FHA loan question.. ATTN brokers/agents ect (closing, realty)

[TeamExit]

The FHA minimum downpayment increases to 3.5% on January 1st. My question is, is this effective by closing date or contract date?

for example, if i were to go into contract next week, but close in january, would I have to put down 3 or 3.5%?

[TeamExit]

anyone?

[omigawd]

When I first saw your username/screen name, I immediately thought "this person works for Exit Realty"..... Then I read your post. My next immediate thought was "if this person works for Exit Realty, why wouldn't they know the answer to this question".

My question: Do you work for Exit Realty?

Just curious.

[TeamExit]

Originally Posted by omigawd

When I first saw your username/screen name, I immediately thought "this person works for Exit Realty"..... Then I read your post. My next immediate thought was "if this person works for Exit Realty, why wouldn't they know the answer to this question".

My question: Do you work for Exit Realty?

Just curious.

haha no, i dont