FHA loans also charge a monthly insurance premium which can. Overall, purchases of single-family homes by first-time buyers dropped 4% to 559,000 in the second quarter, the report said. The total.
Ready to take the next step in buying your first home?. conventional 97 loan offers a low down payment option of 3% and is a great alternative to an FHA loan.
FHA loans often attract first-time buyers because the threshold to qualify is often not as stringent as it would be for a conventional mortgage. To qualify for an FHA loan, borrowers must generally be able to: Supply proof of employment and sufficient income.
The FHA Loan is the type of mortgage most commonly used by first time home buyers and there’s plenty of good reasons why.