All you will need to do is take a class. Not a bad thing at all. I was reading an article from RISmedia, a major publisher to Real Estate professionals concerning this interesting title. I do not know if you can follow the link, but here it is, the entire article by Kimberly Miller; which appeared in the West Palm Beach Post.
In a nutshell, FHA who does not LOAN money, but BACKS loans with mortgage insurance, will be discounting those rates to first time homebuyers who attend a series of classes both before and after closing.The article stated that they can have their mortgage insurance premiums reduced by an average of $325 per year, which can come up to around a $10,000 reduction over the term of the mortgage!!!
I am thinking of a visual of 100 Benjamins sitting on a table. Ten rows of ten $100 dollar bills each. Not shabby. Any discount is a good thing when buying a home, and this is sort of a gift that keeps on giving. It is currently under study and there is a public comment period ending in August, but the hope is that qualifying home purchasers can make application around the end of the year...something to keep in the back of your mind.
FHA loans often require much less down payment than a conventional loan and often qualify with a lower credit score. STILL though, it pays to shop around with LOCAL lenders in my opinion. There are numerous reasons for this. The best way to find out? Ask a couple of local lenders (There are numerous websites that can give you sound advice on shopping for a lender and the questions to ask.) Thay just might be a list for you for next time. If you are looking for a home to purchase in the Hot Springs area and need the names of a few good lenders, just let me know. Again, no pressure... ever.