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Jan 1, 2009 the NEW minimum downpayment for an FHA loan will be 3.5 Percent
http://realtytimes.com/rtpages/20080811_washingtonreport.htm
In addition, this article also talks about FHA limits falling back to approximately $625,500 in the highest priced housing markets. Merri Perry previously mentioned in a couple of her blogs about the October 1, 2008 deadline for down payment assistance programs being cut off in the FHA program and what we can do to help save Nehemiah and others. This article also confirms that fact, and I quote: "Organizations such as Nehemiah, Incorporated and Ameridream will no longer be able to provide seller-funded gifts in connection with FHA mortgages." Looks like I am going to have to get some of my buyers to stop dragging their feet and use those letters of authorization. I wonder if Fannie and Freddie are going to stop accepting these gifts as well...
... more

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