FHA New Down Payment Requirements

When looking for a low out of pocket home purchase in Alaska the most frequently used program is FHA (Federal Housing Administration). FHA is a government guaranteed loan program that requires 3.5% down payment. In prior years FHA allowed part of the closing costs to be applied towards this down payment. Starting in 2009 this is no longer the case. The borrower must put a minimum 3.5% down payment. On the plus side FHA still allows all of the funds to come from a gift!

FHA loans have to meet certain property restrictions and loan limits. Loan limits vary by city and properties have to meet minimum FHA requirements. Be sure to let your Realtor know when you are using this loan program to purchase your home.

FHA and Residential Mortgage, combined make for an easy out of pocket solution and low monthly payments for a home loan in Alaska. Contact me today for a personalized solution to your home financing needs.

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