HUD has announced effective with FHA case numbers assigned on or after January 1, 2009, the borrower's minimum cash investment requirement will increase to 3.5%. 

The borrower's minimum required investment, CANNOT include the borrower's payment of closing costs.  The seller may still contribute up to 6% of the sales price towards the borrower's closing costs and prepaids. 

Purchase transactions will be limited to a base LTV of 96.50% with a LTV of 100% including the UFMIP.  Secondary financing offered by a government entity for purposes of down payment or closing cost assistance is not limited to the maximum 100% TLTV; however,  

FHA streamline and rate/term refinance transactions are limited to an LTV of 100%, including the UFMIP.  The LTV for FHA streamline refinances without an appraisal will be based on the value that is currently in the HUD database. 

What do you need to get started if you want to purchase a home that will be your primary residence.

Of course for starters: - It must be for primary residence - 

1. Satisfactory Credit History -  consisting of no late payments over the last 12 months.  If you are not sure, give us a call and we can help you evaluate your credit report. (321) 242-8240.

2. Stable Job History - Preferably two years of steady employment. 

You will need to produce at least 30 days of current paystubs from current employer.  Additional part time jobs may be considered if they meet standard requirements. 

If you graduated from college within the most recent 2 years, your college transcripts and diploma could be used as a work history provided your current employment is in line with your college education. 

In addition to paystubs, you will need to produce the past two years tax returns, including all schedules filed and W2's.

3. Bank and other Asset Statements for most recent two months. 

These statements will establish a history of how you handle and or save money. 

There should be no negative comments, such as NSF checks / Overdrafts.