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jenny96 · Joined: 11 Jun 2009 Posts: 1 0.25 Dollars($)

Whats the minimum amount for a fha loan?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

jenny96

Welcoem to the forum.

You will need a minimum of 3.5% down payment for FHA loan. If you are lookign for the exact amount that is required, then it will depend on the valaue of the house you are lookign to buy.

Also rememebr you will need more than down payment for you to get the loan. FHA has some thign called MIP ( Mortgage Insurenace premium), which will be up front 1.75% of your loa and also there will be additional cost for closing.

Also you will have monthly MIP.

Good luck and feel free to ask

Realgeni
-Good credit is easy to achieve, as long as you use it responsibly

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi yes its a minimum of 3.5% down payment for FHA loans.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Minimum down payment is 3.5%, 100% of this can be a gift from a relative. Your closing costs are indeed additional but you can use a sellers concession to pay for them. Also the upfront MIP can be financed into your loan so that you do not have to pay for it at closing.

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

all are right 3.5% down payment is required.
But total value is to be considered

Guest

Hey, nice post, really well written. You should post more about this. I'll definitely be subscribing.

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

I have one doubt, can co signer paly role here as downpayment is less that 3.5%?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

sunil87020

You must be kidding me.

Minimum down payment required is 3.5% and does nto matter if there is one borrower or two borrowers.

3.5% down payment minimum.

Good luck

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

Thanks Realgeni,
I was not kidding one doubt in my mind.....
bye the way thanks again

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Yes 3.5% down payment is the min amount you can put down and it doesnt matter if its 1 borrower or 2.

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