March 8, 2012
FHA new purchase home loan programs, where the borrower is buying a new or pre-owned home, require the borrower to make a minimum down payment of 3.5% of either the appraised value of the property or the asking price of the home, whichever is lower.
FHA loan down payments are strictly regulated, and not just with the percentage required to put down as the minimum cash investment. Did you know the FHA also requires documentation on the source of the down payment money depending on circumstances? FHA rules state documentation is required when the borrower pays more than 2% of the sale price.
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Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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