66% of FHA Loans for 1st-Time Buyers
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Home loans backed by the Federal Housing Administration remain an important financing tool for first-time home buyers, according to a new survey.
About 2,000 real estate agents polled by the National Assn. of Realtors said two-thirds of all their clients who used the FHA loan program were buying their first home. By comparison, only 28% of the clients who took out conventional mortgages were first-timers.
FHA borrowers paid an average $66,000 for their homes this spring, the realtors said, and made a typical down payment of $5,300. Non-FHA borrowers paid an average $183,500 for their homes and put down $54,200.
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