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Loan guide

FHA loan

Government-insured loan with a low down payment and flexible credit rules. Best for: First-time and repeat buyers with smaller down payments or credit scores that need some flexibility.

Key facts

  • 3.5% down with a credit score of 580 or higher; 10% down with scores from 500 to 579.
  • Upfront mortgage insurance of 1.75% (usually added to the loan) plus an annual premium, commonly 0.55% (0.50% with 5% or more down).
  • With under 10% down, the annual premium lasts for the life of the loan; with 10% or more it ends after 11 years.
  • 2026 loan limits start at $541,287 for a one-unit home and are higher in pricier counties.
  • Must be your main home. Gift money from family can cover the down payment.

Pros

  • Low 3.5% down payment
  • More forgiving of lower scores and higher debts
  • Gifts allowed for the down payment
  • Easy "streamline" refinancing later
  • Can be assumed by a future buyer

Cons

  • Mortgage insurance often lasts the life of the loan
  • Upfront premium adds to the loan balance
  • Main homes only
  • Home must meet FHA property standards
  • County loan limits
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More detail: LoansAndHouses.com loan programs

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Common questions

Who is a FHA loan best for?

First-time and repeat buyers with smaller down payments or credit scores that need some flexibility.

What are the main pros and cons of a FHA loan?

Pros: Low 3.5% down payment; More forgiving of lower scores and higher debts; Gifts allowed for the down payment; Easy "streamline" refinancing later; Can be assumed by a future buyer. Cons: Mortgage insurance often lasts the life of the loan; Upfront premium adds to the loan balance; Main homes only; Home must meet FHA property standards; County loan limits.

Figures checked October 2026 and subject to change. Loan limits are updated each January. Program rules, eligibility and pricing vary by lender and borrower. Not a commitment to lend. Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.

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Educational information only. This page gives general information to help you learn and plan. It is not legal, tax, financial or other professional advice, or an offer to lend. For advice on your situation, talk to a licensed professional. Terms of use

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