Posted on: 09th Jul, 2008 09:39 am
I am trying to find the FHA document that allows 2.25% down. Can you help?
Hey stephenie.
I feel the borrower need to make at least 3 percent of down payment to get FHA insured mortgage. There are some non-profit organizations that helps people down payment organizations. These organizations may help the borrowers. By the way he/she can be gifted the money by any relatives.
I feel the borrower need to make at least 3 percent of down payment to get FHA insured mortgage. There are some non-profit organizations that helps people down payment organizations. These organizations may help the borrowers. By the way he/she can be gifted the money by any relatives.
Hi Niicss!
I found this. http://activerain.com/blogsview/74899/Creative-FHA-financing-No
I found this. http://activerain.com/blogsview/74899/Creative-FHA-financing-No
Allows or requires? Obviously you have to go to 4155.1, 1-7 for both the 3% "investment" and max LTV. The 2.25% applies to only a range -- high closing cost states AND loan > $50K. Are you in the mortgage business?
From what I understand is that FHA will allow a lower down if receiving a gift. Loan amount is at 150k. Yes I am in the mortgage business. However, so many guidelines have changed, I needed to make sure this one is correct. Thank you for pointing me to 4155.1, I appreciate it!
3% can be a gift from relative and or nonprofit organisation such as nehemiah, also workplace can contribute. So your client can get in with $0 down if this can be arranged
