Purchase
FHA loan
A government-insured loan with lower down payment and more flexible credit guidelines. A good fit if your credit is still being rebuilt.
Typical down payment
3.5% (typical)
Typical credit guidance
580+ (typical)
Ideal for
Buyers with a smaller down payment, credit scores below 680, or a recent credit event that is now behind them.
Key benefits
Down payment from 3.5% with a qualifying credit score
More flexible credit guidelines than most conventional loans
Gifts from family can cover the down payment
Assumable by a qualified future buyer
Requirements
Credit score guidelines often start around 580 for 3.5% down
Upfront and annual mortgage insurance premiums (MIP)
The home must be your primary residence
The property must meet FHA appraisal standards
Guidelines shown are typical examples and vary by lender, program and borrower. They are not a commitment to lend.
Frequently asked questions
How long do I pay FHA mortgage insurance?
It depends on your down payment and loan term. With less than 10% down, MIP usually lasts for the life of the loan unless you refinance later.
Can I use FHA if I’ve had a bankruptcy?
Possibly. Waiting periods apply and depend on the type of bankruptcy and how you’ve managed credit since. Your loan officer can review your timeline.
Talk it through with a loan officer
We’ll compare this program with your other options and show the numbers side by side.
Guidelines shown are typical examples for illustration. Requirements vary by lender, program and borrower. Not a commitment to lend.
What borrowers say
Dana walked us through FHA and conventional side by side and never rushed us. We closed two days early.
Marisol & Ken T.
FHA loan
Sample review