First Time Home Buyer Program Rates

FHA loans were very uncommon just a few years ago. They have now exceeded 30% of the loans originated and are an even higher percentage of the loans for first time home buyers. What this has done is create a more direct link between the FHA rate and the amount of home that a first time homebuyer can afford.

See common loans for first time home buyers comparisons on the site.

The FHA loan rate has settled into the 5% range for the better part of a few weeks. That’s more than 10% extra purchasing power relative to a higher mortgage rate. That cannot be overstated. To get a 30 Year Fixed loan and have increased affordability either means a nicer home or more money left for savings and retirement.

We are seeing FHA changes coming, however. The up-front mortgage insurance premium is going up in April. That will immediately add .5% to the cost of getting a loan. We are also going to see slightly tighter standards on home loan approvals.

Nearly all first time home buyer loans are fixed rates these days and many states have down payment assistance programs that help get you into a home at today’s lower home values, low rates, and avoid the future increases to FHA closing costs.

Some state by state examples:
Mississippi: The state of Mississippi provides one first time home buyer grant program: Down Payment Assistance Program. You can receive up to 3% of the mortgage amount. Please visit Mississippi First Time Home Buyer Grant for more information.

See all the state down payment assistance or first time home buyer programs.

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