FHA Down Payment Assistance

It is a well known fact that down payments vary in size, ranging from 3 to 20 percent of the home value. FHA down payment assistance program had different options for home buyers. Reliable borrowers could expect FHA to grant them a 4 percent down payment or even less than that. Basically, the program was tailored for first-time home buyers.

It was a common thing that buyers could have their payments covered partially by lending institutions and sellers. Some sellers contributed up to 6 percent of the entire value. However, the 2008 mortgage crisis prompted J. W. Bush administration to ban the seller-funding of FHA assistance. The Housing and Economic Recovery Act was signed by President Bush on July 30, 2008, and it took effect on October 1, 2008.

For the most part, down payment assistance programs were developed in an effort to help first time and low income home buyers have a roof over the head, which has always been a challenge for an ordinary person. People could use a little help of various organizations, who could partially cover the down payment.

In order to join a FHA down payment assistance program and get a loan, a borrower must qualify for that. Because such programs are intended for first-time home buyers, the borrower must prove that he/she is one. Loans are granted to those who have not owned estate property for 3 years or longer. Besides, buyers must be ready for a handful of screening procedures, since lenders must be confident in their clients. Lenders provide all sorts of information on whatever issues borrowers are concerned about, including, but not limited to, current and expected estate market dynamics and the most affordable options available.

Tags: online pay credit payment help credit online payments Money

Similar articles

Mortgage Down Payment Requirements

There is an extensive array of options and a set of mortgage down payment requirements for prospective home buyers. These services are available in North America and elsewhere. The Ontario Open House Down Payment Assistance Program is one of the most preferable choices for those with middle and low income.

Imprest Balance

An imprest balance is aimed at providing sufficient amount of cash to cover minor expenditures that a business may have on a regular basis. These expenditures may include miscellaneous office supplies, business lunch, minor travel expenses and other related outlays.

Down Payment

A down payment is a sum of money paid upfront for expensive and luxury objects, such as houses, land, cars, boats, etc. In other words, down payments are used in deals that involve large sums of money. Down payment is determined by the lending institution and is actually part of the whole value of the object in question.

Payment Processing

Payment processing services play a major role in the life of businesses offering their services through the Internet. More and more customers today expect an online payment option – and this, in its turn, can greatly improve cash flow, which is very important in the current economical conditions.

They search here

fha down payment assistance 2015 fha down payment assistance program