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What’s an FHA mortgage?
FHA loans are insured by the Federal Housing Administration (FHA) and may have an easier qualification process due to less stringent down-payment and credit requirements than conventional mortgages. Note: If you’re a current military member or veteran, you may be eligible for a VA home loan with little or no down-payment.
An FHA mortgage may be a good fit if you have less-than-stellar credit or limited cash for a down payment, but other options exist.
Lower Down Payments
An FHA mortgage may require a down payment as low as 3.5 percent.
Lower Credit Thresholds
One of the benefits of the FHA loan program is that home buyers may qualify even without a long credit history or outstanding credit.
Popular for Refinancing
Many borrowers with newly adjusting ARMs look to refinance into fixed-rate FHA loans. Learn more about your refinance options.
|Requirements and Qualifications|
FHA home loans have maximum mortgage limits that vary by state and county.
FHA loan guidelines require a minimum down payment of 3.5 percent.
FHA loans require that the home being purchased must meet certain conditions and be appraised by an FHA-approved appraiser. New FHA loans are available only for homes that will be used as the buyer’s primary residence.