That is a great question and may be best discussed with the lender that approved you. A recent housing bill which was passed will be changing the down payment assistance programs in October, so your timing for purchase may be a consideration with the FHA loan. But, if you are a first time buyer, this bill also could provide you as much as $7500 in a tax credit given. The National Association of Home Builders has a helpful website regarding this new housing bill at http://www.federalhousingtaxcredit.com. Hope this helps!
Melissa Utterback, ABR
The Danberry Co., Realtors
FHA and VA usually allow you the least down payment. Depends on your situation. A conventional loan is easier for the sellers and they like them the most However if you are a first time home buyer, there is a group that has been around for over 17 years just now in the Ohio area and are targeting the first time buyer and have made arrangements with certain lenders to do 0 down and 0 closing costs. If you think this is something you are interested in, call me direct and I will give you a contact name and number. You must attend a free workshop. 440 341-9100.
That is an excellent lender question, and you can email the lenders I recommend to get an answer. Their contact info can be found on my website at: http://www.realliving.com/Christina.AsadEdwards/MeetTeamEdwa
Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
mobile or text 937-205-4741
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation