FHA Down Payment Requirement Increase

By Brad Lynch

Mortgage and Lending with Premier Nationwide Lending RMLO - License #206799

September 09, 2008 11:02 PM

Allllllllllllrighty then. It's been talked about and it's not necessarily brand new information, but FHA down payment requirement is going up to 3.5%. No longer will closing costs be considered as part of the amount of money they have to have involved in the transaction. They will have to have 3.5% down payment...3.5% is from the lesser of the sale price or appraised value.

Comments(4)

Comment

Show All Comments

Sort:

Chip Jefferson

Gibbs Realty and Auction Company - Columbia, SC

Its getting harder for folks to buy. If it continues we will be looking for all cash customers to show our listings too. LOL

Sep 09, 2008 11:13 PM

Charlie Ragonesi

AllMountainRealty.com - Big Canoe, GA

Homes - Big Canoe, Jasper, North Georgia Pros

You di dnot mention the gift from the seller cannot be either! I do not think that changed. So you cannot get the 3.5 now from the seller either

Sep 09, 2008 11:31 PM

Brad Lynch

Premier Nationwide Lending - Flower Mound, TX

Charlie and Laura, GOOD MORNING! Yes, there may be only cash buyers in the future. If that's the case, I'll be contacting realtors to help list and sell homes until banks decide they can again make money on letting people borrow it at cost again. LOL

Good to hear from you both so early. My wife asks me not to talk to her until after 8pm, so I get loanly early...I'm an early bird. ha ha Maybe we start a new group and call it "The Early Bird". Not really. Good luck out in the field today to you.

Sep 09, 2008 11:48 PM

Konnie Mac McCarthy

MacNificent Properties, LLC - Cobb Island, MD

Broker/Owner - VA & MD "Time To Get A Move On!"

lord they are really trying to mess us up with FHA, my clients are having a hard enough time without dpa...

Sep 10, 2008 10:14 AM