can we still get an fha with 3.5% down or has is gone to 5%?

Was that conventional i read about? just checking to be sure.. My wife and i are saving for our first home. Also, when we reach the 20% equity level, can i get rid of the mortgage insurance?
By shadowshawn_8809268 from NV Dec 10th 2013
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by billdunger

FHA is still a min. down payment of 3.5%

Dec 10th 2013
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by jvondrak

You can still get an FHA loan with a minimum down payment of 3.5%. However, you will be required to carry mortgage insurance for the entire life of the loan.

Dec 10th 2013
by LenderL...

Hi There, it's still 3.50% down payment...though FHA has recently lowered the amount they are lending in some areas - for example in Las Vegas, we could go up to $400,000 (+ Up Front FHA Mortgage Premium).and now for FHA Case #'s pulled after 1/1/14 it will be $287,500 (+ Up Front FHA Mortgage Premium).

Dec 10th 2013
by KhashB

There are multiple low down payment options available to you. FHA is still at 3.50% down with Conventional loans raising the minimum down payment from 3% to 5% as of mid-November. There are other programs available as well, one should help you depending on your exact situation. I'm available to discuss.

Dec 10th 2013
by jeff@mo...

3.5% down is still available, but with an FHA loan, mortgage insurance will be for the life of the loan. Also, depending on how much you are looking to spend, limits are going to be lowered for FHA loans. If we get a case number before the first of the year, the limit is $400,000. After the New Year, that limit goes down to $287,500.If you have any further questions, or would like to get started, feel free to contact me through my profile!Jeff ShumwayMortgages for America

Dec 10th 2013
by TeresaD...

Yes, you can still get an FHA loan with 3.5% minimum down payment.Thanks,Teresa Del Rosario702-232-9140

Dec 10th 2013
by Markginlv

Also on FHA loan the mortgage insurance is life of loan.

Dec 10th 2013
by Jimmy.Vu

You can still get an FHA Loan with 3.5% down payment. Mortgage Insurance can be removed through a refinance into a Conventional Loan. Otherwise, it will be on your loan for 11 years or the life of the loan. Call me for more details. Jimmy Vu - American Financial Network - 949.287.4134 - jvu@afncorp.com

Dec 10th 2013
by eblossman

Yes, 3.5% is still possible but it no longer drops off at the 80% level. You will need to refinance into a conventional as soon as you have the equity to do so.Good luck to you!

Dec 10th 2013
by DaveMet...

Still 3.5% down.

Dec 10th 2013