Effective immediately, AHFA is increasing the amount of down payment assistance provided on Step Up FHA loans from 3% to 3.5%. This increase will cover 100% of the down payment needed on FHA loans (not to exceed $7,500).
In these uncertain times, we know that homebuyers want to hold onto as much of their money as possible.
An example of how this increase in assistance would assist a homebuyer is based on the average purchase price of existing homes we helped finance last fiscal year ($140,000).
Our prior 3% assistance would have been $4,200. Now, our 3.5% down payment assistance would translate to $4,900 - providing 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! If you have questions about this information or the Step Up program in general, please contact Tony Lee at tlee@ahfa.com.
