Home Buying in Perris>Question Details

Sue, Home Buyer in Perris, CA

if u go under contract before the year under fha does it still stand 3% down or 3.5% down?

Asked by Sue, Perris, CA Sat Jan 10, 2009

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5
As of January first of this year FHA is now 3.5% minimum down payment.
0 votes Thank Flag Link Mon Aug 24, 2009
Hi Sue, confirm with your FHA lender, but I believe if the FHA case number was issued before 2009, and there was also an identified property before the end of 2008, then the min down should still be 3%. Also, as a side note, also as about the FHA's Energy Efficient Mortgage program! It's extra cash for energy improvements that does not negatively affect you debt-to-income ratio.

Best Regards, Steve
0 votes Thank Flag Link Sun Jan 11, 2009
Hi Sue,
The answer to this question is simple. Simply ask your lender if the case number was ordered before December 31, 2008. If it was you have a good chance of still putting down only 3%.

Rene Labrado
Century 21 Beachside
949-278-4837
Rene-Century21@hotmail.com
0 votes Thank Flag Link Sat Jan 10, 2009
Sue,
As of January 1, 2009, FHA changed their downpayment requirement to 3.5%. This change was announced in 4th quarter of last year.
You can still have someone gift it to you, the amount is just higher.
You can also get the seller to include some closing costs. I am not a lender, but do know a little about this.
0 votes Thank Flag Link Sat Jan 10, 2009
Sue,
It is now 3.5%. After December 31,2008 this new change was implemented.
0 votes Thank Flag Link Sat Jan 10, 2009
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