FHA changed its Down Payment requirement and maximum loan amount effective January 1st, 2009. Highlights include:
1. New down payment amount on FHA Purchase Loans has been increased to 3.5% from 3%.
2. Closing costs are not counted toward the 3.5% down payment requirement.
3. Seller still permitted to pay up to 6% toward buyer's closing costs.
Also effective this year the FHA maximum mortgage amount in the Cincinnati MSA (Hamilton, Butler, Clermont, Warren, Campbell, Kenton, Boone and Dearborne counties) will be adjusted to $271,050 from $337,500 for a single family home.
Information provided by Dan Brady of Ross Mortgage Corporation. For further details he can be reached at 513-490-7439.
Also effective this year the FHA maximum mortgage amount in the Cincinnati MSA (Hamilton, Butler, Clermont, Warren, Campbell, Kenton, Boone and Dearborne counties) will be adjusted to $271,050 from $337,500 for a single family home.
Information provided by Dan Brady of Ross Mortgage Corporation. For further details he can be reached at 513-490-7439.
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