Down Payment Grants for FHA Loans - American Family Funds
The American Family Funds program offers down payment assistance to qualified homebuyers.


 30 Year Fixed

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15 Year Fixed

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AMERICAN FAMILY FUNDS 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.


American Family Funds runs a non-profit charity called The Dove Foundation. This charity offers down payment and/or closing cost assistance to home buyers with FHA home loans and to those pre-approved for FHA loans. The program features:
  • A simple application. (Your loan officer will complete the paperwork).

  • No income requirements or credit investigation.

  • Unlimited down payment assistance and/or closing costs.

  • Down payment money made available at the time of settlement.

  • Amounts range between 3% and 6% of the contract price of a house. Depending on your need or other factors your specific terms may vary.
Ask your loan officer for details on American Family Funds, down payment assistance programs, or how to make an offer contingent on the use of the AFF program. The seller must participate in the program and like most down payment assistance plans, the seller must pay a small fee. No fees are required of the buyer.

Additional Information:

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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Refinance your
FHA HOME LOAN
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PROPERTY LOCATION


LOAN PURPOSE




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FREQUENT FHA HUD QUESTION # 16   [ -more questions- ]
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Q: How can I receive a discount on the FHA initial mortgage insurance premium?
A: Ask your real estate agent or lender for information on the HELP program from the FHA. HELP - Homebuyer Education Learning Program - is structured to help people like you begin the homebuying process. It covers such topics as budgeting, finding a home, getting a loan, and home maintenance. In most cases, completion of this program may entitle you to a reduction in the initial FHA mortgage insurance premium from 2.25% to 1.75% of the purchase price of your new home.





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