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Frequently Asked Questions about FHA Home Loans

Here are the answers to the most commonly asked questions about FHA home loans.

What is an FHA home loan?

An FHA home loan is a federally-insured mortgage loan designed to help lower to moderate-income Americans get loans for homes they couldn't otherwise afford. An FHA home loan is provided by a federally-qualified private lender, but is insured by the federal government. Because of this, lenders can offer lower rates and easier qualification terms on FHA loans than on traditional mortgages.

How do I apply for an FHA home loan?

The FHA only insures the loan, so you will need to apply through a private lender who originates FHA home loans. On our site, you can get quotes on your FHA home loan from several such lenders by filling out our free application. You will be supplied with competitive quotes from at least four lenders who can provide an FHA home loan.

If I have bad credit can I qualify for an FHA home loan?

Yes. In fact, FHA home loans are partially designed for people with less-than-perfect credit. An FHA home loan has a much easier qualification standard than do traditional loans. Even if you have credit challenges like bankruptcy or charge-offs, you can still qualify for an FHA home loan.

Do all FHA home loans come with the same terms and rates?

No, because individual lenders can charge different terms and rates on an FHA home loan. That is why it is in your best interest to shop around for the lowest rates on an FHA home loan. You can do your comparison shopping all on one website by using our application system. Compare rates and terms from several major lenders.

Does the FHA actually provide my home loan?

No, the FHA only insures the loan. Your FHA home loan will be issued by a private lender of your choice.

What types of FHA home loans are available?

You can get a fixed-rate, adjustable-rate, or purchase/rehabilitation FHA home loan.

Which FHA home loan is right for me?

If you would like consistent payments and a steady interest rate, go with a fixed-rate FHA home loan. If you would like the lowest monthly payments possible at the beginning of your loan, an adjustable-rate FHA home loan might be a better choice. If the home you're buying requires substantial repairs, consider a purchase/rehabilitation FHA home loan that will include the cost of repairs in your mortgage. Visit our first time home buyers guide for more information.