The FHA mortgage has made a huge comeback and still attracts many people even though the federal government changed some rules and requirements. The changes include increases to the mortgage insurance requirements and minimum FICO Scores. FHA still helps people who have low down payments and average credit to own a home.
To determine if the FHA rates are already good deal, consult a mortgage broker. If your credit score is low, the mortgage broker can consult and help you to improve your credit score. FHA mortgage loan requires a borrower to pay 3.5 percent down payment. The seller can contribute up to 3% to pay your closing costs.
When you selected some home loan options, request your mortgage broker to present estimate's for each program. Evaluate the costs and check the most practical option. FHA loan will probably be on top of your list.
If you desired for lower rate than the 30-year fixed FHA rate, then you can request for FHA adjustable rates. All you need to do is to qualify for the loan.