FHA 2.25% down requirements

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Icon Mini Profile stephenie1
stephenie1



Joined: 20 Dec 2007

Posts: 21
Location: Texas
9.45 Dollars($)
PostPosted: Wed Jul 09, 2008 9:39 am    Post subject: FHA 2.25% down requirements

I am trying to find the FHA document that allows 2.25% down. Can you help?
Icon Mini Profile Niicss
Niicss



Joined: 03 Oct 2005

Posts: 2620
Location: New Jersey
409.63 Dollars($)
PostPosted: Thu Jul 10, 2008 2:06 am    Post subject:

Hey stephenie.

I feel the borrower need to make at least 3 percent of down payment to get FHA insured mortgage. There are some non-profit organizations that helps people down payment organizations. These organizations may help the borrowers. By the way he/she can be gifted the money by any relatives.

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Icon Mini Profile stephenie1
stephenie1



Joined: 20 Dec 2007

Posts: 21
Location: Texas
9.45 Dollars($)
PostPosted: Thu Jul 10, 2008 6:45 am    Post subject: FHA 2.25% down

Hi Niicss!
I found this. http://activerain.com/blogsview/74899/Creative-FHA-financing-No

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Stephenie Marshall
1st Advantage Mortgage

www.1amHomeLoan.com/stephenie
Cell: 214-779-6622
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PostPosted: Thu Jul 10, 2008 7:00 am    Post subject:

Allows or requires? Obviously you have to go to 4155.1, 1-7 for both the 3% "investment" and max LTV. The 2.25% applies to only a range -- high closing cost states AND loan > $50K. Are you in the mortgage business?
Icon Mini Profile stephenie1
stephenie1



Joined: 20 Dec 2007

Posts: 21
Location: Texas
9.45 Dollars($)
PostPosted: Thu Jul 10, 2008 7:10 am    Post subject:

From what I understand is that FHA will allow a lower down if receiving a gift. Loan amount is at 150k. Yes I am in the mortgage business. However, so many guidelines have changed, I needed to make sure this one is correct. Thank you for pointing me to 4155.1, I appreciate it!
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Stephenie Marshall
1st Advantage Mortgage

www.1amHomeLoan.com/stephenie
Cell: 214-779-6622
Icon Mini Profile evolovik26
evolovik26
Community Experts
Community Experts


Joined: 15 Aug 2007

Posts: 538
Location: Minneapolis
28.93 Dollars($)
PostPosted: Thu Jul 10, 2008 11:15 am    Post subject:

3% can be a gift from relative and or nonprofit organisation such as nehemiah, also workplace can contribute. So your client can get in with $0 down if this can be arranged
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Eugene Volovik
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Countrywide

612-481-3127
Conventional, FHA and Commercial Lending in 48 states
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