Purchase · FHA Loans
FHA loans: a flexible path to your first home
Lower down payments and more forgiving credit requirements make FHA loans one of the most popular ways to buy — especially for first-time buyers.
Overview
What is an FHA loan?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. Because the FHA shares the risk with lenders, you can qualify with a smaller down payment and a lower credit score than most conventional loans require. It's a great fit for first-time buyers, buyers rebuilding their credit, and anyone who wants to keep more cash in their pocket at closing.
As little as 3.5% down
Buy with a fraction of the down payment a conventional loan often asks for.
Flexible credit
Qualify with a credit score as low as 580 for the lowest down payment.
Competitive rates
Government backing helps keep FHA interest rates competitive.
Gift funds welcome
Your full down payment can come from a gift from family.
Eligibility
Do you qualify?
FHA guidelines are designed to be reachable. Here's what we look at.
Borrower requirements
- Credit score 580+ for 3.5% down (scores of 500–579 may still qualify with 10% down)
- Steady, verifiable income with a two-year employment history
- Debt-to-income up to ~43%, sometimes higher with strong compensating factors
- Primary residence — FHA loans are for the home you'll live in
Property requirements
- FHA appraisal confirming the home meets minimum property standards
- Loan amount within county limits (see loan details below)
- Move in within 60 days of closing
- 1–4 unit homes are eligible as long as you occupy one unit
Loan Details
The numbers at a glance
FHA loans require mortgage insurance: an upfront premium (often financed into the loan) plus a monthly premium. On most FHA loans the monthly premium stays for the life of the loan — a loan officer can walk you through whether FHA or a low-down-payment conventional option costs less over time.
FAQ
Common questions
Is an FHA loan only for first-time buyers?
No. FHA loans are open to repeat buyers too. They're simply most popular with first-time buyers because of the low down payment and flexible credit guidelines.
What is MIP and how long do I pay it?
MIP is the FHA's mortgage insurance premium. You pay a one-time upfront premium plus a monthly premium. With the minimum down payment, the monthly premium typically lasts the life of the loan, though you can later refinance out of FHA once you've built enough equity.
Can my down payment be a gift?
Yes. Your entire 3.5% down payment can come as a gift from a family member, with a simple gift letter documenting it.
How fast can I close on an FHA loan?
Once you're pre-qualified and under contract, our streamlined process can take qualified buyers to the closing table in as little as 10 days.
Get Started
See if an FHA loan is right for you
Tell us a little about yourself and a loan officer will reach out — usually the same day.