Down Payment Grants for FHA Loans - Partners in Charity
The Partners in Charity program offers down payment assistance to qualified homebuyers.


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PARTNERS IN CHARITY GRANTS

The Partners in Charity (PIC) is a non-profit corporation that promotes homeownership by offering down payment assistance programs to qualified low and moderate income homebuyers. This programs offers free gift funds to be used towards the down payment and closing costs for eligible FHA loan programs. Under this program, these funds do not have to be paid back. PIC will gift up to 5% of the final sales price on a home.

Type of Assistance:
Potential applicants for this program must first get pre-qualified for this home loan grant. Once approved, the applicant will then be referred to an approved Real Estate agent in the applicants area in order to find a home that qualifies under the program guidelines. Once the home is found , all offers are accepted from the seller, and the loan is ready to close, then the gift funds are wired to the title / escrow company and the buyer closes on the transaction.

PIC's downpayment assistance is provided directly to the homebuyer in the form of Gift Funds, which are wired to the Settlement/Closing Agent on the day of the settlement/closing. The gift will be up to 5% of the home's purchase price and can be used for the downpayment and/or closing costs.

Eligible Customers:
All persons who meet the requirements for the PIC Program.

Additional Information:
Since the Partners in Charity Lending program uses many of the same items needed for an FHA loan, we suggest that you familiarize yourself with all the characteristics of FHA loans by going to Important Facts and then apply online.


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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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