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Is the minimum down payment for FHA loans being increased to 5%?

If so, when will this be taking effect? by EPogue from Maumele, Arkansas. Apr 30th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

It's still 3.5%, and although there's been talk about it increasing, I don't see it happening anytime soon.. however if your interested in purchasing a new home, then you better get moving now.. property values are on the rise, as well as interest rates.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 30th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

No it will remain 3.5%.

Apr 30th 2013
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Ray Hazucka (r.hazucka@mybbmc.com)
#65 ranked lender in Illinois - 36 contributions

No it isn't being increased.

Apr 30th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

I havent heard anything about the minimum down payment increasing.

Apr 30th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

It's still 3.5%

Apr 30th 2013
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Kitsy Burt (Kitsy Burt)
#8 ranked lender in Ohio - 66 contributions

As of yet, it is still 3.5%.

Apr 30th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

No, but in early June the FHA mortgage insurance is being changed to say in effect for the life of the loan. This could be very costly over time. If you are looking to purchase using FHA try to do so in the next 30 days.

Apr 30th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Not yet, but there is some chatter about raising the minimum down payment. If you're looking to buy, I would do it sooner rather than later because interest rates will not stay at this level much longer, plus FHA MIP costs are increasing in June.

Apr 30th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Thank you for your mortgage request. Sun National Bank is a Federally Chartered Bank who can lend nationwide. To better help you, I would like to see your financial situation.Please send me the following information for all borrowers:1. 1 Month of current pay stub's2. 2 Year W-2 Income Statements3.3 Months of current Bank Statements4.Copy of Drivers Licenses Please forward them to:James Mazzola8 Matthew AvenueKendall Park, NJ 08824jmazzola@sunnm.com or cornoil@comcast.netIf you have any questions, please do not hesitate to contact me:(O) 973-805-4107(C) 732-501-4249(F) 732-951-0629Thank you,James Mazzola

Apr 30th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Unchanged.

Apr 30th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Still 3.5%.

Apr 30th 2013
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

There has been a little talk. It quickly went no where... It is still 3.5% minimum for FHA down payment. www.FHA-Streamline_refinance-MN.com

May 1st 2013
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Raymond Denton (Raymond)
#11 ranked lender in Ohio - 224 contributions

It depends on your FICO score - it's 10% if your score is 580 or lower.

May 1st 2013
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

It is still 3.5% down- Check with your local community bank- If you are a 1st time homebuyer, Arkansas may have 1st time homebuyerDown payment assistance that could help you with closing costs and down payment-Hope this helps,Pete

May 2nd 2013
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