A More Accessible Way to Buy a Home
Low Down Payment
Buy a home with as little as 3.5% down, making FHA loans a popular option for first-time buyers.
Flexible Credit Guidelines
FHA loans are more forgiving of lower credit scores and past credit challenges.
Mortgage Insurance (MIP)
FHA loans include mortgage insurance, which helps make low down payment approval possible.
Flexible Loan Options
Choose from 15- or 30-year terms and refinancing options like FHA Streamline.
frequently asked questions
FHA interest rates are often competitive and sometimes lower than conventional loan rates, especially for borrowers with lower credit scores. However, required mortgage insurance can affect the overall cost compared to other loan options.
FHA loans offer several refinance options, including the FHA Streamline Refinance, which may allow eligible borrowers to lower their interest rate or monthly payment with less documentation and no appraisal in some cases.
Yes. FHA loans allow down payment assistance programs, grants, and gift funds from approved sources. These programs can help reduce upfront costs, but all assistance must follow FHA and lender guidelines.
The minimum down payment for an FHA loan is 3.5% of the purchase price with qualifying credit. Borrowers are also allowed to put more money down, which can reduce the loan amount and lower the monthly payment.
An FHA loan can be taken out by multiple borrowers, including spouses, partners, or co-borrowers who are not married. All borrowers must meet FHA credit and income guidelines, and at least one borrower must occupy the home as a primary residence.
Yes. FHA loans are not limited to first-time homebuyers. Repeat buyers may also qualify, as long as the home being purchased is used as a primary residence and FHA requirements are met.
