FHA 2.25% down requirements

stephenie1 · Posted: 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?

Niicss · Posted: 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.

stephenie1 · Posted: 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

Posted: 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?

stephenie1 · Posted: 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!

evolovik26 · Posted: 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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