FHA loans make homeownership accessible with lower credit requirements and smaller down payments. Our AI advisor explains how FHA loans work, who qualifies, and whether it's the right choice for you.
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The biggest FHA downside: MIP lasts the life of the loan if you put down less than 10%. With a conventional loan, PMI disappears at 20% equity. Ask our AI to run the numbers for your specific situation.
FHA MIP includes an upfront premium (1.75% of the loan, usually rolled into the loan) and an annual premium (0.55–1.05%) paid monthly. Unlike conventional PMI, FHA MIP lasts the life of the loan if your down payment is under 10%. After 11 years with 10%+ down, MIP falls off.
Yes — and many buyers do. Once you have 20%+ equity and your credit improves, refinancing into a conventional loan removes the MIP requirement and can lower your rate. Ask our AI when this makes sense for your timeline.
Chapter 7 bankruptcy: 2-year waiting period after discharge. Chapter 13: 1 year of on-time payments and court approval. FHA is often the fastest path back to homeownership after financial hardship.
FHA loan limits vary by county. In 2025, the national floor is $524,225 for a single-family home and up to $1,209,750 in high-cost areas (like parts of CA, NY, HI). Check the HUD website for your county's specific limit.
Ask our AI — tell us your credit score and down payment and we'll walk through your options.
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NMLS #1598577 · For informational purposes only · Not financial advice