With the change in the real estate market, becoming a home owner is more realistic than its ever been. With the recent decrease that The Federal Housing Administration (FHA) have applied, fees have dropped 0.5% and down payment options seem more sensible.
Along with lower interest rates, the real estate industry has become a buyers market. Here are some tips to help you determine if a low down payment mortgage is right for you.
The FHA is in charge of insuring loans for the lender, not you. However, this affects you as a whole because when the lender can save money, so will you. Mortgage insurance is not rolled into your loan payment, it is an additional fee. This fee will go up and down, and is mandated by federal regulations. It is…