AFederal Housing Administration (FHA) loanis a government-backed loan that’s insured by the Federal Housing Administration. FHA loans typically have lower credit and down payment requirements for qualified home buyers. For example, the minimum required down payment for an FHA loan is only 3.5% of the purchase price.

If you’ve decided aFederal Housing Administration (FHA) loanmay be right for you and you meet the established guidelines, including, but not limited to:

• Down payment amount: – FHA loans require a minimum down payment of 3.5%.
• Credit score: – FHA loans typically have lower credit requirements than many traditional loans.
• Property requirements: – The home must be used as your primary residence and must meet safety, security and soundness standards, meaning the property shouldn’t have any structural defects. An FHA-approved appraiser must appraise the home.

You canstart your applicationon your own, or with the help of your mortgage loan officer, who can work with you to see if you qualify for a FHA loan.

Federal Housing Administration (FHA) loansare available to all qualified buyers, regardless of income level. They often have more flexible lending requirements than conventional loans. All FHA loans require mortgage insurance which protects the lender against any loss if mortgage payments are missed. To learn more about how FHA loans work, speak with your mortgage loan officer.