With the recent problems suffered by subprime mortgage lenders, FHA loans are making a strong comeback as a useful alternative for first-time home buyers and home buyers with less than perfect credit. If you are a first-time home buyer or have bought a home before and have less than perfect credit you have come to the right place. Because it's an FHA loan, lenders will offer you lower, more affordable rates because the FHA insures lenders, so they have less risk by taking you on as a borrower. What this means for you is lower interest rates, and less money for a downpayment, which equals big time savings.
FHA home loans lend you the money for your house with little to no start up costs at all. FHA home loans also have great FHA loan rates. Be sure to watch out for the changing fees that come with such a loan as well.
FHA loan rates fluctuate daily so you will never find them listed on any one site in particular. Getting the best FHA loan rate means to keep your eyes and ears open to the current housing market and jump at the chance to get the lowest FHA loan rate.
Stop renting today and purchase your first new home. Why pay for someone else to build equity when you can jump on lower FHA loan rates and build your own wealth? Don't be intimidated by the thoughts of upfront costs and take that first step to purchasing your first home. It may not be a brand new house but it's always nice to have a roof over your head that you can say belongs to you.