Currently FHA mortgages only require a down payment of 2.25% with a total of 3% minimum investment from the buyer. Get ready folks! That's going to change as of January 1, 2009. The down payment minimum will jump to 3.50%. This changes comes after the current implementation of increased monthly mortgage and up front mortgage insurance requirements.
Clearly, if you are considering a purchase in the future you should try to move up your plans in order to save you money at closing. Don't wait until income tax time time or after the holidays, take actions now to purchase while rates are still historically low. Contact us if you need further info or want to get pre-qualified. It's FREE. No obligation.