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FHA Down Payment to 3.5 Percent Effective January 1, 2009 in Wisconsin Minnesota Florida Illinois
The down payment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is January 1, 2009, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
By: Inlanta Madison
For many years we calculated FHA down payment by way of Acquisition Cost. Now… that’s “out the window.” With the new “revisions”
Closing costs: Closing costs may not be used to help meet the minimum 3.5% down payment requirement. Closing costs are not considered in the mortgage amount/down payment calculation for purchase money mortgages.
This is a huge difference - and if you are working with a loan officer who is not familiar with FHA - you could end up at the closing table needing more money. Be careful!
Visit our website at http://www.madisonmortgageguys.com for the most current FHA mortgage news.
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Page Updated Last on: Feb 16, 2011