Why buyers choose FHA
- Low down payment. As little as 3.5% down for qualified borrowers.
- Flexible credit guidelines. FHA can work for borrowers who are still building or rebuilding credit.
- Gift funds allowed. Family members can help with your down payment.
- Higher debt-to-income flexibility than many other loan types.
Things to know about FHA
- Mortgage insurance. FHA loans include an upfront and a monthly mortgage insurance premium. We'll show you how this compares to a conventional loan so you can see which costs less for you.
- Primary residence only. FHA loans are for homes you'll live in.
- Condos need FHA approval. If you're buying a condo, the building must be on the FHA-approved list. Send us the complex name early and we'll check.
FHA or conventional?
FHA isn't always the lowest-cost option. If you have stronger credit or a larger down payment, conventional might save you money on mortgage insurance. We'll compare both on the same home so you can choose with confidence.
Refinancing an FHA loan
Already have an FHA loan? An FHA Streamline Refinance may let you lower your rate with less paperwork, and often without an appraisal, when you qualify. We also offer standard FHA rate-and-term and cash-out refinancing.
Where this is available
FHA loans are available in California, Arizona, Colorado, Florida, and Texas.
Program availability can vary by state and property. Contact us to confirm options for your home.
Frequently asked questions
Is FHA only for first-time buyers?
No. Anyone who meets the guidelines and will live in the home can use an FHA loan.
What credit score do I need?
FHA guidelines are flexible, and requirements vary by program. Call us and we'll talk through your situation without any pressure.
Can I remove FHA mortgage insurance later?
It depends on your down payment and when your loan was made. Many borrowers later refinance into a conventional loan to remove it. We can review your options.
Can family help with my down payment?
Yes. FHA allows gift funds from family, with proper documentation.