Loan program
FHA Loans
FHA loans are insured by the Federal Housing Administration, which lets lenders offer more flexible qualifying guidelines than a conventional loan. They're one of the most common paths to homeownership for first-time buyers and anyone working with a smaller down payment or a less-than-perfect credit history.
Good fit for
- First-time homebuyers
- Buyers with a smaller down payment saved
- Borrowers rebuilding or still building credit history
Key features
- Low down payment
- FHA allows down payments as low as 3.5% for borrowers who meet the program's credit guidelines.
- Flexible credit guidelines
- FHA underwriting generally allows lower credit scores and higher debt-to-income ratios than many conventional programs.
- Mortgage insurance required
- FHA loans require both an upfront and an annual mortgage insurance premium (MIP), which factors into the total cost of the loan.
- Primary residences
- FHA financing is available for 1–4 unit primary residences, including some condos on HUD's approved list.
Common questions
Is an FHA loan only for first-time buyers?
No. FHA loans are open to repeat buyers too, as long as the property will be the borrower's primary residence and the loan meets FHA guidelines.
Does FHA mortgage insurance go away?
Depending on the down payment and loan term, annual MIP may be required for the life of the loan or may be removable — a loan officer can walk through which applies to your scenario.
Talk through fha loans with a licensed loan officer
Get a straight answer on whether this program fits your situation. A consultation is free and carries no obligation.
Educational overview only. Nothing on this page is a rate quote, an eligibility determination, or a commitment to lend. See Licensing & Disclosures for current licensing. Equal Housing Opportunity.