Changes:

1.    The down payment calculation method will be simplified - property value and average closing costs by state (High Cost/Low Cost Factors) will no longer be considered.

2.    The cash down payment required will be 3.5% of the appraised value, or the sales price (whichever is less). Closing costs may not be used to meet the minimum 3.5% down payment requirement.

3.    The maximum mortgage amount for purchase transactions will be 96.5% of the appraised value or the sales price (whichever is less).

4.    The maximum refinance LTV amounts will be changing pending an announcement from HUD.

There are still a lot of great options for down payment assistance!