· If you are a first time home buyer you may be thinking about an FHA mortgage for the purchase of your first home. These mortgages are guaranteed by the U.S. Federal Housing Administration and are designed with low-to-moderate income home buyers in mind.
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An FHA loan is a mortgage that’s insured by the Federal housing administration (fha). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.
Down Payment – FHA loans are widely known for a combination of reasons, but largely for their easy qualification guidelines and low down payment option. A first time home buyer can purchase their first home and only have to pay a 3.5% down payment. So if you wanted to purchase a home for $200,000, this amount would be $7,000!
A bipartisan bill that cleared the House last week would let first-time homebuyers pay a bit less at closing if they go through homeownership.
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Though not originally created for first time home buyers, the FHA home loan program may in fact be the best option for a first time buyer. FHA loans have four very attractive pieces that seem to work well for first time home buyers. First, low down payment requirements of only 3.5% of the purchase price. Many times people sell a home giving them their down payment, but of course that would not be true for a first time home buyer. Low down payment is a big plus.
It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy or foreclosure. This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 96.5 percent of their home loan which helps to keep down payments and closing costs at a minimum.
· Can first-time home buyers use co-signers for FHA loans? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.