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Reply to "Talk to me about FHA loans "
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[quote=Anonymous]The down payment required for FHA is now 3.5%, and you should have and additional 3% of the purchase price in reserve for closing costs, including inspections, title insurance, homeowners insurance and property tax escrows and other fees. Another thing to note is that PMI used to be automatically removable once you could show that you had reached 20% equity; now it is more difficult to do that to the point of probably necessitating a refinance. The good news is that FHA loans are assumable, so when you sell some years later when rates are almost assured of being higher, your buyer can assume your loan with its record low interest rate and that makes your home a very attractive listing.[/quote]
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