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An FHA Loan is a government-backed mortgage insured by the Federal Housing Administration, designed to make homeownership more accessible—especially for first-time buyers and those with lower credit scores or smaller down payments.

• Low down payment: as little as 3.5%
   
• Flexible credit requirements: often 580+ (sometimes lower with more down)
   
• Competitive interest rates
   
• Fixed- and adjustable-rate options
   
• Available for primary residences only
  

Borrowers generally need:

• Steady income & employment history
   
• Debt-to-income ratio typically ≤ 43% (sometimes higher with approval)
   
• Mortgage Insurance Premium (MIP) required
   
• Home must meet FHA property standards
   
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FHA loans require two types of MIP:

• Upfront MIP: 1.75% of the loan amount (can be financed)
   
• Annual MIP: Paid monthly
   
  • For most loans with 3.5% down, MIP lasts for the life of the loan

• Single-family homes
   
• Townhomes
   
• FHA-approved condos
   
• Some multi-family homes (1–4 units, owner-occupied)