An FHA loan is backed by the Federal Housing Administration, which means the government insures part of the loan so lenders can afford to take on a little more risk. In practice, that means more flexible credit and down payment requirements than a typical conventional loan.
Down payments can be as low as 3.5% for borrowers with qualifying credit. FHA loans are especially common for first-time buyers who haven't had years to build savings or a long credit history yet.
The tradeoff: FHA loans require mortgage insurance premiums (MIP), both upfront and monthly, for most of the life of the loan. It's a real cost, but for many buyers the lower barrier to entry is worth it, especially if the plan is to refinance into a conventional loan later once there's more equity.
Get StartedCommon Questions
What credit score do I need for an FHA loan?
FHA guidelines allow for lower scores than most conventional loans, though the exact number that gets you the best terms depends on the lender. We'll tell you honestly where you stand.
Can I use an FHA loan more than once?
Generally FHA loans are meant for a primary residence, but there are circumstances where a borrower can have more than one FHA loan at a time. Worth a real conversation.
Other Loan Programs
No Down Payment for Military Families
Conventional LoanThe Standard Option
USDA LoanNo Down Payment Outside the City
Jumbo LoanFor Higher-Priced Homes
RefinancingTrade In Your Current Loan
Commercial LoanFinancing for Buildings That Make Money
Construction LoanFinancing to Build, Not Just Buy
Land LoanFinancing for Land, Not Just Homes
Doctor LoanBuilt for Big Student Debt and Bigger Potential
Renovation LoanBuy the Fixer-Upper and Fund the Fix
DSCR LoanQualify on the Property, Not Your Paycheck
Asset Depletion LoanLet Your Savings Do the Talking
Fix & Flip LoanMove Fast on the Next Flip
HELOCA Credit Line Backed by Your Home
Manufactured Home LoanFinancing Built for Manufactured Housing
Second Home LoanFinancing for the Place You Escape To
Multi-Family LoanLive in One Unit, Rent Out the Rest
Non-Warrantable Condo LoanWhen the Condo Doesn't Fit the Standard Box
Reverse MortgageTurn Home Equity Into Income, Without a Monthly Payment
Foreign National LoanFinancing for Buyers Without U.S. Credit History
ITIN LoanHomeownership Without a Social Security Number
Bank Statement LoanWhen Your Tax Return Doesn't Show Your Real Income
This is general information, not a commitment to lend. Rates, terms, and eligibility vary by lender and are subject to underwriting guidelines. East Coast Mortgage is an Equal Housing Lender, NMLS #2354674.