AHFA has increased the amount of down payment assistance provided on Step Up FHA loans to from 3% to 3.5%. This increase will cover 100% of the down payment needed on FHA loans.
In these uncertain times, we know that homebuyers want to hold onto as much of their money as possible. Based on the average purchase price of existing homes we helped finance last fiscal year, a 3.5% down payment would translate to $4,900. With this increase in assistance, we can now provide an extra $700 to a homebuyer. That money could be used towards a new appliance, lawnmower, home improvement project, or just to pad their savings account more.
We hope you’ll help homebuyers take advantage of this increase in assistance.
Visit www.AHFA.com/homebuyers if you have any questions about this information or the Step Up program in general.