Loan Options
FHA Loans
“A flexible option for first-time and returning buyers.”
FHA loans are mortgages insured by the Federal Housing Administration. They're popular with first-time buyers because they often allow lower down payments and more flexible credit qualifying than conventional loans. For qualified borrowers, an FHA loan may allow a down payment as low as 3.5%.
Who it may be a good fit for
- First-time buyers, or repeat buyers who want flexible qualifying
- Borrowers whose credit is still improving
- Buyers who have a smaller amount saved for a down payment
Key things to know
- FHA loans include mortgage insurance premiums (MIP); depending on your down payment, MIP may last the life of the loan
- The home generally must meet FHA property standards
- FHA loan limits vary by county and change over time
What you'll typically need
- Recent pay stubs and W-2s (or tax returns if self-employed)
- Bank and asset statements
- Photo ID and details on your monthly debts
Curious what the monthly payment might look like? Try my free mortgage calculator.
Last reviewed: July 2026. This page is general education, not a loan approval or commitment to lend; program details vary by lender and can change. Learn more from U.S. Department of Housing and Urban Development (HUD).
Good to Know
FHA Loans FAQs
What credit score do I need for an FHA loan?
FHA is known for flexible credit qualifying, and some borrowers qualify with lower scores than they expect. Your exact options depend on the full picture — let's talk through yours.
Does an FHA loan have mortgage insurance?
Yes. FHA loans include a mortgage insurance premium (MIP). Depending on your down payment, it may remain for the life of the loan, which is worth weighing against a conventional option.
Can I use an FHA loan as a first-time buyer?
Absolutely — FHA is one of the most popular options for first-time buyers, though it's available to repeat buyers too.
See why so many homebuyers trust Stef with their home financing.
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