FHA loans

FHA loans are insured by the Federal Housing Administration. Because of that insurance, they can be more flexible than many other loans on things like credit history and the size of your down payment, which makes them a common choice for first-time buyers and for anyone rebuilding their credit.

You can use an FHA loan to buy a home you’ll live in, or to refinance the one you have. FHA also offers a streamlined refinance for many existing FHA loans, which can mean less paperwork. FHA loans carry mortgage insurance, and there are loan limits that vary by county.

A licensed loan officer can walk you through how FHA compares with a conventional loan for your situation, including the mortgage insurance and total costs over time. Eligibility, underwriting and property requirements apply.