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It is not easy to get conventional mortgages, and for most first-time buyers FHA loans are their best shot at getting enough money to buy a house. Recently, the down payment rates on conventional mortgages have increased, but aspiring home buyers can get great FHA mortgages if they have a decent credit rating.
Today, you can get FHA mortgages at the 4.00 % for a loan of 30 years, and 3.50% for fixed loans of 15 years. While the closing costs for FHA are high, owing to due to different fees and upfront mortgage insurance premium, they are still very affordable as you can combine the mortgages with approved gifts and housing grants. In the current scenario, FHA loans are great for first-time buyers as they are available at lower credits ratings and because they require a lesser down payment.