Right now FHA deals still require only a 3% investment from the borrower. Only 2.25% of that needs to be down payment (1.25% if the price is under $50,000). As of 1/1/2009 that number will become 3.5% and it will all have to be in the form of down payment.
This may seem like a subtle change but, it will make a difference for buyers who are short on cash and for the amount of seller contribution you need to ask for. The important thing is to get the FHA case number ordered prior to 1/1/2009 to avoid the new change.
Please contact me at ellie@ringtherivers.com or 850-545-0814 for your real estate needs.
Comments (0)Subscribe to CommentsComment