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Lower Down Payment Options
Eligible borrowers may qualify for FHA financing with a down payment as low as 3.5%, reducing the amount of cash needed upfront compared with larger down payment scenarios.
FHA Home Loans
See If You May Qualify for an FHA Loan
Explore FHA mortgage options for your home purchase.
FHA financing may be worth exploring if you want a lower down payment option or qualification guidelines that can be more flexible than some conventional mortgages.
- Down payments as low as 3.5% for eligible borrowers
- Flexible FHA qualification guidelines
- Available to first-time and repeat buyers
Explore FHA Loan Options
Answer a few questions to get started and see whether FHA financing may fit your home purchase.
Why Consider an FHA Loan?
FHA loans can provide another path to homeownership for buyers who are comparing low down payment options and alternatives to conventional financing.
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Flexible Qualification Guidelines
FHA program guidelines can accommodate some borrowers who may not meet certain conventional mortgage requirements, although individual lender standards still apply.
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First-Time and Repeat Buyers
FHA financing is not limited to first-time homebuyers. Eligible repeat buyers may also use an FHA loan to purchase a qualifying primary residence.
How the FHA Loan Process Works
FHA loans are issued by approved mortgage lenders and insured by the Federal Housing Administration. Borrowers must satisfy both FHA program requirements and lender underwriting standards.
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Explore FHA Financing
Provide information about your planned home purchase, down payment, and financing needs to begin exploring FHA loan possibilities.
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Review Qualification Factors
A mortgage provider may evaluate factors such as your credit, income, employment, debts, available funds, and intended property.
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Complete the FHA Loan Process
If you proceed, the lender may verify required information and evaluate the property and loan under applicable FHA and lender requirements.
FHA Loan FAQs
Learn about FHA down payments, mortgage insurance, borrower eligibility, credit requirements, and the difference between exploring options and receiving final approval.
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration and issued by an FHA-approved lender. FHA financing is commonly considered by buyers looking for lower down payment options or qualification guidelines that may be more flexible than some conventional mortgage programs.
How much is the minimum down payment for an FHA loan?
Eligible borrowers with a credit score of 580 or higher may qualify for an FHA loan with a down payment as low as 3.5%. Borrowers with credit scores from 500 through 579 generally need at least 10% down under FHA guidelines. Individual lenders may have additional requirements.
Are FHA loans only for first-time homebuyers?
No. FHA loans can be available to eligible first-time and repeat homebuyers. FHA financing is often associated with first-time buyers because of its lower down payment option, but being a first-time buyer is not generally required.
Do FHA loans require mortgage insurance?
Yes. FHA loans generally require both an upfront mortgage insurance premium and an annual mortgage insurance premium that is typically paid as part of the monthly mortgage payment. How long the annual premium applies can depend on the loan's characteristics.
Can FHA loans have more flexible credit requirements?
FHA guidelines can accommodate some borrowers who may not meet certain conventional loan requirements. Qualification still depends on factors such as credit history, income, employment, debts, available funds, the property, and lender underwriting requirements.
Is submitting this form the same as being approved for an FHA loan?
No. Completing an inquiry is not final mortgage approval. FHA loan approval depends on lender underwriting, verification of borrower information, the property, applicable FHA requirements, and other conditions required by the mortgage provider.
Is an FHA Loan Right for You?
FHA financing can be useful for buyers who want a lower down payment option or who are comparing alternatives to conventional financing. The right mortgage depends on your credit, income, debts, available funds, property, and overall homebuying goals.
Compare low down payment mortgage options →