Minimum requirements to buy utilizing an FHA mortgage

1. The most important thing to know as a buyer today is that as of January 1, 2009, the absolute minimum down payment amount is 3.5%.  The good news is that some or all of this money can be gift funds. 
2. One of the benefits of an FHA mortgage is that they have the highest allowable seller contributions to closing costs and/or prepaid items, up to 6% of the purchase price.
3. The property must be in a "habitabal" condition.  At a minimum there must be at least 2 years of life left on the roof and the property must be termite free.  Also there must be no large visible holes in the ceiling. 

To see homes that might be eligible for FHA please send and email or give me a call anytime!