FHA Loans
Built for first-time buyers and borrowers rebuilding credit.
An FHA loan may be an option for your first home or while you're rebuilding credit. Lee can help compare its costs and requirements.
Start with a conversation. The full application opens in ARIVE and is the place for financial details and documents.
About FHA Loans
FHA loans are insured by the Federal Housing Administration. They let you buy with a lower credit score and as little as 3.5% down, which makes homeownership reachable for a lot of buyers who can't qualify for conventional financing yet.
Key benefits
On a $250,000 home, 3.5% is $8,750 down. Closing costs, prepaid items, and mortgage insurance also affect the cash you'll need.
FHA's program rules and the selected lender's credit requirements both apply. Your down payment, credit history, income, and debts are part of the review; a score alone doesn't establish approval.
Eligible gifts may help with the down payment or closing costs. Donor, documentation, and program rules apply. Ask Lee what needs to be documented before transferring funds.
An FHA loan may be assumable by a qualified buyer, subject to the loan's terms and required approval. Don't treat a future assumption or refinance as guaranteed.
The process
- Discuss your plans and the credit review needed for your application
- We verify income, gift letters, and assets
- FHA appraisal to confirm the property meets HUD's minimum standards
- Underwriting, final conditions, and closing on the agreed schedule
FHA FAQ
- For current FHA loans, annual MIP generally lasts for the mortgage term when the initial loan-to-value is above 90%, or 11 years at 90% or below. Refinancing may change the insurance cost, but eligibility, rates, and closing costs need a fresh comparison.
Check the program details
Requirements vary by borrower, property, and lender. These official sources explain the program rules and annual limits.
Not sure which one fits?
We'll help you compare. Here's what else is on our rate sheet.
Ask about FHA loans
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