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HUD will be looking to ensure that down payment assistance programs are providing "a true financial benefit to the borrower" rather than the provider of the down payment assistance, said Greg Zagorski, the senior legislative and policy associate at the state housing agencies council.
When it comes to FHA loans, the traditional, bare-minimum down payment amount is 3.5% of the contract sales price of the home. Since FHA down payments are calculated by multiplying the sale price of the home by 3.5%, if you don’t know the specific sale price of the home, you won’t be able to come up with an exact figure for that down payment.
Fha Va Loan Requirements Get Rid Of Mip If the periodic (monthly) mortgage insurance premiums are paid up for an FHA case before schedule (i.e., accelerated payments were made and the unpaid principal balance is 78% or less), the month and year the last monthly insurance premium is assessed (final bill date) can be changed by the servicer or holder of the mortgage.