FHA Loan

A government-backed mortgage insured by the Federal Housing Administration, designed to make homeownership more accessible with lower down payment and flexible credit requirements.

Best for: First-time buyers or those rebuilding credit who want a low down payment option

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Min. Down Payment

3.5% (with qualifying credit)

Credit Guidance

Generally 580+ for 3.5% down; 500-579 may qualify with 10% down. Lender overlays may apply.

Income / DTI

Standard debt-to-income ratios apply. No specific income limits for FHA.

Occupancy

Primary residence only

Property Types

Single FamilyCondo (FHA-approved)2-4 Unit (owner-occupied)

FHA loans are among the most widely used mortgage programs in the U.S. because they offer a lower barrier to entry for buyers who may not yet have a large down payment saved or a long credit history. The FHA insures the loan, which reduces risk for lenders and allows for more flexible qualifying guidelines. This makes FHA worth exploring if you are earlier in your credit journey, rebuilding after past financial challenges, or simply haven't had years to accumulate a large savings balance. The program is not limited to first-time buyers — it is available to any eligible borrower purchasing a primary residence. FHA loans are available for single-family homes, FHA-approved condos, and 2-4 unit properties where the buyer lives in one unit. Investment properties are not eligible. Loan limits vary by county. It is important to understand the mortgage insurance requirements before deciding whether FHA is the right fit. Your loan officer can walk you through how MIP compares to other programs given your specific situation.

Key Benefits

Down payment as low as 3.5% for qualifying borrowers
More flexible credit qualifying standards than many conventional programs
Seller can contribute toward closing costs (limits apply)
Can often be combined with eligible down payment assistance programs
Available for single-family homes, FHA-approved condos, and owner-occupied 2-4 unit properties

Considerations

Mortgage insurance premium (MIP) is required — if down payment is under 10%, MIP stays for the life of the loan
FHA loan limits apply by county and may not cover higher-priced homes
Primary residence only — not available for investment properties
Property must meet FHA minimum property standards
Upfront mortgage insurance premium (UFMIP) is charged at closing (can be financed)

Common Misconceptions

• FHA is not just for first-time buyers — anyone meeting the requirements can use it
• FHA does not have income limits
• Mortgage insurance can be removed if you refinance into a conventional loan later

Frequently Asked Questions

Have questions about FHA Loan?

Mia can help you understand if this program fits your situation — ask her anything about eligibility, timing, or how to get started.

Ask Mia

Helpful Calculators

cost-of-waiting

Work Hard Mortgage · NMLS #2396714 · Equal Housing Opportunity · Licensed in Utah. Program availability and guidelines may change. Final eligibility depends on credit, income, assets, property type, occupancy, and underwriting approval.