Hi Marisol,No, FHA loans require only a 3.5% minimum down as of 1 January 2009. This number is up from 3.0%.I invite you to contact me if you're in the market for FHA financing so that we may discuss the options available to you such as first-time homebuyer programs.Have a great day!Tara@primaryconsultant.comtel- 888.478.6534

Marisol, Your contribution on an FHA loan only has to be 3.5% of the purchase price, as long as you get a seller's assist to cover your closing costs. All of your contribution can come in the form of a gift from a family member also if that were something you wanted to take advantage of. What state is your purchase in Marisol? Our company, 1st Alliance Mortgage, LLC is located in Philadelphia but we do business in a large portion of the country. 1-800-313-9101 x11 if you need to reach me. Tony Bomis, Branch Manager. All the best either way.

The min. down payment for FHA is 3.5%. This money can be a gift from a family member or down payment assistance from a government entity. Most of my clients are first time homebuyers that use down payment assistance towards to their down payment and closing costs. Conventional loans, on the other hand, require a min. down payment of $20%. FHA rates are very competitive and the documentation guidelines gives a borrower wiggle room to explain unusual circumstances that may prevent them from getting a conventional loan. I would be glad to discuss the financing options for your first home. Please feel free to contact me directly 407-739-3853 or via email at jclarke@enterprisemortgagegroup.comHope this helps, Jacqueline ClarkeDown Payment Assistance SpecialistWinter Park, FL