FHA
- Home
- Loan Options
- FHA
FHA Mortgages
Insured by the Federal Housing Administration (FHA), FHA loans are designed to promote homeownership by assisting borrowers with lower credit scores or limited funds for down payments. Through this government-backed insurance, lenders are incentivized to extend more accessible and competitive financing options, thereby broadening opportunities for affordable home purchases among qualified buyers.
Reasons to choose an FHA mortgage
FHA mortgage rates are typically better than conventional rates. However, your specific rate hinges on key factors such as your credit score, debt management history, and mandatory FHA mortgage insurance. Discover rates personalized by requesting a rate quote or starting your mortgage loan application.
FHA mortgage guidelines
To qualify for an FHA mortgage, you will need:
Purchase price limits are $541,287 for single-family homes in most of the country, but are up to $1,249,125 in high costs areas (ex. NYC, Long Island, DC, Alaska & Hawaii)
Overview of FHA Mortgage Programs
FHA offers several different products to help purchase, an existing home, build a new home, a streamlined rate-term refinance and cash-out refinance
Today's 30-Year FHA Mortgage Rates
This chart is the daily national average for FHA loans. Your actual rate could be better or worse depending on your financial profile. FHA loans come with an upfront mortgage insurance premium (1.75%) and an annual mortgage insurance premium (.15% -.55%, depending on down payment). Rates are subject to change, without notice. Contact your Scout Advisors loan officer for your custom tailored rate quote.
Data source: OBMMI
Apply for a FHA mortgage
What Our Clients Say About Us
FHA rates are generally lower than conventional, but the added mortgage insurance premium increases the overall cost. Your exact rate depends on credit, down payment and market conditions
Yes - FHA requires an appraisal to ensure the home meets Minimum Property Requirements for safety, security and soundness. This means all utilities are working and no major structural issues
No - FHA loans are available to anyone that qualifies, but you can only have one FHA loan at a time.
Yes - FHA borrowers need to make 6 on time payments before they are eligible to do a streamlined FHA refinance
Yes - FHA typically requires a stable 2-year employment/income history, but full-time college enrollment can count toward this. Many lenders accept your time as a student (via transcripts, diploma, or degree) in place of traditional work experience. No strict minimum time in your current job is required.
