Lower down payment and easier qualification
A Federal Housing Administration (FHA) loan is a popular choice for first-time homebuyers and buyers with less-than-perfect credit. Because they are backed by the U.S. government, lenders can offer more flexible qualification guidelines and a lower down payment requirement – as low as 3.5% of the purchase price with a credit score of 600 or better.
Highlights:
- Low down payment (as little as 3.5%)
- More flexible credit requirements
- Closing costs can be bundled with the loan
- Available for primary residences only
- Maximum loan amount varies by county but is generally $766,550
Get started with an FHA loan pre-approval today.
Let our team help you understand the ins and outs of FHA loan eligibility and benefits. Connect with a mortgage consultant today or apply online.
Down payment assistance options
FHA loans are a top choice for first-time homebuyers and for good reason. These loans work seamlessly with a variety of down payment assistance grants, including programs offering $10,000 in down payment assistance. If you're exploring first-time homebuyer grants, pairing them with an FHA loan can significantly reduce the upfront cost of homeownership. Ask us how to take advantage of grants to help with down payment and make your move with greater confidence and less financial strain.
Learn more about Down Payment Assistance right here in our Homebuyers Guide. And when you're ready, we'll help you explore grants to help with down payment, check eligibility and connect you with the programs that align with your budget, goals and loan type. We're here to make sure you get every advantage available.
Compare mortgage features & advantages
The choice of which mortgage program is right for you depends on a number of factors, including your current financial picture and how long you intend to keep your house. Learn more about the general features and advantages of each program, then allow our mortgage experts to help you evaluate your options and choose the best fit for your plans.
| LOAN PROGRAM | Best OPTION if you want: | ||||
|---|---|---|---|---|---|
| Fixed Monthly Payments | Adjustable Rates | No or Low Down Payment | Good Option for First-Time Buyers | Construction- to-Permanent Eligible | |
Adjustable-Rate MortgageKey Features: Lower initial interest rates. Potential for significant savings if planning to move in a relatively short time. More on ARMs |
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FHA LoanKey Features: Lower down payment requirements. Great option for first-time home buyers. More on FHA Loans |
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Conventional Fixed-Rate MortgageKey Features: Predictable monthly payments. Good option for buyers purchasing their forever home. More on Fixed-Rate Mortgages |
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USDA Rural Development Guaranteed LoanKey Features: No down payment. Liberal qualifying guidelines. Properties must be in USDA-eligible areas. More on USDA Loans |
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VA Home LoanKey Features: Relaxed qualifying guidelines. Available to veterans of the U.S. Armed Forces and their spouses. More on VA Loans |
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Jumbo Home LoanKey Features: For larger loan amounts that exceed conventional limits. More on Jumbo Loans |
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