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What is the FHA term for the amount of money that a homebuyer must pay in cash or its equivalent when applying for an FHA loan?
Wiki User
∙ 14y ago
I hope I'm understanding this right. If you're looking for the term that FHA uses for the minimum down payment (assuming that all other qualification criteria are met), that's called the "Statutory Minimum Required Contribution." At present, it's 3.5%. That 3.5% can't be closing costs and prepaid items, it has to be 3.5% of the contract sales price. It can be person funds or gift funds from a blood relative.
Wiki User
∙ 14y ago
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