Loan program · sample page
FHA loans for first-time coastal buyers
An FHA loan is a mortgage insured by the Federal Housing Administration. It allows lower down payments and more flexible credit guidelines than many conventional loans, which is why first-time buyers often start here.
Who it fits
- Buyers with modest savings for a down payment
- Borrowers rebuilding credit
- Anyone buying a primary residence
Common questions
What is the minimum down payment on an FHA loan?
Under HUD's FHA guidelines, borrowers with a credit score of 580 or higher may put down as little as 3.5%; scores from 500 to 579 generally need 10%.
Do FHA loans have mortgage insurance?
Yes. FHA loans have an upfront mortgage insurance premium and an annual premium paid monthly. Your loan officer explains the amounts for your loan.
Can I use FHA for a second home?
FHA loans are generally for a primary residence you will live in.
Source: HUD Single Family Housing Policy Handbook 4000.1. Sample page — figures for illustration; confirm current guidelines with a loan officer.
