FHA Loan
An FHA loan is a government-backed mortgage designed for buyers with smaller down payments or lower credit scores — as little as 3.5% down with a 580 score. The trade-off is mortgage insurance premiums that, unlike PMI, often last the life of the loan.
FHA loans open the door to homeownership for many first-time buyers, but the ongoing insurance makes them costlier over time than a conventional loan with 20% down. Some borrowers refinance out of FHA into a conventional loan once they build enough equity.
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Mortgage Calculator
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Home Affordability Calculator
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Down Payment Calculator
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