemiah Program
Nehemiah provides grants to qualifying first time and repeat homebuyers.
These gift funds can be used toward down payments and closing costs for homes purchased
through eligible FHA loan programs.
Housing Action Resource Trust
Through this program Housing Action Resource Trust (HART) can gift up to $15,000 of a home's final
sale price and because all funds awarded through the HART Program are gift funds, they do not
have to be paid back.
Consumer Debt Solutions
Consumer Debt Solutions (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.
Partners In Charity
Through Partners in Charity (PIC) grants in the form of gift funds are awarded to
homebuyers, to be used to cover down
payment and closing costs for eligible FHA loan programs. Partners in Charity will gift from two to
ten percent of down payment costs for qualified home buyers and because all the funds awarded are gift
funds, they do not have to be paid back.
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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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