FHA Loans
A common first step into homeownership.
FHA loans are government-insured mortgages designed to help buyers who have limited down payment savings or a credit profile that's still being built. They're often the right fit — and sometimes not. We'll help you see the full picture.
FHA at a glance
What makes an FHA loan different
- 3.5% minimum down with a 580+ credit score (lender guidelines apply).
- More flexible DTI & credit than typical conventional loans.
- Gift funds allowed — down payment can come from family.
- Mortgage Insurance — upfront MIP and monthly MIP apply for the life of most FHA loans. This is the main tradeoff.
- Loan limits — FHA county limits apply (vary by MD/VA county).
Who FHA fits best
FHA typically makes sense when:
- Your credit is in the 580–679 range.
- You need flexibility on DTI.
- Your down payment budget is tight and you want to pair with DPA.
If you have strong credit (700+) and 5%+ down, a conventional loan often has lower total cost because of how mortgage insurance works. We'll model both for you.
See Conventional Options
FAQ
FHA questions we hear
Can I remove FHA mortgage insurance later?
For most current FHA loans, monthly MIP stays for the life of the loan unless you put 10%+ down. A common path is to refinance into a conventional loan once you have ~20% equity and strong credit.
Can I combine FHA with a state DPA program?
Yes. Many of our VA and MD buyers pair FHA with Virginia Housing or MMP down payment assistance. We coordinate the full package.
Are there property condition requirements?
FHA appraisals include minimum property standards. Major safety or structural issues may need repair before closing. We flag likely issues early so you don't get surprised.
Is FHA right for you?
A TMES advisor will model FHA and conventional side by side so you can see the full-picture cost.
Program guidelines subject to change. Not a commitment to lend. NMLS ID# 205178.