As someone who does VA & FHA Loans for a living, the minimum requirement for an FHA Loan is 3%, and you can obtain up to 6% in seller contributions (covering any closing costs and prepaid items. In this business, we pay more attention to interest rates and not APR because it can be quite difficult explain clearly.
As of today, interest rates are right around 6% for an FHA 30-yr fixed rate mortgage.
This type of deal should be given to anyone with credit scores above 620. Having scores in the low 800's, for example, may get you 5.875, but it's likely that nothing else will change in the loan.
I hope this helps. If you have any additional questions, please feel free to email me at firstname.lastname@example.org.
FHA Loan Specialist doing loans in AK, AL, FL, MO, ND, NM, OH, SC, and TX.
· 1 decade ago