Down Payment Grants for FHA Loans - Responsible Home
The Responsible Home program offers down payment assistance to qualified homebuyers.


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RESPONSIBLE HOME 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.


The Responsible Home Ownership program is operated the non-profit Community Housing and Development Corp. The Responsible Home Ownership program offers down payment assistance specifically to low-income individuals who have steady income and good credit. Home buyers may qualify for this program if;
  • They meet low-income criteria.

  • They are pre-qualified for an FHA home loan, or are approved for an FHA loan.

  • They want to buy a home in the United States.

  • The seller participates in the program.

To participate, a seller must sign the "Participating Home Agreement". Check with your loan officer and/or realtor to learn how to get your seller into the program if not currently involved. Funds from this program can be used for both closing costs and down payments.

Responsible Home down payment assistance program is different than other programs because it is not limited to owner-occupied single family residences. This program allows down payment assistance for multi-family homes or commercial purchases. (Some of the terms of this down payment assistance program may fall outside the bounds of what you are permitted to buy with an FHA loan.)

Check with your loan officer if you have specific questions about your participation in this program using an FHA-approved home loan. Down payment assistance programs require the seller to pay a fee to participate. The fee is considered a payment for services rendered and not a tax-deductible charitable contribution.

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
(No Credit Check)


PROPERTY LOCATION


LOAN PURPOSE




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FREQUENT FHA HUD QUESTION # 14   [ -more questions- ]
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Q: Are FHA loans assumable?
A: Yes. You can assume an existing FHA-insured loan, or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is stream- lined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.





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