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– FHA Loans – FHA loans are a great option for first time home buyers, since the required down payment is only 3.5%, and most down payment assistance programs can be used in conjunction with a FHA loan. The minimum credit score required to be eligible for the 3.5% down payment is 580.
1St Time Home Buyer With Bad Credit Fha First Time Home Buyer Grant fha loan lenders texas FHA loans also require the house to meet certain conditions and an FHA-approved appraiser must appraise it for a purchase fha loan, FHA 203k mortgage or an fha refinance loan. upfront mortgage insurance premium (UFMIP) – This is an upfront one-time monthly premium payment.