First Time Home Owners Loan

[Colton S.]

Hey guys,

Here in Raleigh, NC I applied and was approved for a First Time Home Buyers Loan of 100% financing, and that comes with the increased interest rate of (includes the cost of mortgage insurance in the interest rate) 4.86% per month. We don't exactly have the full 20% down to qualify for a normal loan minus the insurance. Would this be a solid choice for us to take? I only know as much about loans as I have read. Thanks in advance for the input!