Mortgage Blog

Smart PA homebuyers using FHA loans to limit downpayment

June 3rd, 2011 12:49 AM by Michael and Jill Kohler

Smart PA homebuyers are using FHA loans to limit downpayment requirement to 3.5%

by getting the seller to assist with up to 6% of the selling price. This can be used to cover most closing costs and can definitely help the buyer who may be short of cash.  The Federal Housing administration insures these loans generally by charging an upfront mortgage insurance premium UFMIP payable at closing, as well as a small monthly premium over and above PITI. This payment can generally be removed by the borrowers request once the equity in the property reaches 78%

Get your FREE Quote Now!

Posted in:General
Posted by Michael and Jill Kohler on June 3rd, 2011 12:49 AM

Archives:

My Favorite Blogs:

Sites That Link to This Blog: