An FHA loan is a mortgage insured by the Federal Housing Administration, designed for lower down payments and less stringent credit requirements, making it a popular choice for first-time home buyers. Talk to a Mortgage Advisor

How much down payment do I need for an FHA loan?

FHA loans typically require a minimum down payment of 3.5% if your credit score is 580 or higher. Let's discuss how your unique income can work towards securing your mortgage.

Can first-time home buyers get better rates with FHA loans?

FHA loans offer competitive interest rates, which can be particularly advantageous for first-time buyers with less established credit. Reach out to us to discuss how we can work with your unique financial history.

What are the credit score requirements for an FHA loan?

The minimum credit score for an FHA loan is usually 580 for a 3.5% down payment. Scores between 500 and 579 may require a 10% down payment. Have less than perfect credit score? Don't worry! Our mortgage experts will help you improve your credit score before applying. Talk to an expert now.

Are there any income limits for FHA loans?

No, FHA loans do not have specified income limits, but borrowers must have a debt-to-income ratio within acceptable limits to qualify. Speak to an Advisor.

FHA Loans for First-Time Home Buyers

Are you dreaming of owning your first home but feel overwhelmed by the process?

Our FHA loan solutions are designed with first-time home buyers like you in mind.

Down Payment as low as 3.5%
Low Credit Requirements & High DTI Ratio
Lowest Interest Rates, No Commission

Get Pre-approved

FHA Loans for First-Time Home Buyers

Are you dreaming of owning your first home but feel overwhelmed by the process?

Our FHA loan solutions are designed with first-time home buyers like you in mind.

Down Payment as low as 3.5%
Low Credit Requirements & High DTI Ratio
Lowest Interest Rates, No Commission

Get Pre-approved

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Ideal Loans for First Time Home Buyers

FHA Loans: Features & Benefits

Easy eligibility, affordable terms, and fast preapproval - ideal for first time home buyers like you!

1. Gift money can be use as downpayment.

2. Low credit score requirements.

3. Downpayment as low as 3.5%.

4. Up to 43% DTI Ratio & co-signers allowed.

Get Pre-approved

The maximum FHA loan limit in a high-cost county has increased to $1,149,825 in 2024. Read full FHA loan eligibility criteria for 2024 here.

Get Pre-Approved Now!

Let's turn that 'maybe' into a 'definitely'! Get pre-approved for an FHA loan in as less as 2 minutes.

A pre approval not only gives you the confidence to bid on your first home but also puts you in a great spot as a buyer.

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A culture of helping their people.

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Part time or contact work

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Self-funded healthcare plans

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Eligibility/ Requirements

Ensuring the Security of Your Money

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FHA Calculator

The tools you need to make that next step

How much home can I afford? Should I pay points to get a lower rate? Should I refinance? Tap to find out.

Use our calculators

Estimate your FHA Loan payment:

1. Home Value:
2. Down Payment:
3. Down Payment Percent:
4. Loan Term:
  30 years
  
  15 years
5. Interest Rate: 2.957% APR Estimated rate, yours may differ.
6. Credit Score:
  Excellent 720+
  
  Good 680-719
  
  Fair 640-679
  
  Poor Below 640
7. Loan Type:
  
  FHA Purchase Loan
8. Property Tax Rate: Property taxes are generally estimated to be 1.8% of the home's value, but may vary based on your location. Your Loan Officer can help you determine property tax rates in your area.
9. Homeowner’s Insurance: Annual homeowners insurance is typically 0.35% of the home's value but can vary based on insurer.

Your Estimated
Monthly Payment:
$910

Principal & Interest $611
Taxes $150
Insurance $44
Annual MIP $104

Loan Totals:

Purchase Price $150,000
Down Payment $5,250
Upfront MIP $2,533
Total Loan Amount $147,283

Estimated Taxes & Insurance: Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.

Annual MIP The Annual MIP ranges from 0.45% to 1.05% depending on loan term, loan amount and down payment. However, for most FHA borrowers, the Annual MIP is 0.85% of the loan amount. The Annual MIP can last for the life of the loan, or be removed after 11 years if the original down payment is 10% or more.

Upfront MIP The Upfront MIP, sometimes referred to as the FHA funding fee, is 1.75% of the loan amount. This fee is due at closing and is typically financed into the entire loan amount to reduce out of pocket costs.

Amount Financed Purchase Price (-) Down Payment (+) Upfront MIP

Estimated Monthly Payment:

$910

See Payment Breakdown

Our Streamlined Mortgage Approval Process

At Austin Capital Mortgage, we've streamlined our approach to make your journey to homeownership, refinancing, or accessing equity as smooth and stress-free as possible.