01How much do I need to put down?+
FHA allows 3.5% down with a qualifying credit score of at least 580. Scores from 500–579 require at least 10% down under FHA rules. Lenders can set higher credit requirements. Closing costs are separate.
02What credit score do I need?+
FHA’s minimum is 500, with 10% down. The 3.5% down option starts at 580. A lender may require a higher score or additional qualifications, so meeting the FHA minimum does not guarantee approval.
03How much is FHA mortgage insurance?+
Most FHA purchase loans charge 1.75% of the base loan amount upfront, which can usually be financed, plus an annual premium collected monthly. The annual rate depends on the loan amount, term, and down payment.
04Does FHA mortgage insurance go away?+
For new FHA loans, annual mortgage insurance generally lasts for the full loan term when you put less than 10% down. With at least 10% down, it generally lasts 11 years. It does not automatically disappear at 20% equity like conventional borrower-paid PMI.
05Do I have to be a first-time buyer?+
No. Repeat buyers can use FHA financing too. The home generally must be your primary residence; FHA purchase financing is not intended for vacation homes or investment-only properties.
06Can I use gift funds for the down payment?+
Yes. Gifts from eligible donors can cover the required down payment when properly documented. Eligible assistance programs may also help. The funds must meet FHA source and documentation rules.
07Can I buy a duplex, triplex, or fourplex?+
Yes, FHA permits eligible 2–4 unit properties when you occupy one unit as your primary home. Three- and four-unit homes have additional requirements, including a rental-income self-sufficiency test.
