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FHA Down Payment Guidelines
Under the current FHA Program, the buyer has to have 3% down, but it can actually come from the buyer using a DownPaymentAssisstance program. With Conventional loans, it has to come from the buyer-or as a documented gift from family/employer etc. With most Conventional loan programs the max that a seller can help with for closing costs is maxed out at 3% of the sales price, with FHA the max is 6%. In so many areas 6% will work but 3% won't because of the lower price of the homes.
Charles
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