FHA down payment requirements at a glance: Borrowers who use an FHA-insured mortgage loan to buy a house in 2019 must put down at least 3.5% of the purchase price or the appraised value of the home (whichever amount is less). That is the minimum requirement in 2019, according to HUD Handbook 4000.1..
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We've written about the general requirements for Oregon FHA loans in the past. Today, we'll focus on the down payment in particular.
The Rules for Documenting Mortgage Down Payment Gifts .. If you choose to put down 20% or more on an FHA loan, then the entire down payment can be a gift. If your credit score falls between 580 and 619, then 3.5% of your down payment must come from your own income.. Down Payment Gift.
FHA loan rules in HUD 4000.1 have specific guidelines where gift funds to the borrower are concerned. Gift funds are commonly used for home loan expenses including down payments, but when the borrower accepts gift funds for the purpose of making that down payment, the funds must meet FHA acceptability standards.
Keep in mind that these rules are subject to change based on lending regulations, so check with your mortgage company for up-to-date guidelines.. I can tell you that when it comes to gift funds, we’re following FHA policy in this matter. All FHA lenders are required to abide by these.
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