You are not needed to be a primary-big date house client so you’re able to be eligible for an enthusiastic FHA mortgage. But when you try, you could be eligible for additional federal or condition-depending earliest-go out home customer apps, particularly downpayment guidance.

FHA financial will cost you

You’ll find a few settlement costs you will have to envision when taking away a keen FHA mortgage, including your advance payment and you may financial insurance policies.

Advance payment

If you’re taking right out a keen FHA financing, you will need to lay out at the very least step 3.5% of your residence’s value upfront, otherwise doing ten% that have less credit history. This means if you buy a great $two hundred,100 family, you will need a great $six,100000 advance payment on step 3.5% otherwise a good $20,000 down payment on 10%.

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