Can I put more than 3.5% down?

Yes, you can opt to pay a larger down payment.¥n¥nWhy put down more? The more you put down, the lower your monthly mortgage payment will be.¥n¥nOr you could decide to go with the lowest down payment and use the funds for closing costs. We’ll help you know which strategy is best for you.

How do interest rates for FHA loans compare to other options?

FHA loans are backed by the government, so rates tend to be lower than conventional mortgage rates.¥n¥nThe rate you get will depend on your financial history, the amount you’re borrowing, your down payment amount and other factors.

What are my refinancing options with an FHA loan?

Like other types of refinances, an FHA loan refinance lets you swap your existing home loan for a new one, which usually means new loan terms.¥n¥nAn FHA simple refinance is for homeowners who already have an FHA loan and are looking to lower their interest rate or monthly payment. You can also switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan.¥n¥nAn FHA streamline refinance is also available for people who have an FHA loan. But a streamline refinance doesn’t typically require an appraisal or in-depth credit report.¥n¥nAn FHA cash-out refinance lets you take on a new mortgage with a larger loan amount, paying you the difference in a lump sum.¥n¥nRead more about FHA refinancing options.

For home buyers and homeowners

FHA loan

Designed with flexible requirements and down payments as low as 3.5% to help more buyers qualify.

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Making homeownership more accessible

3.5% down payment

Put down just 3.5% of your home’s purchase price.

Lower credit requirements

Your credit doesn’t have to be perfect, and you may be able to qualify with past financial issues.

Flexible borrowing options

Choose a 15-year or 30-year term for buying a home or refinancing your current mortgage.

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Guidelines for this loan

If your details are close to these guidelines, we encourage you to apply or talk to us.

About refinancing

About credit and debt

About MIP

About closing costs

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Rocket Assist is here 24/7 to guide you through your mortgage questions - fast, clear, and stress-free. And when the moment’s right, we’ll connect you to a mortgage expert who can help you get started.

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Estimate and explore

Calculators are a great way to learn and see what's possible.

Get more in-depth details

Articles that give you more information about this loan and explain how mortgages work.

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12-minute read

FHA loans: Requirements, loan limits and rates

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10-minute read

FHA vs. conventional loan: Definition and differences

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8-minute read

FHA loan refinances: Requirements, pros and cons

12-minute read

FHA loans: Requirements, loan limits and rates

10-minute read

FHA vs. conventional loan: Definition and differences

8-minute read

FHA loan refinances: Requirements, pros and cons

Frequently asked questions

Answers to questions about this loan we heard from people like you during research.

Yes, you can have a co-borrower for your FHA loan. At least one person on the loan must live in the house as their primary residence.

Depending on your financial situation, a co-borrower may help make it easier to qualify for a home loan.

In order for you to qualify for the 3.5% down payment on an FHA loan, your co-borrower needs to be a family member. The FHA considers the following to be family members:

Parents (including stepparents and foster parents)
Spouses or domestic partners
Children (including stepchildren, foster children and adopted children)
Siblings (including step-siblings)
Grandparents (including step-grandparents and foster grandparents)
Aunts and uncles
In-laws

Yes, you can opt to pay a larger down payment.

Why put down more? The more you put down, the lower your monthly mortgage payment will be.

Or you could decide to go with the lowest down payment and use the funds for closing costs. We’ll help you know which strategy is best for you.

No, repeat home buyers may also qualify for FHA loans. You can also use an FHA loan to refinance your current mortgage.

FHA loans are backed by the government, so rates tend to be lower than conventional mortgage rates.

The rate you get will depend on your financial history, the amount you’re borrowing, your down payment amount and other factors.

Yes, it's possible to use some kinds of down payment assistance when you qualify for an FHA Loan. Our Home Loan Experts can figure out what you might be eligible for.

Like other types of refinances, an FHA loan refinance lets you swap your existing home loan for a new one, which usually means new loan terms.

An FHA simple refinance is for homeowners who already have an FHA loan and are looking to lower their interest rate or monthly payment. You can also switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan.

An FHA streamline refinance is also available for people who have an FHA loan. But a streamline refinance doesn’t typically require an appraisal or in-depth credit report.

An FHA cash-out refinance lets you take on a new mortgage with a larger loan amount, paying you the difference in a lump sum.

Read more about FHA refinancing options.

Learn more about FHA loans

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Achieve your homeownership goals with an FHA loan

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