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How Much Is My FHA Loan Down Payment?

FHA home loans differ from conventional loans in many ways. One of those differences is the amount of down payment required to purchase a home with an FHA insured loan. FHA loans, like their conventional counterparts, do not have a fixed dollar amount required as a down payment.

Instead, a percentage of the loan amount is calculated, based on the sale price of the property.

Conventional loan down payment requirements vary from company to company–you may be told by one lender that five percent is required, while another may ask for 10%.When it comes to FHA loans, the traditional down payment amount is 3.5% of the contract sales price of the home.

In cases where the buyer wants to purchase a HUD-owned home (a property that has been repossessed by HUD and put back on the market) the

Joe Wallace - Staff Writer

By Joe Wallace

February 23, 2011

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.

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About FHANewsBlog.com
FHANewsBlog.com was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

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