FHA currently requires a minimum down payment of 3% from home buyers and beginning January 1, 2009, FHA will increase the requirement to 3.5%.
If you are in the process of purchasing a home in Colorado Springs, the loan must close by December 31, 2008 in order to fall under the current guidelines (3% down payment).
Many first time homebuyers utilize the CHFA down payment assistance program; so hopefully, CHFA will increase their assistance to 3.5% from the former 3% once the new requirement is in effect.
Also Read: Can I buy a home in Colorado Springs with no down payment?
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