How to Get Down Payment Assistance on a FHA Home Loan

The FHA loan program now has one main down payment assistance program that they use to help home buyers with down payment assistance and closing costs on a FHA home loan. Follow the steps in this article to learn how you can get down payment assistance on your FHA home loan.

Things You'll Need

• Low income
• Steady 2 year work history.
• A 600 or above credit score.

Instructions

1. 

   The first step in getting down payment assistance on a FHA home loan is to first make sure that you qualify for the FHA home loan. The FHA home loan eligibility requirements are:

   1-Low income
   2- Steady employment history for two years or more.
   3- Credit score of 600 or higher.
   4- Must be able to pay the FHA home loan back.

2. 

   Next, if you qualify for the FHA home loan, go to the bank that you do business with and fill out the FHA home loan application and let the loan officer know that you would also like to apply for the "Neighborhood Gold" down payment assistance program. The "Neighborhood Gold" down payment assistance program helps all buyers with down payment money and closing costs money.

3. 

   Next, the loan officer will then give you the necessary applications and paperwork for filling out for the FHA home loan and the "Neighborhood Gold" down payment assistance.

4. 

   Next, when you have finished filling out both the FHA home loan application and the paperwork for the down payment assistance program, your loan officer will then give you further instructions on what to do next. It could take a couple of business days to get the approval or denial results on both the FHA home loan and the down payment assistance program.

5. 

   Lastly, the bank or your loan officer will contact you with the results. If you have been approved for the FHA home loan and the down payment assistance program, you will go back to the bank to finalize all of the paperwork for your new FHA home loan and the "Neighborhood Gold" down payment assistance program.

Tips & Warnings

• The "Neighborhood Gold" down payment assistance program is for all FHA home loans and not just first time borrowers.

Resources

• Information on the Neighborhood gold down payment assistance program.