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What is the minimum downpayment requirement for FHA?

ANSWER

Generally, the borrower must make a cash investment of at least 3.5 percent of the contract sales price as required by the Housing and Economic Recovery Act of 2008. Detailed instructions for determining the minimum investment for an FHA insured mortgage are available in Mortgagee Letter 08-23 for purchase transactions and Mortgagee Letter 08-40 for refinance transactions.

The downpayment for purchase of a HUD homes may be as low as $100. For more information on HUD Homes go to the following website: http://www.hud.gov/offices/hsg/sfh/reo/reohome.cfm.



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Date In 12/20/2010 1:48:53 PM

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