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FHA Loans
Government-backed loans with low down payments for first-time buyers.
3.5%
Min. Down Payment
580+
Min. Credit Score
57%
Max DTI
Overview
FHA loans are insured by the Federal Housing Administration and designed to help first-time homebuyers and those with lower credit scores achieve homeownership. With down payments as low as 3.5% and more flexible qualification requirements, FHA loans make buying a home more accessible.
Key Benefits
- Down payment as low as 3.5%
- Credit scores accepted from 580
- More flexible debt-to-income ratios
- Gift funds allowed for down payment
- Available for 1-4 unit properties
Requirements
- 1Minimum credit score of 580 (3.5% down) or 500 (10% down)
- 2Must be a primary residence
- 3Upfront and annual mortgage insurance premiums (MIP)
- 4Property must meet FHA standards
- 5Stable employment and income verification
Frequently Asked Questions
Who qualifies for an FHA loan?+
FHA loans are available to anyone who meets the minimum credit score requirements and plans to use the property as their primary residence. They are especially popular with first-time homebuyers.
What is FHA mortgage insurance?+
FHA loans require both an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount and an annual premium paid monthly. This insurance protects the lender and allows for lower down payments.
Can I refinance an FHA loan?+
Yes, FHA offers streamline refinancing which allows you to refinance with minimal documentation and no appraisal in many cases, making it quick and cost-effective.
Interested in FHA Loans?
Get pre-qualified in minutes. No commitment, no impact on your credit score.