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Can a down payment assistance program (DAP) such as Ameridream, Nehemiah, or Genesis be used?

April 26, 2017dap down payment Genesis nehemiah program Used

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Can a down payment assistance program (DAP) such as Ameridream, Nehemiah, or Genesis be used?

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Yes; however, they are typically only allowed with FHA 203(b) loan programs (regular FHA Fixed Rate), other FHA programs such as FHA 203(k) using DAPs are not allowed. Due to possible termination of approved status from the IRS for Non Profits, files must contain evidence from the IRS Website and the FHA list of approved Non Profits when DPA’s are used for closing. Here is the website to check the Non-Profits and the HUD guidelines: www.hud.gov/offices/hsg/sfh/np/irstatus.cfm.