Yes, that's a Great rate.
A 0% down loan is good in getting you into a home, but BAD in that you have NO equity, NO ownership interest in your home. Hopefully you are putting Most or ALL of the first time buyer's tax credit into the home as additional principal payment. It will give you equity in your home and GREATLY reduce the amount of interest you pay over the life of the loan. Otherwise, for the first 10 years you are paying INTEREST, Interest, Taxes, Insurance every month, and just pennies in principal. You will pay up to 10 times the purchase price of the house with all the interest you have agreed to pay UNLESS you make additional payments of principal, and those made during first 5 years have HUGE impact on how much you pay totally.
real estate investor