FHA is now the best financing for entry level buyers

April 1, 2008 at 3:58 am Leave a comment

The credit crisis has all but eliminated 100% financing for most buyers.  If you can get the 100% financing you will pay a heavy mortgage insurance fee each month.  The best option is now to get qualified for an FHA loan.  These loans are about 1/2 a percentage point less in interest than conventional 100% loans.  The standard FHA loan requires the buyer to put 3% down, but allows the sellers to pay some of the buyers closing costs.

For more information on the types and the benefits of FHA loans go to their website.

http://www.hud.gov/fha/choosefha.cfm

             

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Entry filed under: Financing.

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