Who qualifies for an FHA loan?

At Rocket Mortgage, these are the general guidelines for getting an FHA loan: 580 or better credit At least a 3.5% down payment (you can use down payment assistance to help with that) Money for closing costs: roughly 3-6% of the home price Less than half of pre-tax income going to pay debt Steady employment history If your details are close to these numbers and you want to buy a home soon, getting prequalified is a great way to understand your options.

FHA loan rates

Explore Rocket Mortgage® FHA loan rates for buying a home. If you want better than a general idea of rates, we can help find the right option at the best rate for you.

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Purchase rates

Refinance rates

Monthly payment examples below are for a loan amount of $350k. Taxes and insurance not included within the estimate; actual payment amount will be greater.

30-year FHA

Rate

5.99%

APR

6.845%

Monthly payment$2,242

Points

2 ($7,000)

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25-year FHA

Rate

6.125%

APR

7.063%

Monthly payment$2,427

Points

1.875 ($6,563)

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20-year FHA

Rate

6.125%

APR

7.197%

Monthly payment$2,677

Points

1.875 ($6,563)

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15-year FHA

Rate

5.75%

APR

6.694%

Monthly payment$2,950

Points

2 ($7,000)

Estimate my rate Learn about FHA loans

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Rates are current as of 5:26 PM UTC on June 7, 2026

Explore the connection between rate and monthly payment

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If you’re watching rates, what you see is rarely what you’ll get. Start an application or chat with an expert to see what your rate could be.

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What factors determine your FHA loan rate?

FHA interest rates are affected by a variety of things. Some you can influence; others you can’t. Let’s review a few.

Credit score

A higher credit score predicts you’re more likely to pay back your loan. You’re considered a lower risk and may get a lower interest rate.

Debt-to-income ratio (DTI)

When less of your income goes toward debt, the more you have to pay your mortgage. So a lower DTI can mean a lower interest rate.

Market conditions

The Federal Reserve (the central bank of the U.S.), inflation and the housing market all affect FHA mortgage rates.

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Pros and cons of an FHA loan

Pros

Less stringent credit guidelines are primarily what FHA loans are known for. At Rocket Mortgage®, you could qualify with as low as a 580 credit score – lower than any loan type except VA.

More forgiving credit history guidelines, from not having a lot to some bumps in your past.

Flexible debt-to-income ratio guidelines. You may be able to get an FHA loan with more of your income going to debt than some other loan types.

Cons

Mortgage insurance premiums. This insurance helps cover the cost of mortgage default. FHA loans require an upfront amount and you’ll also pay insurance with each mortgage payment.

Minimum property requirements. Similar to VA loans, the property you’re considering will need to meet standards set by the FHA.

FHA loan limits. The FHA limits the loan amount they’ll insure. If you exceed this limit, you may need a larger down payment, or need a different loan that could have different requirements.

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FHA loan rates frequently asked questions

Don’t see your question here? We love helping people understand how rates work and what yours could be. Just talk to us.

An FHA loan is a kind of mortgage used for financing a home. The Federal Housing Administration (FHA) is part of the U.S. Department of Housing and Urban Development, also known as HUD. The FHA insures loans made by FHA-approved lenders, like Rocket Mortgage.

The FHA was created in 1934 to make it easier for people to become homeowners, and today FHA loans are still doing that because they have less stringent requirements than conventional loans.

Here’s a look at how two other popular loans we offer for buying a home, conventional and VA, compare to FHA loans:

Down payment: FHA loans used to have one of the lowest down payments (3.5%), but now Rocket Mortgage has loans with down payments as low as 1%. And if you’re eligible for a VA loan, you could need no down payment at all.

Credit: You can have credit as low as 580 to qualify for an FHA or a VA loan. For conventional, we require 620 or better. You can also have less credit history, or not so perfect credit compared to conventional.

Mortgage insurance: FHA loans require mortgage insurance paid upfront when you get your loan and paid monthly with your mortgage payment. Conventional loans require monthly mortgage insurance if your down payment is less than 20%. VA loans also require an upfront fee similar to mortgage insurance, but no monthly mortgage insurance.

Inspections: You can expect an appraisal of the home you’re buying for all three loan types. FHA and VA loans have a few more requirements to make sure the home is safe and in good condition.

You should get the mortgage that’s right for your situation. That may be an FHA loan if your details mean you don’t qualify for other loans. For example, an FHA loan may be your best option if your credit is under 620. If you’re thinking about buying a home within the next few months, the best way to discover your options is to get prequalified and talk to a Home Loan Expert.

Rocket Mortgage offers a few different kinds of FHA loans for buying a home. You can get an FHA loan with a fixed interest rate and a term (loan length) of 15, 20, 25 or 30 years.

If the home you’re financing is over certain loan limits, we offer FHA jumbo loans.

We also offer FHA loans with an adjustable interest rate. This FHA loan has a fixed rate for the first 5 years, then can change every year after.

You can even get an FHA jumbo ARM! You don’t need to figure out which one is best for your situation, though. We’ll help find what’s right for you.

At Rocket Mortgage, these are the general guidelines for getting an FHA loan:

580 or better credit

At least a 3.5% down payment (you can use down payment assistance to help with that)

Money for closing costs: roughly 3-6% of the home price

Less than half of pre-tax income going to pay debt

Steady employment history

If your details are close to these numbers and you want to buy a home soon, getting prequalified is a great way to understand your options.

Compared to the most popular home loan, the 30-year fixed conventional, FHA loans do typically have lower interest rates. That’s because they’re insured by the Federal Housing Administration, so they’re less risky for lenders.