database: FHA Minimum Investment Requirements Changing January 1
- 11/13/08 12:09 AM
Beginning January 1, 2009 the minimum investment requirement for an FHA mortgage will change. Currently a borrower is required to have a 3.0% minimum cash investment. At least 2.25% of this amount must go toward down payment. The remaining 0.75% could go towards closing cost. As of the first of the year the minimum cash investment will increase to 3.5% all of which must go toward down payment.
What does this mean?
Take for example an FHA buyer is purchasing a home for $150,000. Under the "old rules" the minimum cash investment required would be $4,500.00. Of this … (0 comments)
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Beginning January 1, 2009 the minimum investment requirement for an FHA mortgage will change. Currently a borrower is required to have a 3.0% minimum cash investment. At least 2.25% of this amount must go toward down payment. The remaining 0.75% could go towards closing cost. As of the first of the year the minimum cash investment will increase to 3.5% all of which must go toward down payment.;)
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