Loan purpose
- Purchase a primary residence
- Refinance an eligible primary home
- Support qualified buyers seeking an accessible residential financing path
FHA Loan
Start With Less.Own More.
Accessible home financing for qualified buyers ready to move.
Home Buyers | Accessible Path | Primary Residence
Financing for qualified borrowers. Program terms are confirmed in the guidelines below.
Program guidelines
Loan term
- 30-year fixed-rate amortization
- 15-year fixed-rate amortization
Loan amount
- Cannot exceed FHA county loan limits for the subject property
Loan to value (LTV)
- Purchase transactions: LTV may reach 96.5%
- Cash-out refinance: LTV may reach 85%
Minimum credit score
- 580
Property type
- Owner-occupied primary residences only
Eligible property types
- 1–4 unit dwellings
- Condominiums on the FHA/HUD approved list
Eligible borrowers
- U.S. citizens and permanent resident aliens
- Non-permanent resident aliens
Key features & detail
Three FHA realities every borrower should budget for—none of which change the underlying agency math.
- FHA guidelines may allow down payments as low as 3.5% for eligible borrowers.
- Guidelines emphasize flexibility relative to many conventional programs—still fully documented (full doc).
- FHA mortgage insurance is mandatory for loans that require it under agency rules.
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