Did You Know?

Down payment assistance programs have expanded and today are offered by state, city, and municipal governments throughout the country.

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Futures Home Assistance Program

Since President Bush signed the Housing and Economic Recovery Act of 2008 on July 30, 2008, many federally established down payment assistance programs have been cancelled. The Act prohibits seller-funded Down Payment Assistance for loans backed by the Federal Housing Administration. The details of this program are presented for reference only.

About the Program

Futures Home Assistance was a non-profit charity group which offered a down payment gift up to 6% of the closing costs of a home purchased with an FHA loan. The application process for the Futures Home Assistance program included the following steps:

  • Buyers started by finding a participating seller.
  • They made an offer with a pre-approved FHA home loan or with an existing FHA loan.
  • The seller agreed to participate in the Futures Home Assistance program.
  • Buyers asked their loan officer to apply on their behalf for the down payment grant.

After being approved for the FHA home loan, Futures Home Assistance was expected to respond within 24 hours of grant application (or the next business day). Buyers may have been eligible for additional funds beyond the usual 6%. Loan officer were helpful in providing this additional information. Down payment assistance programs usually required the seller to pay a fee to participate. The fee was a payment for services rendered and not a tax-deductible charitable contribution.


Down payment assistance and first-time homebuyer programs have expanded and are offered today by state, city, and municipal governments throughout the country. A curated list of down payment assistance programs is available courtesy of FHA.com.

Ask your loan officer for recommendations on down payment assistance programs, or how to make an offer contingent on the use these program.


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