What is an FHA loan and who is it for?
An FHA loan is a government-insured mortgage designed for first-time buyers and buyers with lower credit or smaller down payments. Mortgage Go originates FHA loans through licensed loan officers for primary residences in the states where each officer is individually licensed.
Who it's for
First-time buyers, buyers with credit in the high-500s or 600s, and buyers who can put down a smaller amount.
Who it's not for
Buyers with strong credit and a 20%+ down payment — a conventional loan is usually cheaper over time because FHA carries mortgage insurance for the life of the loan in most cases.
Benefits
- Lower credit-score floor than conventional.
- Smaller down-payment requirement.
- Down payment can come from a documented gift.
- Designed for primary residences.
Key facts
- Minimum down payment
- Placeholder — pending compliance
- Minimum credit score
- Placeholder — pending compliance
- Loan term
- 15 or 30 years
- Property eligibility
- Primary residence only
Calculator
FHA Loan calculator embeds here in Phase 2.
Frequently asked questions
What is an FHA loan?+
An FHA loan is a mortgage insured by the Federal Housing Administration. It is designed to make homeownership accessible to buyers who may not qualify for a conventional loan due to credit or down-payment constraints.
Do FHA loans have mortgage insurance?+
Yes. FHA loans require both an upfront mortgage insurance premium and an annual premium paid monthly. In most cases that annual premium stays for the life of the loan.