FHA Down Payment Guidelines
FHA loans do not have a zero down mortgage but an FHA mortgage down payment
can be as little as 3%.
Here is the exciting part, ... those funds (3%) can be a Gift and come from a family member, charity,
or your employer.
There is also a Down Payment Assistance Program such as Nehemiah or
AmeriDream.
The details for using Nehemiah or AmeriDream are rather detailed so we won't go
into any real depth here but essentially the seller pays Nehemiah, a non profit
organization, and then Nehemiah sends the funds to closing. The only real
issue is that the appraisal must support the increased selling price of
3%. Well, like I said it is detailed, but simple and is common
practice. Any loan officer can explain it. This site, FHA
Mortgage Guidelines, provides a little more detail.
What you should know is that the Down Payment Assistance Programs may have a
limited future.
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