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FHA DownPayment

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Gabe Guest 0.10 Dollars($)	Posted: Tue Mar 18, 2008 4:05 am    Post subject: FHA DownPayment What is an acceptable or minimum down payment for a FHA secured loan? If you are less than 80% LTV is PMI required? What happens once you reach 80% LTV?
sara Joined: 05 Jul 2006 Posts: 1063 Location: New Brunswick, New Jersey 201.78 Dollars($)	Posted: Tue Mar 18, 2008 4:51 am    Post subject: RE: down payment for FHA loan Hi Gabe, The down payment required for FHA loan can be as low as 3% of the purchase price of the home. However, under the Senate Bill approved in December, 2007, lenders may ask for down payment as low as 1.5% of the purchase price. But this is not yet applicable as far as I know. FHA loan does not require PMI. Rather it requires you to premiums on FHA loan insurance for which you make an initial payment and then monthly premiums. Take Care
adonis Joined: 22 Oct 2005 Posts: 1359 Location: ALASKA 123.64 Dollars($)	Posted: Tue Mar 18, 2008 4:58 am    Post subject: Gabe, When you reach 80% LTV, the FHA insurance can be cancelled. This has been discussed earlier at http://www.mortgagefit.com/discuss/pmi-fhaloan.html#1184 . _________________ Procrastination is the enemy of your financial sucess
banker0679 Community Experts Joined: 15 Nov 2007 Posts: 280 Location: Charlotte, North Carolina 16.67 Dollars($)	Posted: Tue Mar 18, 2008 9:03 am    Post subject: If you put 20% down, you are still required to pay the 1.5% funding fee. 2.25% is the minimum down payment, and can be used to pay the funding fee. The funding fee can also be rolled into the loan amount. You will be paying a 0.5% monthly mortgage insurance premium. _________________ Current Mortgage Rates FHA Mortgage Loans Home Mortgages in North Carolina

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