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Changes to FHA Guidelines Mean More Money Down

December 16, 2008 by Danilo Bogdanovic  
Filed under Mortgage/Lending

FHA changes

Changes to FHA guidelines going into affect January 1, 2009 will make it more expensive for borrowers to use FHA financing.

Current FHA guidelines require a borower to make a 3 percent total investment in a home purchase.  A little more than 2 percent is required to go toward the down payment and the balance can go towards closing costs.

Beginning January 1, 2009, the minimum required investment will be 3.5 percent and the whole amount must go towards the down payment.  This means that all of the closing costs will be required in addition to the 3.5 percent down payment.

There are also changes being made to the FHA streamline refinance program. For a complete list and explanation of those changes, check out this blog post over at