American Family Funds
Since President Bush signed the Housing and Economic Recovery Act of 2008 on July 30, 2008, many federally established down payment assistance programs have been cancelled. The Act prohibits seller-funded Down Payment Assistance for loans backed by the Federal Housing Administration. The details of this program are presented for reference only.
About the Program
American Family Funds ran a non-profit charity called The Dove Foundation. This charity offered down payment and/or closing cost assistance to home buyers with FHA home loans and to those pre-approved for FHA loans. The program featured:
- A simple application. (Your loan officer will complete the paperwork).
- No income requirements or credit investigation.
- Unlimited down payment assistance and/or closing costs.
- Down payment money made available at the time of settlement.
- Amounts ranged between 3% and 6% of the contract price of a house. Depending on specific needs and other factors, specific terms varied.
Down payment assistance and first-time homebuyer programs have expanded and are offered today by state, city, and municipal governments throughout the country. A curated list of down payment assistance programs is available courtesy of FHA.com.
Ask your loan officer for recommendations on down payment assistance programs, or how to make an offer contingent on the use these program.
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