FHA Loans
FHA Loan Programs
FHA loans are government-backed mortgages designed to make homeownership more accessible, especially for first-time buyers with lower credit scores or limited savings.
Program Details
The Federal Housing Administration (FHA) offers mortgage insurance on loans made by FHA-approved lenders. FHA loans are ideal for first-time homebuyers or buyers with less-than-perfect credit.
**Key features of FHA loans:**
- Down payments as low as 3.5%
- Flexible credit requirements (as low as 580)
- Lower closing costs
- Can be combined with down payment assistance programs
FHA loans are available in all 50 states and are often used by buyers who don’t qualify for conventional loans.
**Key features of FHA loans:**
- Down payments as low as 3.5%
- Flexible credit requirements (as low as 580)
- Lower closing costs
- Can be combined with down payment assistance programs
FHA loans are available in all 50 states and are often used by buyers who don’t qualify for conventional loans.
Eligibility Requirements
- Credit score of 580+ for 3.5% down, or 500–579 with 10% down
- Debt-to-income ratio generally below 43%
- Must occupy the home as your primary residence
- Steady employment and income history
- Property must meet FHA appraisal and safety standards
- Debt-to-income ratio generally below 43%
- Must occupy the home as your primary residence
- Steady employment and income history
- Property must meet FHA appraisal and safety standards
Program Benefits
- Lower down payment than conventional loans
- Easier credit qualifications
- Can be used to buy single-family homes, condos, or multifamily (up to 4 units)
- May allow for gift funds or assistance to cover down payment
- Refinance options like FHA Streamline Refinance available later
- Easier credit qualifications
- Can be used to buy single-family homes, condos, or multifamily (up to 4 units)
- May allow for gift funds or assistance to cover down payment
- Refinance options like FHA Streamline Refinance available later
How to Apply
1. Find an FHA-approved lender in your area
2. Get pre-approved and check your credit score
3. Submit proof of income, employment, and assets
4. Find a home that meets FHA guidelines
5. Undergo FHA appraisal and finalize underwriting
6. Close on your FHA-backed mortgage
2. Get pre-approved and check your credit score
3. Submit proof of income, employment, and assets
4. Find a home that meets FHA guidelines
5. Undergo FHA appraisal and finalize underwriting
6. Close on your FHA-backed mortgage
Program Overview
Category
FHA Loans
Maximum Assistance
3.5% of loan amount
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.