FHA Loan

How an FHA Loan Works

An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans are a type of federal assistance. FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI.


  • 30-, 20- and 15-year terms are all available with fixed rates
  • Credit scores as low as 580 may qualify
  • Adjustable-rate mortgage available. Call for more details
  • Refinance up to 97.75% of your primary home’s value
  • Buy a home with as little as 3.5% down (primary home)

FHA Loan Extras

Refinance your FHA loan easier and faster (and potentially with no appraisal) with FHA Streamline.

FHA Loan Example with a 3.5% down payment: FHA Loan for $288,491 with a 7.25% fixed interest rate/8.060% APR for 30 years = $2,321.90 monthly payment^. ^Payment is Principal & Interest. Does not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. Rates available as of 7/27/23 but subject to change.*

*Certain restrictions apply. Final approval subject to credit review. Loan program examples are for illustrative purposes only. This is not a commitment to lend. The interest rates, annual percentage rates (APRs) and program options are subject to change without notice. Your APR will vary based on your final loan amount and finance charges. Stated rates and terms are intended as examples only. Call 1-800-270-7082 for current rates and terms.