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The lowdown on getting a low down payment loan The lowdown on getting a low down payment loan, an article from CNNMoney.com, examines the ins and outs of FHA loans.  The Federal Housing Authority is still offering 3.5% down loans to qualified buyers.  The borrower should contact a mortgage broker or FHA-approved lender.  The agency's guidelines require that the buyer spend no more than 31% of their gross income on mortgage payments.  Interest rates on FHA loans aren't based on credit scores, as there are for most loans.  FHA borrowers will receive the same interest rate that any conforming borrower with a good credit score would receive.  However, borrowers with credit scores under 500 will have to put 10% down, rather than just 3.5%.  Insurance premiums are also charged on FHA loans, to cover defaults.  There is an up-front fee of 1.5% to 2.5% of the dollar-value of the loan, as well as an annual fee of 0.5%.  http://money.cnn.com/2009/01/15/real_estate/low_down_loans/index.htm?postversion=2009012006 www.judesandvall.com   Posted by Jude Sandvall on 01/22/2009 02:10 PM   Comments (0)   the lowdown on getting a low down payment loan   0 Comments on The lowdown on getting a low down payment loan Notify me of new comments: Email: What does the graphic say? Leave a response… Name: Email: (optional) Comment: What does the graphic say?

Jude Sandvall

Aurora, CO

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