FHA Down Payment Assistance Programs
FHA and DOWN PAYMENT ASSISTANCE PROGRAMS
The current FHA Loan guidelines allow for the down payment portion of your home loan to come from a number of different places. It can come from a gift, from personal savings, tax returns, and down payment assistance programs. Down payment with an FHA loan is 3.5% of the cost of the home. Many of these programs offer loans that do not have to be repaid, a very helpful thing for a person who is a first time home buyer, or has all the elements of a successful home buyer but needs down payment assistance. Given the lower requirements for down payment, FHA Loans are a natural, if not perfect fit for the many down payment assistance programs that are available to help you on your way to buying a home.
Down payment assistance programs are funded at the city , county, and state levels, and due to this funding the assistance programs are ever changing. Each program operates on its own budget, and operates with its own set of requirements. Credit score, income levels, and other factors will factor into your eligibility for down payment assistance programs.
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