FHA loans
FHA loans, explained
FHA loans are made by private lenders and insured by the Federal Housing Administration. That insurance lets lenders offer more flexible credit guidelines. Eligibility applies.
Call or text (615) 949-4780 · Answered 24/7 for booking
Booked calls are with a member of the Iron Hill team. Home loans are handled by a licensed loan officer.
- Flexible credit guidelines
- For homes you'll live in, including some 2–4 unit homes
- Side-by-side comparison with conventional
Ask about FHA loans
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What an FHA loan is
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban Development (HUD). The insurance protects the lender if a loan isn't repaid. That's why FHA guidelines can be more flexible on credit than many conventional loans.
You still need steady income, a credit history the program accepts, and a home that meets FHA property standards.
Iron Hill Mortgage is a private company. We are not a government agency, and we are not endorsed by HUD or the FHA.
Who FHA loans often fit
- Buyers who are still building credit, or rebuilding it
- Buyers with a smaller amount saved
- First-time buyers and repeat buyers
- Buyers of a home they'll live in, including a 2–4 unit home where they live in one unit
About FHA mortgage insurance
FHA loans include mortgage insurance: an upfront premium and an annual premium paid monthly. How long it lasts depends on your loan. On many FHA loans it lasts for the life of the loan unless you refinance. Some homeowners later refinance to a conventional loan to remove it. Your Loan Estimate shows the full cost.
FHA or conventional?
| Feature | FHA | Conventional |
|---|---|---|
| Backing | Insured by the FHA | Not insured or guaranteed by a government agency |
| Credit | Often more flexible | Stronger credit usually gets better pricing |
| Mortgage insurance | Upfront and annual premiums | PMI on many loans, under federal cancellation rules |
| Property | A home you'll live in | Primary homes, second homes and more |
| Loan limits | Set by HUD for each county, updated yearly | Set each year by FHFA, higher in some high-cost counties |
General program features, not an offer. FHA limits are published by HUD: HUD FHA mortgage limits (opens in a new tab).
How it works
Four clear steps. You decide at every one.
Tell us your goal
Book a call, text us, or fill out the short form. A few minutes is enough to start.
We look at your options
We review your situation and compare loan options that fit it.
You get it in writing
When you apply, you get an official Loan Estimate with the real costs and terms.
We guide you to closing
We keep you, the title company and your agent, if you have one, updated through closing.
Buying a rental you won't live in?
FHA loans are for homes you'll live in. For rentals, flips and new builds, see our investor loans.
Common questions
What is an FHA loan?
It's a mortgage made by a private lender and insured by the Federal Housing Administration. That insurance lets lenders offer more flexible credit guidelines. FHA loans are for homes you'll live in, and eligibility rules apply.
What are the FHA loan requirements?
Steady, documented income, a credit history the program accepts, enough funds to close, and a home you'll live in that meets FHA property standards. Exact requirements depend on your full file, so we'll review yours.
Is FHA or conventional better for me?
FHA can be easier to qualify for if your credit is still building. Conventional can cost less over time if your credit is strong. We'll compare both with your numbers.
How long does FHA mortgage insurance last?
It depends on your loan. On many FHA loans it lasts for the life of the loan unless you refinance. Your Loan Estimate shows the full cost.
What's the difference between MIP and PMI?
MIP is the mortgage insurance on FHA loans, paid to the FHA. PMI is private mortgage insurance on conventional loans. They're priced differently and end under different rules.
Can I use an FHA loan to buy a rental property?
Not a pure rental. FHA loans are for homes you'll live in. You may be able to buy a 2–4 unit property and live in one unit. For rentals you won't live in, see our investor loans.
What are the FHA loan limits?
They're set by county and can change each year. HUD publishes the current limits. We'll check the limit where you're buying.
Keep exploring
Conventional loans
Compare with conventional.
Learn more: Conventional loansBuy a home
The steps from first call to keys.
Learn more: Buy a homeMarkets we serve
Local pages with housing data and the loans that fit each market.
Talk it through with our team
Book a short call, or text us your question. We'll explain your options in plain language.
Call or text (615) 949-4780 · Answered 24/7 for booking
Booked calls are with a member of the Iron Hill team. Home loans are handled by a licensed loan officer.