In 2009 we’ll see some changes from FHA with regards to down payments on purchases of homes in Northern Nevada.  Because of that, I thought I’d just provide a quick update on where we stand today, and what we can expect in ‘09. 

DOWN PAYMENTS

Today, FHA still only requires a down payment of approximately 3% (2.85% in Washoe County).Effective January 1, FHA will require a down payment of 3.5% on all purchases, regardless of where you buy.

The seller assisted down payment programs, such as Nehemiah, are still not available.  However, there are still a number of ways your buyers can get their down payment.  These can include gifts from family members; loans from family members; sale of an asset such as a car, boat, RV, etc or a gift from employer

CLOSING COSTSSellers can still pay up to 6% of the purchase price for closing costs.  This 6% can be used to buy-down the rate or help pay the buyer’s payments (interest only) for the first 6 months.Please let me know if you have any questions on FHA or any other loan programs that I might be able to answer for you.  Have a great week, let me know if I can help you in obtaining your Reno Nv. FHA loan or mortgage of any sort.  Ron Bell would be happy to assist you in finding your Reno Nv. dream home or condo and is now offering foreclosure update by e mail and will soon be adding a Reno foreclosure/bank owned/REO (real estate owned) link on Reno Home Voices.

Stephanie Hanna

762-9114

Platinum 1st Mortgage

Filed under: LOAN INFORMATION, LOCAL MARKET