Homebuyers with little cash-on-hand, lower credit scores, and/or limited credit history (or even bankruptcies), as well as homeowners with an existing l loan on their primary residence and lower equity, may qualify. Each Federal Housing Administration (FHA) loan is insured by the FHA with easier qualification standards than a conventional loan.
FHA Loan Interest Rates
Schedule a free consultation to find the perfect FHA loan for your needs
FHA Loan Features
Let’s take a closer look at the features of an FHA loan:
- Lower down payment
- Generally, lower interest rates than conventional loans
- Easier to qualify with lower credit scores
- Less stringent debt-to-income (DTI) requirement
- MIP (Mortgage Insurance Premium) required
- Assumable, meaning buyers can take over the existing FHA loan from the seller given they meet FHA eligibility requirements.
FHA Loan Eligibility
FHA home loans can be used for a home purchase or a mortgage refinance.
Eligibility Requirements
- Debt-to-Income (DTI) ratio of 43% or under
- 3.5% minimum down payment for a purchase loan
- Borrower(s) must occupy the home as the primary residence.
- Borrower(s) must have proof of employment with steady income.
Competitive FHA Loan Interest Rates
FHA loans, like other mortgage types, have many moving parts. Each borrower is unique. Your loan officer becomes your single point-of-contact to ensure clear, timely, and tailored communication. We often close loans in less than 30 days, beating the gold standard for well-qualified customers. We answer questions, promote understanding, clear hurdles, and hustle to deliver your loan sooner.
FHA loans offer competitive rates for those who may not qualify for other types of mortgages. Rates can fluctuate daily to reflect the current market. View today’s interest rates for each type of FHA on our Daily Rates page.
Simple Steps to Secure Your Conventional Loan
- Consultation — Speak with one of our loan officers to discuss your loan options
- Submit Documents — Upload your financial records securely through our portal
- Underwriter Review — An underwriter reviews your eligibility
- Approval — Finalize your loan terms
- Close with Confidence — Our team ensures a smooth, on-time closing process