FHA Home Loans
Get a quick quote on an FHA Home Loan & learn if you qualify.
FHA Loan Program Description
FHA loans remain one of the most popular choices for buyers with limited savings or lower credit scores. They require as little as 3.5% down for credit scores of 580 or higher, while scores between 500–579 require a 10% down payment.
Borrowers pay an upfront mortgage insurance premium of 1.75% of the loan amount, plus annual premiums between 0.45% and 1.05%. FHA guidelines typically allow a debt-to-income (DTI) ratio up to 43%, and loan limits range from approximately $472,030 in most areas to $1,089,300 in designated high-cost regions. These features make FHA loans accessible to a wide range of homebuyers.
Common Misconceptions About FHA Loans
High Interest Rates
FHA loans often offer competitive interest rates, sometimes even lower than conventional loans, especially for borrowers with less-than-perfect credit.
First-Time Buyers Only
You do not have to be a first-time homebuyer to qualify. The main restriction is that you cannot currently hold another active FHA loan.
Takes Longer to Close
While FHA loans require certain inspections and appraisals, they generally close as quickly as conventional loans — and sometimes faster due to FHA’s streamlined appraisal process.
The FHA Loan Process
- Check Eligibility: Ensure your credit score and debt-to-income ratio meet FHA requirements.
- Find an FHA Lender: Choose a lender and compare offers.
- Get Pre-Approved: Submit financial details for pre-approval.
- Find a Home: Look for a property within FHA loan limits.
- Submit Application: Complete the loan application with required documents.
- Home Appraisal: The lender appraises the property to ensure it meets FHA standards.
- Loan Processing: Lender reviews and finalizes your loan.