What’s The FHA Down Payment Schedule?
August 28th, 2008 By Peter G. Miller
The FHA down payment requirement will increase to 3.5 percent as of October 1, 2008, up from 3 percent.
As explained in the 2008 FHA mortgage reform legislation, “a mortgage insured under this section shall be executed by a mortgagor who shall have paid, in cash or its equivalent, on account of the property an amount equal to not less than 3.5 percent of the appraised value of the property or such larger amount as the Secretary may determine.
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