Mortgage rates in the US are expected to fluctuate, with the 30-year mortgage rate rising to around 6.95%. First-time home buyers may find FHA loans beneficial due to lower credit score requirements, down payments as low as 3.5%, and lenient debt-to-income ratios. FHA loans also allow non-occupant co-borrowers and can be used for up to four-unit properties without income limits. However, borrowers should be aware of upfront and ongoing insurance costs, property requirements, and loan limits.
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