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As someone who does New York & FHA Loans for a living, the minimum requirement for an FHA Loan is 3%, and you can obtain up to 6% in seller contributions (covering any closing costs and prepaid items. In this business, we pay more attention to interest rates and not APR because it can be quite difficult explain clearly. As of today, interest rates are right around 6% for an FHA 30-yr fixed rate mortgage. This type of deal should be given to anyone with credit scores above 620. Having scores in the low 800's, for example, may get you 5.875, but it's likely that nothing else will change in the loan. I hope this helps. If you have any additional questions, please feel free to email me at firstname.lastname@example.org.
I am in the process of buying my first home right now so I will give some things I have learned along the way. You can not buy a fixer with an FHA loan. It has to be pretty much move in ready. A lot of forecloses are trashed! If someone stole the air conditioner, dishwasher etc those things have to be replaced before closing. Sometimes the bank will do this but sometimes they won't. FHA loans require 3.5% down. The only "grant" I know of to cover the down and closing costs is the Schools Facility Fund but they just cut it off the other day. It may become available again in the future but not right now. The only other option you have would be a conventional loan but with those you need 20% down. Good luck hun!
Interest rate and APR are different. I'm assuming you mean interest rate and yes those terms are typical. FHA and New York are government loans and they have strict guidelines that the loan company must follow so there is nothing shady going on if that is your concern. Good Luck !!
That's about what I got and I have "good" credit (roughly a 700 score), I asked around and everyone I talked to said it was a good deal for Alaska with the current economy. Of course if I had had "excellent" credit then I would have gotten a lower APR. Good luck!
Its 3% down now for a fha loan and 3.5% after jan 09. yes its a good deal if you dont have the extra money for a large downpayment.
Yes, that's fairly typical for a low-down FHA loan now.
That is a very good rate and down payment. I am also a first time home buyer. With great credit, we also are putting 3% down and 5.9% fixed. Go for it. Good luck!
I think that's an alright deal. We're going with an FHA also with 3% down with a 5.9% fixed.
You might be able to get a better deal if you buy a new house directly from the builder.
Yes It's good if you want to spread out your payments, but because you are giving less up front you will make more payments or larger amounts.