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An FHA loan is a mortgage insured by the Federal Housing Administration. Because the government backs the loan, lenders can offer more flexible credit and down payment requirements than conventional mortgages. FHA loans are popular with first-time buyers, buyers with moderate credit, and those with limited savings for a down payment.

FHA loans require a minimum credit score of 580 for the 3.5% down payment option. Borrowers with credit scores between 500 and 579 may still qualify with a 10% down payment. Below 500, FHA financing is generally not available. We work with a network of FHA-approved lenders and will match you to the best available terms for your score.

FHA loans require a minimum down payment of 3.5% with a credit score of 580 or higher. Borrowers with scores between 500–579 are required to put down 10%. The down payment can come from your own savings, a gift from a family member, or down payment assistance programs — FHA allows all of these.

FHA loans require two types of mortgage insurance premium (MIP): an upfront MIP of 1.75% of the loan amount (typically financed into the loan), and an annual MIP of approximately 0.55% per year (paid monthly). If you put less than 10% down, MIP stays for the life of the loan. With 10% or more down, MIP falls off after 11 years. This is a key difference from conventional PMI, which drops automatically at 80% LTV.

Yes. FHA allows the entire down payment and closing costs to come from a gift from a family member, close friend, employer, or charitable organization. A gift letter is required documenting that the funds are a gift and not a loan. This makes FHA a strong option for buyers who have family support but limited personal savings.

It depends on your credit score, down payment, and goals. FHA typically wins with credit scores below 680, when you have limited savings, or when you need gift funds. Conventional typically wins with strong credit (720+), a 20% down payment (no PMI), when buying a second home or investment property, or when the FHA loan limit is below your purchase price. We run both scenarios and show you the true cost comparison before you decide.

Yes, and for many borrowers it makes sense once equity and credit improve. When you refinance from FHA to conventional with 20% or more equity, you eliminate MIP entirely — which can save hundreds per month. We'll monitor your equity position and alert you when a refinance makes financial sense.

FHA loans are available for 1–4 unit primary residences, including single-family homes, condos (on FHA-approved lists), townhomes, and manufactured homes. FHA is not available for investment properties or second homes — the home must be your primary residence. Condos must be in an FHA-approved complex; we can check project approval status as part of your loan process.