Low Down Payments and Flexible Credit Qualification

FHA Loans

FHA loans are backed by the Federal Housing Administration (FHA), and are designed to help creditworthy low-income and moderate-income families achieve homeownership.


FHA loan programs are particularly beneficial to buyers with less available cash for closing or down payment. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. All FHA loans require an upfront mortgage insurance premium along with a monthly mortgage insurance premium.

Benefits of FHA Home Loans

The benefits of FHA home loan programs include:

  • As little as 3.5% down payment

  • Use gift or grant funds for down payment

  • Upfront mortgage insurance premium can be financed

  • Lower ongoing monthly mortgage insurance premiums than other loan types

  • More flexible underwriting criteria than conventional loans

  • Mortgage can be taken over (or “assumed”) by qualified buyers when the home is sold


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