Oct 1st its starts at 3.5% down. Max loan amount can vary per county but around $500,000 max loan amount. As you get closer to the max loan amount it gets towards almost 5% down. It is Federal governments first time home buyer loan program.
[quote author="Mckenzie" date=1223138481]Saw a news story tonight on FHA loans. Reporter stated that you can now get home loans for 3% down up to $567,500 with a FICO score as low as 620.</blockquote>
It's the gov't version of subprime lending.