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FHA Loans
FHA Loans - Qualify and Apply
FHA loans are a powerful tool to help first time buyers qualify for a home loan. Although the FHA is not a direct lender, its programs have helped millions of homebuyers buy new homes. Most programs are targeted to younger, first time homeowners, but new programs like FHASecure have also been introduced to help homeowners with adjustable-rate mortgages.
If you're considering buying your first home or need to refinance your ARM, the first steps are determining your local limit and finding local lenders. Bills.com can help you do both through its Know Your Limits program. You can also use the FHA limit checker to find more general information or complete an FHASecure home loan request to determine your potential eligibility.
Bill's Expert Advice
Learn about the FHA
Review a brief history of the FHA and its role in lending. FHA History
FHA Loan FAQs
Who qualifies for an FHA loan?
You may be eligible for an FHA home loan if you meet the following basic criteria:
- looking for a primary residence
- have a social security number
- are a legal resident of the US
- are of legal age to sign a mortgage contract
You must also meet specific underwriting standards for the FHA mortgage program you're applying to.
How do I apply for an FHA loan?
The FHA doesn't make loans directly. Instead you should contact an FHA-approved lender to apply for a loan through them. Use the FHA lender search engine to find an approved lender near you.
Do I need a 20% down payment to qualify?
No, you can qualify for an FHA loan with as little as 3% down. In addition, the down payment can be a gift, a family loan, or received through an organization. Most other lenders require that you save the down payment yourself, but FHA recognizes that saving 20% can take many years.
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Glossary of FHA Loan Terms
Conforming Limit: Each year, the Office of Federal Housing Enterprise Oversight sets the FHA mortgage limit, which is the maximum loan that the FHA can insure. Mortgage rates below the limit are usually 1-3% lower.
Federal Housing Enterprise Oversight: A federal office created by Congress in 1992 to oversee the FHA, set FHA loan limits, and compute the Housing Price Index.
FHA: The Federal Housing Administration has been insuring single family home loans, multifamily building loans, manufactured home loans, and hospital loans since 1934.
Fannie Mae: The Federal National Mortgage Association was created in 1938 to help lenders make home loans to buyers. They sell mortgages and mortgage-backed securities to investors around the world.
Freddie Mac: The Federal Home Loan Mortgage Corporation was created in 1970 to provide continuous capital to the mortgage industry by buying mortgages and selling them as mortgage-backed securities.
HUD: The Department of Housing and Urban Development is charged with increasing home ownership, ensuring affordable housing, and ensuring housing free of discrimination.
The Bills.com Blog
Browse through our different financial categories and find the answer to the specific question you have.
Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 5.25% |
| 15 Yr Fixed | 4.68% |
| 30 Yr Fixed Jumbo | 6.27% |
| 15 Yr Fixed Jumbo | 5.85% |
| 3/1 ARM | 4.88% |
| 5/1 ARM | 4.27% |
| 7/1 ARM | 4.8% |
| 10/1 ARM | 4.72% |
| 3/1 ARM (I/O) | 5.3% |
| 5/1 ARM (I/O) | 4.27% |
| 7/1 ARM (I/O) | 4.57% |
FHA Loan Articles and Advice
About FHA Mortgage Products
The FHA offers several types of mortgages, depending on your needs. Learn more about their loan offerings.
FHA Mortgages
Check Current FHA Loan Limits
New FHA loan limits were issued on March 6, 2008. Find out how they're determined and what the new limits are.
New FHA Loan Limits
Review FHA Loan Requirements
The FHA has several basic loan underwriting requirements. Review the requirements before you apply for a loan.
FHA Loan Requirements
Learn about the FHA Secure Program
The FHA Secure Program helps struggling homeowners avoid foreclosure. Find out how it works.
FHA Secure Program Guide
Avoid Foreclosure with Help from the FHA and HUD
The FHA has a foreclosure program and HUD offers specific foreclosure advice. Learn what both have to offer you.
FHA Foreclosure Assistance
How FHA Mortgage Rates Are Set
FHA mortgage rates help determine interest rates for other mortgages products. Find out how the rates are set.
FHA Mortgage Rates
Refinance with a Streamlined FHA Loan
FHA offers streamlined loan refinancing for certain borrowers. Learn more about the program and whether you qualify.
Streamlined FHA Refinance
How FHA Mortgage Insurance Works
FHA mortgages require more insurance than other home loans. Find out why and what you can expect.
About FHA Mortgage Insurance
A Guide to the FHA, Fannie Mae, and Freddie Mac
The Federal Housing Administration, Fannie Mae, and Freddie Mac work together to ensure that home loans and funding are available to homebuyers like you. Learn more about them.
About the FHA, Fannie Mae, and Freddie Mac
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