More Downpayment Needed for FHA
July 29, 2008 by Eleanor
Filed under FHA Mortgage Loans, Housing News
The New Housing Bill that Congress just passed in an effort to “save” Fannie Mae and Freddie Mac (F/F) has some other features that homebuyers need to be aware of.
SAVE UP! For more than 10 years there have been agencies that helped with downpayment. The downpayment was “gifted” through the agency – and it’s a bit complicated – but it meant that a homebuyer seeking FHA financing could get a 100% loan. Well, that’s been eliminated with the New Housing Bill.
ALSO – and this is the important part – the downpayment requirements for FHA financing just went to 3.5% effective October 1, 2008. There’s some question about how FHA is going to calculate that 3.5% – and as those details are available we’ll pass them on – but for the time being, assume that you will need 3.5%.
The seller can still pay your closing costs, and you are allowed to get a gift from a family member! Now is a GREAT time to buy! SO SAVE UP!
If you are interested in purchasing a home in Cary, or buying a home in Raleigh, please contact Steve and Eleanor Thorne with First Financial Services, a Mortgage Banker in Cary, NC 919-649-5058
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