FHA Down Payment Requirement Increases…Effect First Time Home Buyers in Frisco

It’s been talked about and it’s not necessarily brand new information, but FHA down payment requirement is going up to 3.5%. No longer will closing costs be considered as part of the amount of money they have to have involved in the transaction. They will have to have 3.5% down payment…3.5% is from the lesser of the sale price or appraised value.