FHA Loan

Low Down Payment? We have a loan for that.

An FHA loan is a flexible loan option for those who have low credit and low down payment. 

If you have at least 3.5% down payment & a minimum credit score of 580, this loan option is for you. 


Son on active military father's shoulder waving the American Flag

FHA Loan Requirements

Let's get started.

580 Minimum Credit Score

The minimum credit score is 580.

3.5% Down Payment

You will need at least 3.5% of the sales price as a down payment.

Mortgage Insurance Premium (MIP)

There is an upfront mortgage insurance premium of 1.75% of the base loan amount that gets financed into the loan. This will be a part of your mortgage payment.

Benefits of FHA Loans

  • Low Down Payment: The minimum down payment is 3.5%
  • Competitive Interest Rates: FHA offers lower interest rates than conventional loans.
  • Low Credit Score: The minimum credit score required is 580. Making it easier to qualify if you have had a few bumps in your credit history. 
  • Higher Debt-to Income Ratio: The debt-to-income ratio is 56%, which allows for more flexibility if you have more than just a couple of credit cards with a balance.
  • Sellers Can Cover Closing Costs: The loan agreement allows 3-6% of the sales price to be used towards your closing costs.
  • Government Insured: FHA loans are backed and secured by the government.
  • Refinancing Opportunities: Existing FHA Loan holders may be eligible for a FHA Streamline Refinance. If you have an FHA loan and want to lower your interest rate with little to no out-of pocket closing costs this will be a great option for you. You do not have to provide bank statements, W2s, job verification, or paystubs.
  • Have foreclosure or bankruptcy? FHA loans have a shorter waiting period than conventional loans. 
Happy couple cheering their successful new home purchase thanks to Prime Rate Mortgage ™

Get Pre-Approved Now

A FHA pre-approval from Prime Rate Mortgage can get you to your dream house. 

Happy couple cheering their successful new home purchase thanks to Prime Rate Mortgage ™

FHA Loan Options

Check out some of the FHA Loan Options we offer.


Cash-Out Refinance

Streamline Refinance


See What's Possible

Use our tools to see what homeownership could look like for you.

Mortgage Calculator

Estimate your monthly payment, including taxes and insurance.

Home Affordability

See how much home you can afford.

Ready for an FHA Loan?

Take the first step towards owning your own home.

Happy couple cheering their successful new home purchase thanks to Prime Rate Mortgage ™

Frequently Asked Questions

Not necessarily, when purchasing a new home, the seller can pay for all or part of your closing. Contact us to help you with this. 

Yes! You can use a family gift to pay your closing costs.

You can only have one primary FHA home at a time, unless you have certain circumstances such as a growth in family or relocating for a job that is more than 100 miles away. 

No, FHA loans are only to be used for primary residence. 


These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.

Background image for Prime Rate Mortgage ™ 1401059

Let Us Help You Get Started

Get Pre-Approved