Mortgage glossary
FHA loan
Definition: An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and more flexible credit standards than many conventional loans for primary residences.
FHA loans typically require 3.5% down for borrowers who meet the credit minimum, and they carry mortgage insurance premiums: one paid upfront and one paid monthly. The property must be the borrower's primary home and meet FHA property standards. Loan limits are set by county.
Through our team, FHA starts at a minimum score of 580 with manual underwrites down to 580. We also offer FHA 203(k) standard and limited renovation loans, FHA 203(h), FHA $100 down, and Good Neighbor Next Door. Additional terms and conditions apply, and all borrowers must qualify.
Related terms
Reviewed by Kyle Richardson, NMLS #863464. General information, not advice for your specific situation. All glossary terms
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