FHA Loans
FHA loans are insured by the Federal Housing Administration and built to make homeownership reachable for buyers with smaller down payments or recovering credit.
Best for: First-time buyers, buyers with credit in the 580–660 range, or anyone who wants a low down payment.
Key features
- Down payments as low as 3.5% with a 580+ score
- More forgiving of past credit issues
- Gift funds allowed for the down payment
- Assumable by a future buyer in some cases
Typical requirements
- Minimum 580 credit score for 3.5% down (500–579 needs 10% down)
- Mortgage insurance premium (MIP), often for the life of the loan
- Property must be your primary residence and meet FHA standards
- Debt-to-income ratio generally up to ~43–50% with compensating factors
FHA Loans FAQ
What credit score do I need for an FHA loan?
580 or higher qualifies for the 3.5% down payment. Scores from 500–579 can still qualify with a 10% down payment, though lender overlays vary.
Does an FHA loan have mortgage insurance?
Yes — FHA loans require an upfront and annual mortgage insurance premium (MIP), which often lasts the life of the loan unless you refinance into a conventional loan later.
Can I use an FHA loan more than once?
Generally you can have one FHA loan at a time, but you can use the program again on a future primary residence after selling or paying off the first.
See any unfamiliar terms? Check the mortgage glossary.
FHA Loans by state
Explore fha loans in the markets we serve: