mortage: Reminder: FHA Down Payment Changes 01/01/09 - 12/07/08 02:28 AM
Don't forget-because it's just around the corner, that FHA down payment changes go into effect on January 1st.  The changes will be.....
Down payment minimum of 3.5%.  Currently it is 3% total but in most areas it is 2.25% down with .75% being able to come from closing costs.  Not anymore.....now it is 3.5% plus whatever closing costs are involved unless seller pays them subject to 6% seller contribution maximum). The loan amount included the upfront Mortgage Insurance (UFMIP) can not exceed 100% of purchase price or appraisal-whichever is less.  Acceptable gift funds may still be used (relative, employer, etc.....just not … (1 comments)

 
Michael Schindler (Your IRA guy!)

Michael Schindler

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