– The advertised rates for 30-year fixed FHA products are based on an assumed base loan amount of $289,500.00, $300,000.00 purchase transaction of primary residence, a 780 FICO score with a loan-to-value ratio of 96.5% maximum (3.5% Down-Payment) on a primary single family home.
First Time Home Buyer Guidelines The cost of waiting to buy a home | Peter Boutell, Lending a Hand – The typical first-time homebuyer cannot possibly save up money fast. The mortgage industry has made the down payment requirements as low as possible with home purchases that require as little as 3.
What is an FHA loan? An FHA mortgage is a government-backed home loan with more flexible lending requirements than those for conventional loans.Because of this, interest rates for FHA mortgages may be somewhat higher, and the buyer may need to pay monthly mortgage insurance premiums along with their monthly loan payments.