down payment for FHA loan

erickinney01 · Joined: 02 Aug 2009 Posts: 51 0.00 Dollars($)

is 3.5% down payment for FHA loan mandatory? can we get some relaxation on it?

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

erickinney01

3.5% is the minimum required. FHA does nto allow you to pay less than that

If you qualify for first time hoem buyer credit, you may be able touse that money towards the down payment.

Good lucak and feel free toask

arya310706 · Joined: 29 Jul 2009 Posts: 48 0.09 Dollars($)

you can use this as down payment.

i will add just check your credit score.

appletongary · Joined: 09 Aug 2009 Posts: 20 0.00 Dollars($)

you can take gift from your family members & use to pay it for down payment.

Source of Down payment is not verified so you can easily do it.

As a process you have to make down payment of 3.5%

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

I am nto sure thats true.

The source of down payment will be verified for sure

kbkevin2009 · Joined: 28 Jul 2009 Posts: 68 17.69 Dollars($)

It is mandatory for you to provide 3.5% down from your own funds for FHA loan.... You can get this down payment as a gift from your family member or any relative...

gmakerley · Posted: Mon Aug 10, 2009 8:30 am Post subject:

there is so much misinformation and so much nonsense thrown about.

eric, you must have 3.5% down payment. there is no "relaxation" about it. you may use your own funds along with funds from a gift from family, or even a non-profit concern that assists homeowners.

all money used for down payment and closing costs must be sourced. in other words, you have to prove where you got the money.

Posted: Mon Aug 10, 2009 9:45 am Post subject:

Are you the collector and corrector?

Posted: Mon Aug 10, 2009 9:47 am Post subject:

when things need to be corrected because of error or people being misinformed, there is a definite need.

those who come to this forum asking questions are seriously seeking real answers. to give them less than what they desire and/or need is to do them a real disservice.

who dispenses this information is not relevant - what's relevant and important to the overall cause is that the advice provided be accurate.

livinginnky · Posted: Mon Aug 10, 2009 11:59 am Post subject:

3.5% is mandatory...
you cannot use the 10% homebuyer credit towards the 3.5%....
you can use the 10% homebuyer credit for down payment, but 3.5% has to be from your own funds (or gift from family member) and the bank will verify

hope this helps let me know if you have any more questions

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