Consumption and Real Estate
Can Down Payment Assistance programs be used with FHA loans?
Question : Can Down Payment Assistance programs be used with FHA loans?
Hi, I would like to know if Down Payment Assistance programs can be used with FHA loans? I live in MN, and there are various city and state programs that help first-time homebuyers with down payment and closing costs. Am I able to use the help of these programs to help with money down for FHA loans, or would I need to put down my own money? Thanks.
fha loans
Best answer:
Answer by celebrate life you only get one
You should ask about a rural development loan. They are 0% down. The stipulations are…1. House cannot be within city limits 2. You have to have an income below $ 75,000.
These are the rules in Michigan so it may be different for you but since its government program I assume its available nation wide.
No. There was too much fraud and abuse with the last “assistance” programs. Congress outlawed them. If the economy does not rebound by late summer, they will probably be back.