Please ensure Javascript is enabled for purposes of website accessibility

FHA

Loan Program

FHA

FHA
  • An FHA mortgage is a home loan insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD).
  • FHA loans require a minimum down payment of 3.5% of the purchase price.
  • Borrowers with a credit score of 580 or higher may be eligible for an FHA loan with a lower down payment requirement.
  • FHA loans have flexible underwriting standards, making them accessible to borrowers with less-than-perfect credit.
  • FHA loans require upfront and ongoing mortgage insurance premiums (MIP), which protect the lender in case the borrower defaults on the loan.
  • The MIP can be paid upfront or added to the loan balance.
  • FHA loans have maximum loan limits that vary by location and are adjusted annually.
  • FHA loans can be used to purchase a primary residence or refinance an existing FHA loan.
  • FHA loans have fixed or adjustable interest rates, and terms typically range from 15 to 30 years.
  • The property being purchased with an FHA loan must meet certain minimum property standards set by HUD.
  • Borrowers may be able to use gift funds or grants from a government agency or nonprofit organization to help with the down payment or closing costs.
  • FHA loans can be assumable, meaning that a future buyer can take over the remaining balance of the loan.
  • Borrowers can use an FHA 203(k) loan to finance the purchase and renovation of a home in one transaction.
Requirements

Down Payment: 3.5% of the final loan amount
Terms: 10, 15, 20, 25, 30 years, fixed and ARM
Credit Score: 500* minimum
Mortgage Insurance: Yes, one-time, up-front and monthly
Maximum Loan Limit: Yes, varies by county
* Under 580 requires 10% down payment

TERMS: 30 AND 15 YEAR, FIXED
Down Payment: None
Credit Score: 640 minimum
Mortgage Insurance: Yes
*Closing costs and fees may still apply.

PRMI NMLS 3094. PRMI IS AN EQUAL HOUSING LENDER. SOME PRODUCTS AND SERVICES MAY NOT BE AVAILABLE IN ALL STATES. CREDIT AND COLLATERAL ARE SUBJECT TO APPROVAL. TERMS AND CONDITIONS APPLY. PROGRAMS, RATES, TERMS AND CONDITIONS ARE SUBJECT TO CHANGE AND ARE SUBJECT TO BORROWER(S) QUALIFICATION. THIS IS NOT A COMMITMENT TO LEND. THE CONTENT IN THIS WEBSITE HAS NOT BEEN APPROVED, REVIEWED, SPONSORED OR ENDORSED BY ANY DEPARTMENT OR GOVERNMENT AGENCY. 1480 NO. 2200 WEST | SALT LAKE CITY, UT 84116