FHA mortgages allow a home purchase with a low down payment.
In January 2009, the minimum down payment for an FHA mortgage was changed from 3 percent to 3.5 percent. In early 2010, an added level of down payment requirement was established for prospective buyers with low credit scores. An FHA mortgage for a borrower with a credit score of less than 580 requires a 10 percent down payment.
Most home buyers who get an FHA-insured mortgage will qualify to pay the 3.5 percent down payment. The down payment amount is calculated by multiplying the home purchase price times 3.5 percent, or 0.035. For example, the required down payment on a $350,000 home would be $12,250. The home buyer would have
to bring this amount plus any additional closing costs when the papers are signed to buy the house.
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