Making homeownership more accessible
3.5% down payment
Put down just 3.5% of your home’s purchase price.
Lower credit requirements
Your credit doesn’t have to be perfect, and you may be able to qualify with past financial issues.
Flexible borrowing options
Choose a 15-year or 30-year term for buying a home or refinancing your current mortgage.
Guidelines for this loan
The home
Must be your primary residence. You can also use this loan to refinance an existing mortgage.
Credit and debt
A credit profile above 580 and less than 57% of your income going to pay debt.
MIP
You'll pay an upfront mortgage insurance premium (MIP) of 1.75% of the loan amount as well as monthly MIP.
Closing costs
In addition to your down payment, you’ll need enough funds to cover closing costs.
Estimate and explore
Calculators are a great way to learn and see what's possible.
Down payment calculator
Learn how much cash you need to buy the home you have in mind.
Home affordability calculator
Explore home prices affordable for you and see what you could prequalify for.
Get more in-depth details
Articles that give you more information about this loan and explain how mortgages work.
12-minute read
FHA loans: Requirements, loan limits and rates
10-minute read
FHA vs. conventional loan: Definition and differences
8-minute read
FHA loan refinances: Requirements, pros and cons
12-minute read
FHA loans: Requirements, loan limits and rates
10-minute read
FHA vs. conventional loan: Definition and differences
8-minute read
FHA loan refinances: Requirements, pros and cons
Frequently asked questions
Answers to questions about this loan we heard from people like you during research.
Yes, you can have a co-borrower for your FHA loan. At least one person on the loan must live in the house as their primary residence.
Depending on your financial situation, a co-borrower may help make it easier to qualify for a home loan.
In order for you to qualify for the 3.5% down payment on an FHA loan, your co-borrower needs to be a family member. The FHA considers the following to be family members:
- Parents (including stepparents and foster parents)
- Spouses or domestic partners
- Children (including stepchildren, foster children and adopted children)
- Siblings (including step-siblings)
- Grandparents (including step-grandparents and foster grandparents)
- Aunts and uncles
- In-laws
Yes, you can opt to pay a larger down payment.
Why put down more? The more you put down, the lower your monthly mortgage payment will be.
Or you could decide to go with the lowest down payment and use the funds for closing costs. We’ll help you know which strategy is best for you.
No, repeat home buyers may also qualify for FHA loans. You can also use an FHA loan to refinance your current mortgage.
FHA loans are backed by the government, so rates tend to be lower than conventional mortgage rates.
The rate you get will depend on your financial history, the amount you’re borrowing, your down payment amount and other factors.
Yes, it's possible to use some kinds of down payment assistance when you qualify for an FHA Loan. Our Home Loan Experts can figure out what you might be eligible for.
Like other types of refinances, an FHA loan refinance lets you swap your existing home loan for a new one, which usually means new loan terms.
An FHA simple refinance is for homeowners who already have an FHA loan and are looking to lower their interest rate or monthly payment. You can also switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan.
An FHA streamline refinance is also available for people who have an FHA loan. But a streamline refinance doesn’t typically require an appraisal or in-depth credit report.
An FHA cash-out refinance lets you take on a new mortgage with a larger loan amount, paying you the difference in a lump sum.
Read more about FHA refinancing options.
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