Lower credit, smaller down payment, real path to ownership.

FHA loans are government-backed and designed for buyers who are still building their financial profile. Down payments as low as 3.5% and more flexible qualification standards.

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FHA credit scores 500 to 619
Limited savings, low down payment

Is this loan right for you?

An FHA loan is a mortgage insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development. Because the government insures the loan, lenders can offer more flexible qualification standards than conventional financing. FHA loans are not issued by the government directly. Your loan officer works with an approved lender, and the FHA backing reduces the lender's risk, which makes it possible to approve buyers with lower credit scores or smaller down payments.

  • Direct access to your officer
  • FHA credit scores 500 to 619
  • Limited savings, low down payment
  • Higher DTI than conventional allows
  • First-time buyers, flexible qualification
  • Rebuilding credit after past events
  • Family gifts allowed toward down payment

Key benefits.

Down payments as low as 3.5% with a 580 or higher credit score

More flexible debt-to-income ratio acceptance than conventional loans

Gift funds from family members are allowed for the down payment

Seller can contribute up to 6% of the sale price toward closing costs

Can be paired with state and local down payment assistance programs

FHA Streamline Refinance available to lower your rate later without a full appraisal

A parent or relative can be a non-occupant co-applicant to help you qualify

Tradeoffs to understand.

  • Mortgage insurance premium required for the life of the loan in most cases, this is a permanent monthly cost unless you refinance into a conventional loan later
  • Upfront mortgage insurance premium of 1.75% of the loan amount due at closing, though it can be financed into the loan
  • Property must meet FHA minimum property standards, some homes will not qualify
  • Primary residence only, cannot be used for investment properties
  • Loan limits apply by county, check your area's limit before assuming you qualify for a specific price point

Compare your options.

FeatureFHAConventional
Down paymentAs low as 3.5%As low as 3%
Credit score580+ typical 500+ with 10% down620+ typical
Mortgage insuranceMIP for life of loan in most casesPMI removable at 20% equity
DTI flexibilityMore flexibleStandard
Property typesPrimary residence must meet FHA standardsBroad including investment
Gift fundsAllowedAllowed
AssumableYesNo
Best forLower credit or limited savingsStrong credit buyers

Down payment

FHA
As low as 3.5%
Conventional
As low as 3%

Credit score

FHA
580+ typical 500+ with 10% down
Conventional
620+ typical

Mortgage insurance

FHA
MIP for life of loan in most cases
Conventional
PMI removable at 20% equity

DTI flexibility

FHA
More flexible
Conventional
Standard

Property types

FHA
Primary residence must meet FHA standards
Conventional
Broad including investment

Gift funds

FHA
Allowed
Conventional
Allowed

Assumable

FHA
Yes
Conventional
No

Best for

FHA
Lower credit or limited savings
Conventional
Strong credit buyers

What happens next

1

As your credit improves and equity builds, a conventional refinance can eliminate your lifetime MIP and reduce your monthly payment.

2

FHA Streamline Refinance lets you lower your rate with minimal paperwork if rates drop. No appraisal required.

3

Down payment assistance programs in your state may reduce your upfront costs significantly. Ask your loan officer what is available locally.

4

If you buy again, you may qualify for conventional on your next purchase once your credit profile strengthens.

Keep exploring

Explore related paths

All home loan options

Compare purchase programs and find the path that fits your situation.

Browse home loans →

Down payment and credit questions

How much cash you may need upfront and how credit shapes your options.

Browse credit FAQ →

Common questions, plain answers.

A score of 580 or higher qualifies for the 3.5% down payment option. Scores between 500 and 579 may qualify with a 10% down payment. Your lender will review your full financial profile.

Questions about rates or payment?

Limited savings or rebuilding credit? See your FHA options now.

No credit pull to get started. We compare your options and explain the tradeoffs.

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