FHA Down Payments Going Up January 1, 2009
FHA down payment requirements go up on 1/1/2009. With all of the focus on the economic bailout you may have missed the fact that on October 1, 2008 the Housing and Economic Recovery Act of 2008 goes into effect. That's the bill that gives a $7,500 credit on your tax returns in 2009.
What has been under reported is that on January 1, 2009 the bill increases FHA down payment requirements from 2.25% to 3.5%. That means on the purchase of a $90,000 home your down payment would go from $2,025 to $3,150. That's a $1,125 increase; or the cost of a new washer/dryer or a stove/refrigerator.
Also on January 1st the amount you can borrow on an FHA mortgage goes down from $297,000 to $271,000. The moral of this blog? Call Mark Z. Especially if you are considering buying a home and don't have a lot to put down.
If you have mortgage questions contact me at www.chuck.anway@ncmc.com or at 248-921-0314
Chuck Anway; Mortgage Consultant
National City Mortgage
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Date: Wednesday, October, 1st 2008 @ 10:58:27 AMViews: 59
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