03-17-2012 03:57 PM
FHA financing requires only 3.5% down payment, and you will have regular - fixed monthly payment. Contact your local Bank of America and they will be able to explain it to you, pre-qualify you for the mortgage which is the the most important step in the process of buying the home. Also, if you are first time home buyer, you may qualify for down payment and closing cost assistance for your primary residence. Programs are different in different states, again, check with your lender.