Not sure if an FHA loan is right for you?
With Rocket Mortgage® by Quicken Loans, our faster, simpler and totally online way to get a mortgage, you can find out which loan option is right for you.
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Advantages of FHA Loans
- You can qualify with a lower credit score compared to other loans.
- You can buy a home with a down payment as low as 3.5%.
- If you already have an FHA loan, you can refinance with FHA Streamline to lower your interest rate.
- You may qualify even if you’ve had financial difficulties in the past, like a bankruptcy.
- You may be able to roll your closing costs into your loan.
The Benefits of Getting a Loan from Quicken Loans
- We’re an FHA-approved lender and process FHA loans every day.
- You get a completely online application with less paperwork.
- Home Loan Experts are available via chat, email and phone to help you understand whether an FHA loan is right for you.
- We service 99% of our mortgages, so our great customer service continues after you close.
- We don’t charge you to make your mortgage payments online.
- You can pay off your mortgage ahead of time with no penalties.
How It Works
The Different Types of FHA Loans
- FHA loans are available with different terms, so you can choose the length of the mortgage that works for you.
- Think you’ll refinance or move within a few years? An FHA adjustable rate mortgage comes with a low fixed rate for the first five years.
How FHA Loans Work
- You get an FHA loan from an FHA-approved mortgage lender.
- The loan is insured by the Federal Housing Administration.
- Because of that insurance, the credit and income requirements for an FHA loan are more lenient.
- To help fund the FHA program, in most cases you’ll pay mortgage insurance, which is added on to your monthly payment.
- The home you want to buy will have to meet the FHA’s minimum property standards.