Futures Home Assistance provides down payment assistance gifts for up to 6% of the closing costs.

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FUTURES HOME ASSISTANCE PROGRAM

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:
Since the this program uses many of the same items needed for an FHA loan, we suggest that you familiarize yourself with all the characteristics of FHA loans by going to FHA Loan Program: Important Facts and then apply online.

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	FREQUENT FHA HUD QUESTION # 14 [ -more questions- ] - - - - - - Q: Are FHA loans assumable? A: Yes. You can assume an existing FHA-insured loan, or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is stream- lined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.