I have my weekly rate movement thread that one or two of you may read, but I know sometimes you want specifics, so here you go.

As of this morning, assuming a $400K purchase price and 20% down with a 750 credit score, I could get you 7.5% charging 1 point with an APR of 7.614% The principal and interest on this would be $2237 a month. Taxes and insurance will vary depending on where you are buying, age of home, etc.. This would be a Conventional loan.

On an FHA loan, assuming a $400K purchase price ,3.5% down and a 660 credit score, I could get you 6.625% with 1 point and an APR of 7.549%. That principal and interest payment would be $2515.

A VA loan would have similar pricing to FHA.

Keep in mind, your payment is calculated against the rate, not the APR, but I have to disclose an APR if I quote a rate.

Rates will very based on market conditions, down payment, credit scores and other factors.

[b[color:#FFFF33]]Also, I have a new product for FHA deals in which the 3.5% down payment is covered by a completely forgivable grant, making it a zero down option for buyers. There is no income limitation or property limitation outside of normal FHA guidelines. 99% of people that would qualify for a FHA loan will qualify for this grant. [/b][/color]

Let me know if you have any questions on any of this.

Thanks Ryan

Is FHA for first-time buyers only? Is there PMI on <20% down FHA loans?

@patriot07 Good questions.

FHA is not just a first time homebuyers program. FHA just requires that the home be your primary residence when you buy it.

All FHA loans will have PMI, even with 20% down, but the premium is lower with a down payment like that.

Let me know if I can answer any other questions.