Today’s Lowest FHA Mortgage Rates for First Time Home Buyers – Home Loans Under 5%
Posted on | April 27, 2010 | Comments Off
Today’s lowest FHA mortgage rates for first time home buyers are currently around 5% for the 30 year fixed mortgage. With home loans being under 5% and an $8000 first-time home buyer tax credit available now is one of the best times in recent history to purchase a home.
Even though there are many incentives to buy a home today it is extremely important to look at your current financial situation and determine if buying a home is right for you. If you have struggled to make ends meet when it comes to personal finances then it may not be wise to purchase a home without having the proper savings.
At the present time many mortgage lenders are reporting that FHA mortgage rates and conventional mortgage rates are coming in very close. Is important to understand that there are insurance costs that are involved with an FHA mortgage. It is sometimes wise to take out a conventional mortgage that is slightly higher because you will end up saving money in the long run by avoiding the insurance costs.
Author: Alan Lake