Government-backed mortgages perfect for first-time homebuyers
FHA loans are mortgages insured by the Federal Housing Administration. They're designed to help first-time homebuyers and those with less-than-perfect credit achieve homeownership with lower down payment requirements and more flexible qualification standards.
Just 3.5% down payment required
Accept credit scores as low as 580
FHA insurance protects lenders
Most popular FHA option with stable payments
Faster payoff with higher monthly payments
Lower initial rate, adjusts annually after 5 years
FHA loans require mortgage insurance premiums (MIP) to protect lenders. This includes both an upfront premium and annual premiums.
Of loan amount, paid at closing or financed into loan
Of loan amount annually, paid monthly with mortgage payment