The Housing Action Resource Trust (HART) program is a non-profit housing organization offering down payment assistance for home buyers qualified for FHA first mortgage loans.

Housing Action Resource Trust

FHA Downpayment Grants for Homebuyers

The Housing Action Resource Trust (HART) program is a non-profit housing organization offering down payment assistance for home buyers qualified for FHA "first mortgage" loans. If you have pre-approval for an FHA loan or an existing FHA loan you qualify for HART. This program requires good credit and a solid employment history. If you have both, but lack the money for a down payment and/or closing costs, HART is for you;

Make an offer on a home from a participating seller.
Tell your loan officer you want to buy the home using the Housing Action Resource Trust program.
Your loan officer applies to HART on your behalf.
Your loan officer will let you know when funds are scheduled to be transferred in your name for the down payment and/or closing costs.

Most down payment assistance programs, including HART, require the seller to participate and pay a fee. If your seller has not signed up but wants to participate, ask your loan officer or realtor to explain how the seller may register with the House Action Resource Trust.

Additional Information:

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 became effective October 1, 2008.

Since this program is no longer available, we recommend that you get pre-approved for a low down payment FHA home loan.

FHA LOAN QUESTION # 9 [ -more FHA questions- ]

Q: Who can qualify for FHA loans?

A: Anyone who meets the credit requirements, can afford the mortgage payments and cash investment, and who plans to use the mortgaged property as a primary residence may apply for an FHA-insured loan.

:: The 2009 Tax Break and Your FHA Loan Downpayment

First time home buyers purchasing a home with an FHA loan or going through a HUD-approved charitable agency can use their 2009 First Time Homebuyer's Tax Credit to make their downpayment.

:: Down Payment Assistance Programs--Are They Making a Comeback?

Down payment assistance programs allowed the seller and charitable organizations to contribute towards the closing costs and down payment of FHA loans.

FHA Loan Rates

Refinance Averages
for 11/07/2009

15 Year Fixed

No Points
Low Interest
Best APR

30 Year Fixed

No Points
Low Interest
Best APR

FREE CREDIT REPORT

Do you know what's on your credit report?

FREE credit report and score with
7 day trial!

FHALoans.com is a private company specializing in FHA financing and is not a government agency.

FEATURED SITES:

Helping you make the best financial choices, build wealth, and save money during and after your military service.

-- Military Insurance
-- Military Pay
-- GI Bill Education
-- Military Finance

Offering VA loan products that meet the home financing needs of active duty military and veterans across the country.

-- VA Loan Limits
-- VA Loan Refinance
-- VA Loan Guidelines