Loan programs
FHA loan
In short
An FHA loan is insured by the Federal Housing Administration for lower down payments and more flexible credit. It carries its own mortgage insurance (MIP).
An FHA loan is a government-insured mortgage designed to widen access to homeownership, with lower down-payment and more flexible credit requirements than many conventional loans.
The trade-off is mortgage insurance: FHA loans carry an upfront premium and an annual premium (MIP), and on most FHA loans today the annual premium lasts the life of the loan unless you refinance out. That's the crux of comparing FHA with conventional.
FHA is a strong fit for some first-time and credit-rebuilding buyers, but whether it beats a conventional loan depends on your specific credit, down payment, and how long you'll keep the loan.
Related
Current as of August 2026.