An FHA loan is a mortgage backed by the Federal Housing Administration that is designed to make homeownership more accessible—especially for first-time home buyers. With more flexible credit requirements, lower down payment options (as low as 3.5%), and competitive interest rates, FHA loans offer a great path for buyers who may not qualify for conventional loans. This program helps first-time buyers get into a home sooner and with greater financial confidence, even if they have limited savings or a modest credit history.
If you’re a first-time buyer or have less-than-perfect credit, an FHA loan could be your best path to homeownership. With low down payment options and more flexible approval criteria, it’s designed to make buying a home more accessible — even if you’ve faced financial challenges in the past.
Explore your eligibility and see if an FHA loan is the right fit for your goals.
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Low Down Payment: As little as 3.5% if your credit score is 580+
Flexible Credit Requirements: Can qualify with scores as low as 500 (with a 10% down payment)
Government-Insured: Reduces risk for lenders, making them more accessible
Fixed or Adjustable Rates: Available in both options
Primary Residence Only: Must be used to buy your primary home
Mortgage Insurance: Required upfront (UFMIP) and annually
Steady income and employment history
Debt-to-income (DTI) ratio typically less than 43%
Property must meet FHA appraisal standards
Must occupy the home within 60 days of closing
| Feature | FHA Loan | Conventional Loan |
|---|---|---|
| Down Payment | 3.5% | 3%–20% |
| Credit Score Requirement | 500–580+ | 620+ |
| Mortgage Insurance | Required (upfront & annual) | Required < 20% down payment |
| Flexibility | More lenient | Stricter standards |
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