As it was a new home, and I was a 1st time homeowner the down was 3% plus reduced closing costs. PMI was added to the loan face value. The lender only looked at my last 2 years of income. Young M.D.'s didn't make much in residency. My credit was clean. FHA loan maximums vary from state to state. Before you buy discuss FHA loans with a qualified real estate professional and evaluate them yourself. Nice meeting you at the chat.