Section
Breadcrumbs
Programs
Does HUD Owe You a Refund?
Homeowners with an FHA mortgage may be eligible for a refund from HUD. The mission of HUD's Office of Financial Services - Single Family Insurance Operations Division (SFIOD) is to pay eligible homeowner refunds or distributive share payments. HUD will make every effort to ensure payment owed to homeowners is done in a cost-effective and timely manner. Click to HERE to learn more
First Place (FP)
Down Payment Assistance (DPA) of 6.0%
Based on the purchase price
Not to exceed the appraised value
Must be a first-time homebuyer, unless:
The subject property is located in a qualified census tract or targeted areas
FHA or Conventional 30-year fixed-rate loan
Minimum FICO credit score of 640 with a DTI of less than 45.00%
- Credit score requirements vary based on financing and property type
Minimum FICO credit score of 680 with DTI greater than 45.00%, but less than 50.00%
- Credit score requirements vary based on financing and property type
For detailed information, click here: First Place FHA (FP FHA) Program Guide - updated June 22, 2022
For detailed information, click here: First Place Fannie and Freddie (FP Mae & Mac) Program Guide - Updated August 16, 2023
Next Home (NH)
Down Payment Assistance (DPA) of 2.50% or 3.50%
Based on the purchase price
Not to exceed the appraised value
Can be combined with the Mortgage Credit Certificate (MCC)
FHA or Conventional 30-year fixed-rate loan
Minimum FICO credit score of 640 with a debt-to-income ratio of less than 45%
- Credit score requirements vary based on financing and property type
Minimum FICO credit score of 680 with debt-to-income ratio greater than 45%, but less than 50%
- Credit score requirements vary based on financing and property type
For detailed information, click here: Next Home Program Guide - updated January 11, 2023
For detailed information, click here: Next Home Conventional (NH Mae & Mac) Program Guide - updated August 16, 2023
Mortgage Credit Certificate (MCC)
Is a Federal income tax credit, and can assist the borrower in:
Reducing their federal income tax liability
Increasing their qualifying income
Must be a first-time homebuyer, unless:
The subject property is located in a qualified census tract or targeted area
The borrower is a qualified veteran
Can be combined with the Next Home Program
Can be used with Ginnie, Fannie, or Freddie financing
For detailed information, click here: MCC Program Guide - updated December 16, 2020