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FHA loans usually have low interest rates and only require 3.5 percent down.(That down payment can come as a gift too.) Also, your credit score doesn’t have to be excellent either.
“For FHA loans, you will pay mortgage insurance till the end of the loan even if you paid off 50 percent of the principal.A good place to start is to see what’s available through your local housing authority (a quick Google search will do).Its website can tell you what specific homeownership programs, grants, and loans are available for your situation in your city or state.“With the lower end of the housing market — smaller, moderately priced homes — seeing the worst of the inventory shortage, first-time homebuyers who want to enter the market are having difficulty finding a home they can afford,” said NAR Chief Economist, Lawrence Yun.“Homes were selling in a median of three weeks and multiple offers were a common occurrence, further pushing up home prices.