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.