What is the minimum down payment requirement for FHA?
“Generally, the borrower must make a cash investment of at least 3.5 percent of the contract sales price as required by the Housing and Economic Recovery Act of 2008.” FHA
What are the basic eligibility requirements for FHA financing?
“Generally, to be eligible for an FHA loan, you must have a valid social security number and have lawful residency in the United States and be of a legal age to sign on a mortgage in your state. Lenders will verify income, assets, liabilities, and credit history for all parties on the loan.” FHA
When considering purchasing Condos or Townhouses in Minneapolis with an FHA loan these project must have already been approved by the FHA and HUD. Below is a full list of FHA approved condos and lofts in downtown Minneapolis.
Where can I buy downtown Minneapolis with an FHA Loan?
*for complete Minneapolis List visit Hud’s official website