New FHA Down Payment Program

New FHA Down Payment Program


The down payment program is a great program if you need funds for down payment for that new home. If you qualify for the program, you will be eligible to receive funds to cover a portion of your required down payment amount. The maximum amount of funds you can receive under the program is 2% of the purchase price of the home being purchased; you will still be required to pay any remaining amount of the required down payment yourself or with a gift from a family member.

  • One program used for all types of borrowers, with the same qualifications
  • Completely forgivable grant, equals 2% of purchase price
  • May be combined with up to 6% seller concession for closing costs
  • No resale or borrower repayment restrictions
  • No underwriting fee


For example, if you are purchasing a home with a purchase price of $150,000, the maximum amount of down payment assistance you can receive under the program is 2% of $150,000, or $3,000. If the required down payment amount is $5,250 (3.5% of $150,000), you would still be required to fund $2,250 yourself, or from a gift from a family membe


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