ProspectiveHomeBuye OP t1_iy9ue3d wrote on November 29, 2022 at 8:44 PM

Reply to comment by intergalaticoatmeal in Buying a house next year, what’s a reasonable budget for mortgage payment? by ProspectiveHomeBuye

Thanks for the response. I had thought FHA loans are typically for people with lower credit and lower down payments, and that they come with a higher rate and PMI that stays for the life of the loan. Is this incorrect?

intergalaticoatmeal t1_iy9yahs wrote on November 29, 2022 at 9:08 PM

FHA is many of the things you mentioned, it’s also excellent for first time homebuyers.

There are also limits on the homes. For example, in our area the limit is $479,000.

With our lender PMI was 11 years or 11% of the home was paid off. whichever comes first.

You can also check with any mortgage broker. They will shop around and find you some of the best loans out there.