Here are the 5 things you need to know about these changes...
1. One single down payment requirement of 3.5% for all purchases
2. Closing costs/prepaids are in addition to the 3.5% down (6% seller contribution allowed)
4. These changes are effective October 1st, 2008.
5. Purchases already in the pipeline will have until December 31st to be assigned a case number. After January 1st, 2009, all purchases will require the new down payment requirements.
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