just copy and paste in your browser if you can't click on it.
FHA loans are great for those who have lower credit scores, need the flexibility on debt-to-income ratios, no need for reserve funds on a 1-2 family purchase, and allow as little as 3.5% downpayment. Yes the insurance is more expensive, which might result in a slightly higher payment than a conventional loan, but if FHA fits your situation best, it's not a bad option at all. The one thing I can say is that as of June of 2013, FHA will require you to carry this mortgage insurance for up to the life of the loan, which make this loan very expensive. Needless to say, it would be better for you if you had a higher down payment and additional funds for reserves, you'll benefit from a conventional loan.
Today's environment is open to FHA, a great percentage of buyers use FHA financing loans. I strongly suggest you meet face-to-face with a Loan Officer and get pre-approved. I'm always available to meet if you need a Loan Officer to help guide you through all your options. Good luck!
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797