As far as down payments for your next house, the FHA offers a 3.5% down payment loan which is likely to be the smallest you will find these days (not sure if anyone will be offering 100% 2-3 years from now). Of course, any loan with less than 20% down payment will require additional funds and/or monthly payment for mortgage insurance.
Hope this helps.
As Piero mentioned there is no set time as far as requirements go. But there is a recapture period if you aren't going to stay in the home past a certain time where it might not make sense for you. Just as an example if the closing costs were say 2,000 and you saved $100 a month the time needed to stay there for it to make sense would be 20 months. If you sold before that then it doesn't make sense for you. What I recommend is a no or low closing cost option. You can explore options once I know the loan amount and a few other things and then can show you what it costs, what it saves and come up with a plan to save you the most money with the least money spent. It depends on your current rate, credit score, etc. Again as Piero said the minimum down payment is 3.5% right now for FHA loans.
He is an excellent Realtor by the way so give him a call when you are moving down this way. Hope this was helpful and please let me know if you have any other questions.
Senior Loan Officer
1ST Mariner Mortgage
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