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FHA Loan

An FHA mortgage* is a popular option with first-time homebuyers. It was created to help potential homebuyers purchase a home of their own by providing a lower down payment option and flexible underwriting criteria. 

What you need to know about FHA loans

You can use an FHA loan to purchase a new home with a down payment as little as 3.5%. The Federal Housing Administration insures FHA home loans. Because of that, FHA-approved lenders can offer these more flexible loans because borrowers using an FHA loan pay mortgage insurance (MI), which protects the lender in case the borrower defaults.

The Federal Housing Administration has raised its lending limits for 2023 to keep pace with home price inflation. With these higher limits, homebuyers will have the ability to look at a wider range of homes using affordable FHA financing options. The loan limit for 1-unit properties is $472,030. In high-cost areas, it is $1,089,300.

An FHA loan has less strict qualifying criteria and credit requirements compared to a conventional loan. The minimum credit score depends on a variety of factors, so be sure to check with your Certainty Loan Officer. The FHA mortgage was originally created for first-time homebuyers, but it is now open to a much wider audience. Under FHA guidelines, if you have not owned a primary residence for at least three years you may qualify as a first-time homebuyer!


Finance Your Home with Confidence Guide

Buying your dream home is possible! And with Certainty by your side, you can navigate the mortgage process with confidence. This guide is to help you navigate your financing journey and help you know what to expect every step of the way.


*Certainty Home Lending has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.

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Flexible qualifying guidelines with lower credit score requirements

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Fixed and adjustable rate terms available

No Private Mortgage Insurance Icon

Down payment as low as 3.5%

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Down payments can be paid with gift funds

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