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

Ask Bill your questions about FHA laons!

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.

Bills.com Site Map > Mortgage Index Pages > Mortgage Sections