FHA Loan
Homeownership is more accessible than ever with FHA loans at Pride Lending! Designed for first-time buyers and those with lower credit scores, these government-backed loans make achieving homeownership easier and more affordable.
Who Can Qualify?
- First-time homebuyers and repeat buyers seeking an affordable mortgage
- Individuals with credit scores as low as 500 (higher scores get better terms)
- Borrowers with moderate or low income looking for a low down payment option
- Applicants with a higher debt-to-income (DTI) ratio than conventional loan limits allow
- Those purchasing a primary residence, including single-family homes and multi-unit properties
Benefits of An FHA Loan
FHA loans provide financial flexibility, lower upfront costs, and easier approval standards, making them an ideal choice for many homebuyers.
Frequently Asked Questions About FHA Loans
What is an FHA loan?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration (FHA). These loans help borrowers with lower credit scores or limited savings qualify for home financing.
What are the credit score requirements for an FHA loan?
Lenders may have additional requirements based on your financial history.
- 580+ credit score: Qualifies for a 3.5% down payment
- 500-579 credit score: Requires a 10% down payment
How much down payment is required for an FHA loan?
Borrowers need 3.5% down with a 580+ credit score or 10% down with a score between 500-579. Gift funds and assistance programs can help cover down payments.
What is Mortgage Insurance Premium (MIP), and when is it required?
FHA loans require Mortgage Insurance Premiums (MIP), which include:
If you put 10% down or more, the annual MIP is removed after 11 years
- Upfront MIP: 1.75% of the loan amount (paid at closing or rolled into the loan)
- Annual MIP: 0.50%-0.55% of the loan amount, depending on down payment and loan term
If you put 10% down or more, the annual MIP is removed after 11 years
What types of properties qualify for FHA loans?
FHA loans are only available for primary residences. Eligible properties include:
- Single-family homes
- FHA-approved condos
- Multi-unit properties (up to four units, as long as the borrower occupies one)
Loan Insights & Guides
Explore our expert-backed guides on loan options, home financing, and neighborhood insights to help you make informed decisions with confidence.
What Your Escrow Account Pays For
By Sean Hill | NMLS #1832670 | Last updated: September 7, 2026 Here’s your escrow account explained in
September 11, 2026
A Breakdown of Closing Costs When Buying a Home
By Paul Holzmeyer | NMLS #2508718 | Last updated: August 26, 2026 Closing costs when buying a house
August 28, 2026
How Down Payment Assistance Programs Work
By Corey Tressler | NMLS #1767005 | Last updated August 20 2026 Down payment assistance programs cover some
August 21, 2026