Find! FHA Experts

FHA Home Loan Information
Apply for a FHA Loan
FHA Mortgage Rates
What is an FHA Loan
FHA vs. Conventional
FHA loan limits
FHA Mortgage Insurance
Required Documentation
FHA Closing Costs
Purchase vs. Refinance
FHA Streamline Refinance
FHA Refinance Loan
FHA Cash Out Refinance
FHA Hybrid Arm's
Hope 4 Homeowners H4H
FHA Jumbo Loan Program
Reverse Mortgages
FHA Secure Program
203-K Rehab Loans
203-K Streamline Loans
Find a 203-k Consultant
FHA Kiddie Condo's
Officer next door
Teacher next door
MIP Refund explanation
FHA HUD homes
Home Buying Guides
Message Boards
FHA/VA Blog
 
Get the answers to all your 'bottom line' questions on our Mortgage Calculators Page.
Website Awards
Business Links
Link Exchange
FHA Mortgage Leads
About Us
Privacy Policy
Equal Housing Opportunity.
Equal Housing Opportunity Logo 

 

  www.FHAinfo.com 
2692 Madison Rd. Suite N1 #249, Cincinnati, OH 45208 ---  Contact Us

Copyright © FHA Info 2001-2012
All Right Reserved

 

         Non-Profit Guidelines           

HUD has released the rules on dealing with down payment assistance programs.

Per MORTGAGEE LETTER 2006 -13

 Federal Housing Administration (FHA) approved mortgagees that seek FHA mortgage insurance on loans secured by single family houses, on which downpayment assistance has been provided to the borrower in the form of gifts, are required to determine that the gifts are from sources acceptable to FHA.                

            The mortgagee is responsible for ensuring that an entity is a charitable organization as defined above.  One resource available to mortgagees for obtaining this information is the Internal Revenue Service (IRS) Publication 78, Cumulative List of Organizations described in Section 170(c) of the Internal Revenue Code of 1986, which contains a list of organizations eligible to receive tax-deductible charitable contributions.  The IRS has an online version of this list that can help mortgagees and others conduct a search of these organizations.  The online version can be found at: http://apps.irs.gov/app/pub78, using the following instructions to obtain the latest update.   

  • Enter search data and click “Search”
  • Click “Search for Charities” under “Charities & Non-Profits Topics”
  • Click “Recent Deletions from Cumulative List” under “Additional Information”
  • Click name of organization if that name appears on list of names under “Recent Deletions from Cumulative List (Publication 78)”

In addition, FHA has developed a web page that provides a listing of downpayment assistance providers whose nonprofit status has been revoked.  This page can be found at:  http://www.hud.gov/offices/hsg/sfh/np/irstatus.cfm

FHA continues to examine downpayment assistance programs and will provide appropriate notification about any changes that may be made to existing policies.

Please note that Mortgagee Letter 2005-02 provides guidance to mortgagees and appraisers about their responsibilities for reporting sales concessions and verifying sales data, including downpayment assistance provided by the seller or any other party involved in the transaction.

 

 

How to Qualify
Understanding fha loan credit guidelines
Credit Guidelines
fha loan income guidelinesIncome Guidelines
overcome credit problems to get approved for a fha loanOvercoming Credit Problems
FHA loan case studies


Case Studies

FHA loan underwriting


What are compensating factors ?

How much money do you need for a fha home loan

How much money do I need?

Where can you get Free down payment moneyWhere to get down payment money