Futures Home Assistance grants are designed to provide downpayment assistance to low and moderate income homebuyers who demonstrate the need for financial assistance.
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Equal Housing Lender

Futures Home Assistance

FHA Downpayment Grants for Homebuyers

Futures Home Assistance is a non-profit charity group which offers 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 includes the following steps:

  • Find a participating seller.
  • Make an offer with a pre-approved FHA home loan or with an existing FHA loan.
  • The seller must agree to participate in the Futures Home Assistance program.
  • Ask your loan officer to apply on your behalf for the Futures Home Assistance program.

If you have an approved FHA home loan, Futures Home Assistance should respond within 24 hours of application (or the next business day). You may be eligible for additional funds beyond the usual 6%. Ask your loan officer for additional information. Down payment assistance programs usually require the seller to pay a fee to participate. The fee is a payment for services rendered and not a tax-deductible charitable contribution. Ask your loan officer for further information if you have questions.

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 # 14   [ -more FHA questions- ]

Q: What is the FHA?

A: Now an agency within HUD, the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans. The FHA has helped more than 26 million Americans buy a home.

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

FHALoan is a private corporation, is not a government agency, and does not make loans.