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 Partners in Charity
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.
Partners in Charity (PIC) is a non-profit corporation that promotes homeownership by offering cash down
payment assistance programs to qualified low and moderate income homebuyers.
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Qualify for an FHA Loan
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Through 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.
Can Partners in Charity Help You?
Access to PIC 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 PIC guidelines.
When you find the right home and the seller has accepted your offer, you are ready to close. At this time your
PIC 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 Partners in Charity.
Are You Eligible?
The PIC 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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