For individuals who see an enthusiastic FHA mortgage plus credit score was significantly more than 580, you could potentially often get away with getting down only 3.5% of your purchase price. Such as for instance, if you have located a house offered and you will discussed toward provider buying they to possess $2 hundred,100000, your advance payment would have to getting $seven,100. The cash to suit your FHA deposit may come of a family savings, bank account, IRA, 401(k), bucks, merchandise, and also the profit off private possessions.
6. Shell out Home loan Insurance rates
You to definitely characteristic of FHA loan was its expected yearly home loan premium. Continue reading “Was an FHA Loan Suitable for Me?”