down payment: Fannie Mae Eliminates 3% Down Mortgages - 01/12/14 03:45 AM
In November 2013, Fannie Mae increased the minimum required down payment from 3% to at least 5% down on Primary Residences.  This change was due in part to Qualified Mortgage and Ability to Repay regulations that went into effect on January 10, 2014.
 
The 5% minimum down payment requirement applies both to HomePath® and regular Conventional mortgages.  HomeStyle® Renovation mortgages already required a 5% minimum down payment.
 
 
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down payment: Georgia Dream Program Changes - Effective March 1, 2011 - 03/06/11 01:51 PM
The GA Department of Community Affairs has announced some changes to its Georgia Dream down payment assistance program guidelines.  The changes are effective on March 1, 2011.  Some of the highlights are listed below.
Household Income Limitations
For homes purchased in the Atlanta MSA:Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding or Walton Counties
Your total household income based on the number of people living in the home can be no more than:
One to Two persons $71,000Three or more persons $82,000
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down payment: 640 Is Becoming the New 620 for FHA Mortgages Starting Tomorrow!!!!! - 10/03/10 11:30 AM
Several changes to FHA loans will take effect tomorrow, October 4, 2010.  The Upfront Mortgage Insurance Premium will be reduced by about 55% on many loans.  All FHA loans will see the monthly mortgage insurance premiums rise by around 60%. 
More on this at: HUD Announces Changes to FHA Mortgage Insurance Premiums - Effective October 4, 2010
Starting tomorrow, for the very first time, HUD also has credit score minimums that will go into effect.  Prior to tomorrow, HUD has never had a credit score minimum.  Lenders, however, have their own minimum credit score requirements. 
More on this at: Before You Get Too … (0 comments)

down payment: Georgia Dream Down Payment Assistance Program Overview/Updates - 09/27/10 01:03 PM
Georgia Dream First Mortgage Loan Financing
30 Year Fixed Rate Mortgage Conventional, FHA, USDA-RD, or VA programs available Up to 100% financing (Additional household income restrictions apply)
Georgia Dream Second Mortgage Loan Financing
Down payment funds are provided as a Second Mortgage Loan for the purpose of principal reduction and the payment of pre-paid items and closing costs and is made in conjunction with a Georgia Dream First Mortgage Loan.
No Monthly Payments No Interest Loan must be repaid when home is sold or refinanced or no longer used as the borrowers personal residence as this loan is never forgiven. … (2 comments)

down payment: Before You Get Too Excited, No HUD Has NOT Lowered FHA Credit Score Requirements - 09/23/10 02:54 AM

 
 
Before you get too excited, no HUD has NOT lowered the credit score requirements for FHA loans.  I have seen several posts written over the last few weeks about the new credit score requirements that go into effect on October 4, 2010.  This is true.  However, the facts are not clearly stated.While I may have missed it, I have yet to see one post that informs reader that, prior to this announcement, HUD has NEVER had a MINIMUM credit score requirement for FHA loans.  Yes, you heard that correctly.  Since HUD created the FHA program in the National … (6 comments)

down payment: Buy a HUD Home in Georgia for Only $100 Down - 07/11/10 08:26 AM
Buy a HUD Home in Georgia for   Only $100 Down
HUD is currently offering it's $100 Down Payment program on it's Georgia REO properties.  Don't miss out on this GREAT opportunity to purchase a home.  For a limited time, you can purchase a Georgia HUD Owned property using a FHA loan with only $100 down.  The $100 down is instead of the normal 3.5% down payment requirement that is typically required for an FHA loan.  This offer is valid for owner-occupants only.
HUD homes are currently available in nearly every GA county.  To start searching for a HUD home in Georgia, … (0 comments)

down payment: FHA Minimum Down Payment Increase, As it Applies to 203K - 12/30/08 04:13 AM
Beginning Jan 1st, 2009, the minimum down payment on all FHA purchase transactions will increase from 3% to 3.5%.  As the mortgagee letter states, "limit the total FHA-insured first mortgage to 100 percent of the appraised value, and require the inclusion of the upfront mortgage insurance premium (UFMIP) within that limit."  This does not mean that FHA is 100% financing, but rather the 96.5% LTV + the Upfront MIP (normally 1.75%) must be less than 100%.  Since 203K will go to 110% of the appraised value, the 100% limit does not apply.
Specialty products with higher LTVs: Section 203(k), Section 203(h) for … (3 comments)

down payment: Atlanta Home Buying Seminar - 11/30/08 01:56 PM
Thinking about buying a home, but just not sure it's the right time? Come to our FREE Home Buying Seminar to find out more details on why now more than ever is a great time to purchase a home!
First time home buyers face so many questions.  Is now the right time to buy a home?  How much home can I afford?  How much home would I even qualify for in today's market?  Exactly WHAT is involved in the home buying process?
Learn about all of this and more.  Join our Home Buyer's Seminar on the 1st and 3rd Thursday of … (0 comments)