Monday, October 13, 2008

FHA Down Payment

FHA has issued new guidance regarding the implementation of its higher down payment requirement (3.5%, up from the current 3%). The 3.5% down payment goes into effect on January 1, 2009. Any FHA loan that has had a case number assigned to it prior to January 1 will only require a 3% down payment. The mortgage broker can obtain the case number as soon as a contract is available.

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