Our advice is to not go with an FHA loan if you happen to be a first time buyer.
Place 5% down and use this new program.
Consider what my staff has been advising clients, and look into the "FIRST-TIME HOMEBUYER'S" loan program. Our staff has reported great testimonies in regard.
Below is an email we sent to various clients we are working with:
Notice to first time home Buyers serving the following states: Florida, Alabama, Texas, California, Arizona, New Mexico, and Colorado.
Here are the highlights of this unmatched program that our agents have had success with closing deals and saving our clients a lot of money.
1. NO Mortgage Insurance
2. Only 5% down
3. 30 year fixed rate (4.500% estimated)
4. NO payment until the 5th month after closing.
5. NO origination fee, NO points, and NO junk fees !
6. single family home or townhome eligible
7. 680 credit score
** It is truly remarkable, and is certainly a way this bank (BBVA) has demonstrated giving back to the communities it serves.
The Sr. Mortgage Banker that my staff in these area's is using is Tom R. Callahan and you may reach him
Take full advantage of this program and save yourself a lot of money by not having the FHA MIP.
Good luck shopping for the right home. - TJ