Are FHA loans still a good option for first time home buyers now that PMI charges last the whole loan lifetime?

Yes, they are. This is a great time to buy a home and if your alternative is to rent or use FHA financing you are wise to look at purchasing with FHA. Having said that, there are multiple programs to avoid FHA's high mortgage insurance costs. If you would like to see if you qualify for them or talk through some of the options please call me at 651-772-9000 or email me tim@timswierczek.comTim S.

Yes... For one item, the average person putting the minimum 3.5% down, you would likely have PMI for the first 10-years anyway... If you can do at least 5% down, and go conventional, you'll get a better deal. As you are in MN, and if you qualify, I also have a first time home buyer program with just 3% down loan with NO PMI available. It is awesome! Visit www.JoeMetzler.com or call me at (651) 552-3681

Yes, FHA is still a good option as is USDA with 100% Financing if you are purchasing a home in a USDA Eligible Area and are within the Income Guidelines as well. With regards to FHA and the Life of Loan MI, as of June 3, 2013, the amount of time that the annual MIP is required to be paid is increasing. It'll either be 11 years or for the life of the loan, depending on the loan term & amount of down payment (or amount of equity if a refinance). If you would like more information, I'd be happy to help!

FHA is still a great option for someone receiving a give for down payment or for someone that has not so perfect credit. There are several alternative options for folks with good credit and at least 3% down. Give me a call if you want to know all your options. Ken Graczak - 612-516-5626

Yes FHA is still the best option and one of the only options if you have limited funds to put down on a purchase www HOMEMORTGAGEEXPERT.com

That's a very good question. FHA allows for a minimum down payment and the same great rate regardless of your credit score. That's a very good question. FHA allows for a minimum down payment and the same great rate regardless of your credit score. Conventional loans have price hits to pricing based on loan to value and credit score. FHA does not. Yes the monthly insurance now has to stay on for the life of the loan but based upon my 35 years in the industry, people may keep their home a long time but not their mortgage. Many times people refinance to do a remodel, to get a lower rate, to pay for children's college or whatever. They new rule will not effect that many people.Your loan officer though should analyze your particular situation to see what fits best for you. If you are looking for an experienced individual for help, you can call me direct at 763-519-1100.

FHA is by far your best choice.

Tim is correct. FHA is an option... but depending on your qualifications for other programs not always your best option. Talking to a qualified "mortgage guy" who has lots of options (5% down with all 4 options of Mortgage Insurance or the 3% program with no MI) and having him/her completely review your situation to confirm what you actually qualify for is your next step. www.StevenBrandHomeLoans.com or Steve@iLoanHomeMortgage.com or 612-386-5306. Happy home searching... (but get pre-approved first)

Basically FHA is good if you have some minor credit issues and the down payment is an issue. If you can come up with 5% and credit is excellent its better to go Conventional and carry PMI. Recently the FHA increased MIP rates (the same as PMI for conventional loans) on government loans and it making them more and more unattractive. You just need to review your situation and see what best fits for you. I only lend in Indiana but you can call for advice. 317-566-6129

Yes, FHA loans are still great options for first time home buyers that are not able to put more than 10 percent down on a property.