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FHA Loans

Lower down payments and flexible credit requirements — one of the most accessible paths to homeownership, especially for first-time buyers.

3.5%

Down with a 580+ score

580

Typical minimum credit score

MIP

Upfront + annual premium

Gifts

Allowed for down payment

Overview

What it is

FHA loans are insured by the Federal Housing Administration and offered by FHA-approved lenders. Because the government insures the loan, lenders can offer more flexible qualification standards.

FHA loans require an upfront mortgage insurance premium plus an annual premium paid monthly — factor this into your monthly cost when comparing programs.

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Typical requirements

  • A credit score as low as 580 with 3.5% down (or 500–579 with 10% down)
  • A debt-to-income ratio typically up to 43%
  • Steady employment and verifiable income
  • The home must be your primary residence

Potential benefits

  • Down payments as low as 3.5%
  • Flexible credit requirements
  • Gift funds allowed for the down payment
  • Great for first-time buyers
FAQ

Common questions

Can I use gift money for my down payment?
Yes — FHA allows your entire down payment to come from an eligible gift, such as from family.
Is FHA only for first-time buyers?
No. While popular with first-timers, FHA loans are available to any qualified buyer purchasing a primary residence.
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