FHA also has a new program that allows properties in Arizona, New Mexico and Nevada that allow a borrower to borrow 99.5% of the value of a home in a purchase transaction. This program provides for a standard FHA loan plus a 3% second for a total down payment for the buyer of only 1/2 of one percent. The obstacle for many buyers is the down payment. On a $200,000 home purchase the standard FHA buyer would have to have $7,000 down payment whereas this program on the same purchase amount would only require a down payment of $1,000. This program also has a home ownership counseling program