Home Buying in 95621>Question Details

Sid Lopez, Home Buyer in Citrus Heights, CA

What is the minimum down payment possible, with FHA?

Asked by Sid Lopez, Citrus Heights, CA Fri Dec 6, 2013

I looked at some homes, but when i plugged in my 9-10 thousand down payment, it said there were no rates to quote, because my down payment was less than 20 %. I thought with FHA you did not need more than 3-5 % down ? Am I correct to assume this scenario ? On a home listed at 199k, what other costs should I anticipate to close this deal ?
Thank you

Help the community by answering this question:


Here is some more information on the FHA program.

1 vote Thank Flag Link Wed Dec 11, 2013
The minimum down payment for an FHA loan is 3.5%. Along with this you will need closing costs and left over bank reserves available. The best thing for you to do is to speak with a lender directly about FHA loans. I would be glad to speak with you to help you get started on a loan. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 3, 2014
3.5%, but Zi read this may change to 5%--Has anyone read this, too?
0 votes Thank Flag Link Thu Dec 12, 2013
A twenty six year old who has moved out twice, and moved back home twice before...now wants to buy a house with a PITI payment of 1450 per month, includes PMI , works only 24 hours per week at $ 18-20 dollars per hour, but will get help from her boyfriend, who earns $ 15 dollars per hour/ 40 hours per week...I predict they will lose the house ? Am I being too pessimistic ? I am just considering, the costs to maintain a home, utilities, etc. ( FHA loan with 9k down )
Any one care to give me their opinion ? Am I being a kill joy, or is the girl and her mother showing poor judgement ?
0 votes Thank Flag Link Thu Dec 12, 2013
There is a new program that allows for .5% down for FHA loans.
Fixed interest rate on a 30-year FHA loan
Total financing up to 99.5% of sales price**
Help with down payment and closing costs via low, fixed-rate second loan
580 credit score required. Those with no credit scores may also qualify with alternative credit requirements.

I know of a couple lenders that offer this program I can refer you to.
0 votes Thank Flag Link Wed Dec 11, 2013
FHA is 3.5% down. There is also conventional loans that are 3%, 5%, and 10% down as well with certain qualifying factors.
0 votes Thank Flag Link Wed Dec 11, 2013
Yes. FHA only requires 3.4% down. If you would like to get pre-approved I would be more than happy to be your lender.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Sat Dec 7, 2013
3.5% down but there is some downpayment assistance available under certain circumstances. Your most accurate information will be when sitting down with a licensed loan officer who can specify, based on your credit score, downpayment funds and income, what you can qualify for, what expenses you might have, and how best to structure an offer to purchase a home.

if you need the name of a good loan officer, then give me a call, or ask here...I'm sure you'll have many respondents.

When you select a loan officer, it's not just about rates. Rates change all the time. It's not about closing costs as much anymore either...regulations have limited what they can charge. To me, it's more about who has the reputation to communicate effectively (and often), knows how to work the market to lock your rate at the best possible moment, has inhouse processing and underwriting (less delays when you're at that important point in closing) and overall HAS THE BEST REPUTATION FOR CLOSING ONTIME. Because when they don't close on time, the costs and risk are yours, not your lenders.

Good luck.

P.S. I personally don't like online lenders. Someone like Lending Tree sells you as a lead and then you'll have everyone and their brother calling and hounding you. Work local, with someone you and your realtor knows and has the reputation as stated above.
0 votes Thank Flag Link Sat Dec 7, 2013
FHA is 3.5 % down of the purchase price. You can ask seller to credit you for closing costs.
Call me if you have any questions.
0 votes Thank Flag Link Sat Dec 7, 2013
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