An FHA loan is a mortgage insured by the Federal Housing Administration designed to help borrowers who may not qualify for a conventional loan. FHA loans come with lower down payment requirements and are more flexible in terms of credit scores needed for approval.

FHA loans require a minimum down payment of 3.5% for most borrowers. This makes them more accessible compared to conventional loans, which often require higher down payments.

The maximum loan amount varies by geographic area and changes annually. You can visit the HUD website or contact a mortgage advisor to find out the current limits in your area.

No, FHA loans are intended for owner-occupied properties only. This means you must intend to live in the property as your primary residence to qualify for an FHA loan.

FHA loans often offer competitive interest rates, particularly for borrowers with lower credit scores or smaller down payments who might not qualify for the best rates on conventional loans.

Yes, it is possible to qualify for an FHA loan even if you have a history of bankruptcy or foreclosure. Certain waiting periods apply, and you'll need to demonstrate restored creditworthiness.

The property must meet certain safety and livability standards, and borrowers must have a steady employment history, a valid Social Security number, and lawful residency in the U.S.

Yes, the FHA offers several refinancing options, including streamline refinancing, which can help you lower your interest rate and monthly payment without an extensive qualification process.

Closing costs for FHA loans are similar to those of conventional loans, and they can vary. In some cases, the seller, lender, or a third party may contribute to these costs.

Start by taking our FHA Loan Qualification Quiz on this page. It will help you understand your eligibility and connect you with advisors to walk you through the application process.