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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Housing Action Resource Trust and FHA Loans
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.
The Housing Action Resource Trust program (HART) is a California 501 c (3) Non-Profit Housing and Community Development
Corporation. It helps homebuyers by offering assistance toward down payments and closing costs for eligible homebuyers of
low and moderate incomes.
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Qualify for an FHA Loan
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Through this program, HART can gift up to $15,000 of a home's final sale price. Because all funds awarded through the
HART Program are gift funds, they do not have to be paid back.
Can HART Help You?
Access to HART 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 HART Program guidelines.
When you find the right home and the seller has accepted your offer, you are ready to close. At this time
your HART Program gift funds are wired to the title/escrow company and you can to proceed to close
and the fulfillment of your goal: homeownership, with help from HUD and the HART Program.
Are You Eligible?
The HART 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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