You can have a 30yr fixed FHA loan.
Is your builder offering a 2/1 buydown?
If you get a FHA 30yr fixed...you may not need to refinance ever!
There rates are as a good as a conventional loan with 5% down, and 720+ credit score.
Also, with FHA...if you ever plan to refinance for a lower rate...you can do a streamline refinance. No appraisal...no paystubs....no credit pull....
Quote:
Originally Posted by arun196
Can anyone explain to me the differences between the fha and regular 30-year fixed. And If which is best to me:
If I go with FHA program (builder lender) my builder is providing down payment assistance of $6,705 for 244,000 house for 0% down buyers. I'm a first time home buyer. But I also heard that if I go with FHA program, I have to refinance mortgage after sometime. I"m concerned that, if i refinance in future, i have to come up again with the closing costs and interest rates may not be as lower as now. So, im confused if i need to go with fha or 30-year fixed. PLease help me..closing this month..
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