We suggest you contact a reputable mortgage broker when you're first starting to go house-hunting. This way, you'll have time to review your options and even get pre-qualified.
To get you started, here are the key points to consider for an FHA loan.
- FHA loans are available to anyone.
- The down payment can be a gift.
- Low down payments can be as small as 3 to 5%.
- Less strict credit requirements.
- Sellers pay part of the closing costs.
- When you're ready to sell the house, these loans are assumable to a qualified buyer.
- The loan size has a cap on how much you can borrow.
- Requires a Mortgage Insurance Premium of 1.5%.
- If you're the seller, you'll have to pay some of the closing costs.