What is the minimum amount of money I need to buy a home using an FHA mortgage?
posted by Bankruptcy Home Loans @ 1/17/2006
Tuesday, January 17, 2006
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1 Comments:
The National Housing Act requires the minimum cash investmaent to be 3% of the sales price. Even though the actual down payment can be less than 3%, the balance would go towards the borrower's closing costs. If there are no closing costs the down payment would increase to 3%.
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