FHA Loans
Government-backed loans designed to help first-time buyers and those with lower credit scores achieve homeownership.
Check FHA Loans RatesWhat is a FHA Loans?
An FHA loan is a mortgage insured by the Federal Housing Administration. This insurance protects lenders against default, which allows them to offer loans to borrowers with lower credit scores and smaller down payments.
You can qualify for an FHA loan with a credit score as low as 580 with just a 3.5% down payment.
Who is this for?
Excellent for first-time homebuyers, buyers with less-than-perfect credit, or those who haven't saved a 20% down payment.
Pros
- Down payments as low as 3.5%
- More forgiving credit score requirements
- Can use gifted funds for the down payment
- Interest rates are often highly competitive
Cons
- Requires an upfront mortgage insurance premium (MIP)
- Requires annual mortgage insurance for the life of the loan (in most cases)
- Strict property condition requirements
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