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first time homebuyer: FHA Might Soon Require 5% Downpayments for NH and MA FHA Loans - 10/19/09 09:49 PM
A bill has been introduced recently that proposes the Federal Housing Administration require a 5% downpayment up from the current 3.5% buyers need to put down on an FHA home purchase.  There are several other items in the bill but this is by far the biggest change.  
Although it has a long way to go (through the house and senate, and then to the president) the bill has been introduced in Congress which increases the minimum down payment for Federal Housing Administration (FHA)-insured mortgages from 3.5% to 5%. Titled "The FHA Taxpayer Protection Act of 2009" HR 3706 would also prohibit financing appraisals, initial … (2 comments)

 
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Justin Perry

Portsmouth, NH

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