FHA loans are insured by the Federal Housing Administration, which lets lenders offer more flexible credit and down payment guidelines.
A good fit for
- First-time buyers
- Buyers rebuilding credit
- Buyers with smaller down payments
How it works
- Down payments as low as 3.5% for qualifying credit
- Gift funds from family can often be used
- Includes an upfront and a monthly mortgage insurance premium
Keep in mind
- Mortgage insurance often lasts the life of the loan unless you refinance
- The home must be your primary residence and meet FHA property standards
Is a FHA Loan right for you?
Every lender's guidelines differ — Chip will shop them for you.
Related loan options
This page is general education, not a loan offer or commitment. Terms, eligibility and availability vary by lender and change over time.