OccupancyPrimary residence
InsuranceFHA mortgage insurance
PropertyFHA standards apply
Who this program may fit
- First-time or repeat buyers purchasing a primary residence
- Borrowers who may benefit from FHA qualification features
- Transactions using eligible gift funds or assistance
Potential benefits
- May allow a low down payment
- May provide more flexible qualification features in some situations
- Gift funds and approved assistance may be permitted
- Fixed-rate and certain adjustable-rate options may be available
Important considerations
- Upfront and annual mortgage insurance generally apply
- Property must meet applicable FHA standards
- Loan limits and occupancy rules apply
- Final approval depends on underwriting and documentation
What a review may include
A mortgage review commonly considers income, employment, assets, credit history, monthly obligations, occupancy, property type, purchase price or value, available funds, and applicable program requirements.
Educational information only. This page does not describe every guideline and is not a loan approval, rate quote, or commitment to lend. Program terms and availability vary.