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Starting January 1, the minimum downpayment for an FHA loan will be 3.5 percent. That's a half point higher than the current minimum, but Congress wants to make sure borrowers have a real investment in the house they buy.
Borrowers can still get help with that downpayment, such as gifts from relatives, local government and trade union homeownership programs -- but starting October 1 -- not January 1 -- they won't be able to use any of the popular downpayment assistance programs run by organizations that funnel “gifts” from home sellers to buyers. Organizations such as Nehemiah, Incorporated and Ameridream will no longer be able to provide seller-funded gifts in connection with FHA mortgages.
So if you're a home buyer -- or a real estate or mortgage professional working with home buyers -- keep that October 1 deadline in mind
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