Currently all FHA mortgage loans require a 3.5% downpayment. If you’re fortunate enough to fall in love with a HUD owned home for sale, you can get in with a $100 if you intend to occupy it as your principal residence. You have to otherwise qualify for a FHA loan but there’s no need for the normal down payment requirement. Check out the “Frequently Asked Questions” form on HUD’s website for more details.
Tuesday’s Tip – How to buy a home with a FHA Loan and $100
by The 2 Mortgage Guys | Aug 18, 2009 | First Time Homebuyers, Government, Indiana Mortgage Blog, Program Changes, Tips | 0 comments