Financing in Los Angeles>Question Details

Charles Lidz…, Home Buyer in Los Angeles, CA

Since 1/1/09 I've seen mention of 3% down FHA. I thought it went to 3 1/2% down after 1/1/09. I'm in CA.

Asked by Charles Lidzbarski, Los Angeles, CA Sat Feb 28, 2009

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yes it in fact went to 3 1/2 please keep in mind that if you are a first time buyer and are able to qualify for the $8000 buyer credit you could almost say that you will be still putting only 3% down.
Web Reference: http://bennychavez.com
0 votes Thank Flag Link Thu Apr 2, 2009
Dear Charles,

You are correct.

Beginning January 1, 2009 The Housing and Economic Recovery Act of 2008 revised the National Housing Act to require that the borrower "shall have paid, in cash or its equivalent...and amount equal to not less than 3.5% of the appraised value of the property..."

If you are interested in getting an FHA Loan, I suggest you contact my dedicated representative at American Guardian Home Loans. We, at Crestico Realty, have an established relationship with this Direct FHA Lender and can guarantee the highest caliber of customer service when you work with us and our preferred providers.

His contact information is as follows:

Houtan Hormozian
American Guardian Home Loans
hhormozian@amguardian.com
(949)242-5215 (Tel.)

Good Luck!
Web Reference: http://www.crestico.com
0 votes Thank Flag Link Thu Apr 2, 2009
Hello Charles,

The minimum down on an FHA is 3.5 percent. There are other ways to get cash from the seller (such as credits) which can offset that amount.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
323.899.2900
0 votes Thank Flag Link Sat Feb 28, 2009
Yes, it is 3.5%. Moreover, from what we've seen and heard, most lenders either already have or shortly will increase the minimum credit scores on FHA loans to 620 (they had been, I believe, 580).
Web Reference: http://HomeSection.com
0 votes Thank Flag Link Sat Feb 28, 2009
Hi Charles, yes, as of 1/1/09 it is now 3.5%. Best -Steve
0 votes Thank Flag Link Sat Feb 28, 2009
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