Down Payment
• Effective with case numbers assigned on or after January 1, 2009 (ML 2008-23):
- The borrower must make a minimum cash investment of 3.5% (Statutory
Investment Requirement), based on lesser of Sales Price or Appraised Value.
- Closing costs paid by the borrower may no longer count towards the 3.5% cash investment.
• The $8,000 First-Time Homebuyer Tax Credit authorized by the Housing and Economic Recovery Act
of 2008 may not be used as any credit towards minimum contribution requirements, closing costs
or prepaids.
