FHA Cash Down Payment Grants
Down payment assistance and community redevelopment programs offer affordable
housing opportunities to first-time homebuyers, low-income and moderate-income
individuals and families who wish to achieve homeownership.
Many of these programs are no longer available with the passage of the
Housing and Economic Recovery Act on July 30, 2008. However, gift monies from
family members and government backed bonds and grants are still available.
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.
Financial Services Unlimited, Inc.
Client Services: 800-238-9202
11950 SW 2nd St. Suite 300
Beaverton, OR 97005
503-626-8910 - Fax
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