FHA Loans
Government Backed Home Financing
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
Let our team help you understand the ins and outs of FHA loan eligibility and benefits. Contact a local mortgage expert. <link to the People page>
Get started with an FHA loan pre-approval today.
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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.
| Mortgage Type | Best mortgage if you want: | ||||
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| Fixed Monthly Payments | Adjustable Rates | No or Low Down Payment | Good Option for First Time Buyers | Construction to Permanent Eligible | |
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Adjustable-Rate Mortgage Key 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 Loan Key Features: Lower down payment requirements. Great option for first-time home buyers. More on FHA Loans |
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Fixed-Rate Mortgage Key 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 Loan Key Features: No down payment. Liberal qualifying guidelines. Properties must be in USDA-eligible areas. More on USDA Loans |
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VA Home Loan Key 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 Loan Key Features: For larger loan amounts that exceed conventional limits. More on Jumbo Loans |
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