Time is running out to take advantage of the 3% minimum down payment requirement and the temporary loan limit of $365,000 on FHA loans. The FHA loan must be closed by 12/31/08. The minimum down payment requirement must have an appraisal ordered by 12/31/08 but can still close in 2009.
On January 1st, 2009 the new required down payment will be increased to 3.50% and the new loan limit on a single family home will be $318,550.
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