FHA exists to solve the two problems that stop most first-time buyers cold: the down payment and the credit bar. It lowers both. Here’s what that looks like in practice.
FHA loans allow qualified buyers to put down as little as 3.5% of the purchase price. That smaller upfront cost makes it possible to buy sooner, without waiting years to save a traditional 20% down payment.
Because FHA loans are backed by the Federal Housing Administration, lenders can work with buyers who have lower credit scores or a shorter credit history. If a conventional loan feels out of reach, FHA may open the door.
For many people, the hardest part of buying a home is the down payment and qualifying with less-than-perfect credit. FHA loans are designed to solve exactly that. They let you step into homeownership with a smaller upfront investment and more flexible approval standards, so the dream of owning a home becomes a realistic next step rather than a distant goal.
Personalized solutions to help you buy, sell, or invest in real estate with ease.
A quick prequalification shows you what you qualify for.
We gather the documents to move your file into underwriting.
Our team evaluates the full loan package.
Final documents go to the title company for closing.
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First home purchases come with a hundred questions, and our answer is education first: we’ll explain mortgage insurance honestly, show you what your payment really includes, and never rush you toward a loan you don’t fully understand. That’s how MVP treats every first-time buyer.
Think FHA might be your way in? Our short application takes minutes, and a banker will tell you honestly whether FHA or another program gets you the better deal.
DISCLAIMER:
This is not a commitment to lend or extend credit. All loans are subject to credit approval. Information is subject to change without notice. Other restrictions may apply. VA loan benefits are subject to eligibility requirements determined by the U.S. Department of Veterans Affairs.
Qualified buyers can put down as little as 3.5% of the purchase price with an FHA loan. The exact amount depends on your credit profile and the property. Your down payment can also come from approved gift funds, which many buyers use to make homeownership more affordable. Our team can help you understand what your specific down payment would look like.
FHA’s baseline is a 580 credit score for the 3.5% minimum down payment, and scores between 500 and 579 can still qualify with 10% down. Individual lenders can layer their own requirements on top, so the honest answer depends on your full picture, and we’re glad to look at it with you before anything touches your credit.
FHA loans are backed by the Federal Housing Administration and typically allow lower down payments and more flexible credit requirements. Conventional loans aren’t government-backed and often require stronger credit, but they can avoid some of the mortgage insurance costs tied to FHA loans. Which one fits depends on your situation, and we can help you compare.
Yes, in two parts. An upfront premium of 1.75% of the loan amount, usually rolled into the loan, and an annual premium paid monthly. The annual rate depends on your loan amount, your loan-to-value, and your term. On a 30-year loan it runs 0.50% to 0.75%, and shorter terms run lower. With the minimum 3.5% down it lasts the life of the loan. With 10% or more down it drops off after 11 years. Many buyers later refinance into a conventional loan to remove it, and we will flag that when it makes sense.
Yes. While FHA loans are especially popular with first-time buyers, they’re available to repeat buyers too, as long as you meet the program requirements and the home will be your primary residence. If you’re moving or buying again, an FHA loan may still be a strong option worth exploring.
