Mortgage rates have taken a nice dip today and two of my first time home buyers are benefiting nicely by locking in 30 year fixed FHA at 6.000% (APR 6.813). Both are using 3% down payment and one is even using a Down Payment Assistance Program to chip in additional funds (you currently have a very limited time to go this route if you so choose) the other has received a gift from their parents. The credit scores for both transactions are in the low to high 600's.
Added bonus: both home buyers on these transactions qualify for the first time home buyer tax credit of $7500.
Watch for my full rate update will be posted here tomorrow.
