With all the buzz about the required down payment going up from 3% to 3.5% starting January 1st 2009, I just want to make sure you knew the 3.5% required is only for NEW case numbers starting in January. What that means is if you have someone purchasing, under contract you can reserve the case number now and close in 2009 with the 3.00% down payment. Remember that the case number follows the home so if the address changes your buyer is subjected to the new rules.
This is pretty typical for FHA, they "usually" make their changes on when the case number is pulled. I'm sure most of you know but I had a few new buyers told differently.
I hope this helps and please let me know if I can be of help!
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