Real estate blog entries tagged with downpayment fha by Eleanor Thorne 919-649-5057 Cary Mortgage Loans (Steve Thorne NC Mortgage Experts)

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Home : Blogs : Eleanor Thorne 919-649-5057 Cary Mortgage Loans : Eleanor's RTP Blog : Tag "downpayment fha"

downpayment fha: Calculating FHA Downpayment - 09/24/08 02:26 PM

I've been in this business for a while... my daughter would tell you I'm old as dirt... and for as long as I've been in this, we've had a complicated way of calculating FHA Downpayment.
FHA always used acquisition cost. How much were you putting into the total aquisition of the property... closing costs and downpayment combined.
With the new rule changes of January 1... we use a STRAIGHT UP number. The base loan will be a 96.5% of the sales price or appraised value - whichever is LESS. If you are working with a loan officer is is unfamiliar with FHA … (6 comments)

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