I was just approved for a home loan in the amount of $ 60,000. The term is for 23 years and the interest rate is around 9%. The monthly fees are also calculated by averaging them out into a separate monthly rate (which comes to around 1%) which takes my total interest rate to about 10.5%. The down payment is $ 9,000 and the monthly payment totally is around $ 680. I do believe this is considered an FHA loan, but not entirely sure.
My question is, since I am unfamiliar with the loan industry, did I get a good rate considering my credit (which is spotty is some places and non-existent in others, as I’m not really reporting much of a credit history due to I don’t keep credit cards) or am I getting kinda screwed? Just curious here.