This table shows rates for FHA mortgages through U.S. Bank.
Term 30-year fixed - FHA
This table shows rates for FHA mortgages through U.S. Bank.
Term Rate APR
30-year fixed - FHA

What is an FHA loan?

A Federal Housing Administration (FHA) loan is a government-backed home mortgage loan with more flexible lending requirements than conventional loans. Because of this, FHA mortgage interest rates may be somewhat higher. The buyer will also have to pay monthly mortgage insurance premiums, along with their monthly loan payments. FHA loans come in 15- and 30-year options. Check out today’s 30-year FHA rates.

FHA mortgage insurance

The Federal Housing Administration (FHA) insures FHA loans. The FHA qualification process may be easier because it has more flexible down payment and credit requirements. If you're a current military member or veteran, you may be eligible for a VA home loan with little or no down payment.

FHA loan benefits and considerations

FHA down payments can be lower

An FHA mortgage may require a down payment as low as 3.5 percent. The interest rate may be somewhat higher than that of a conventional mortgage.

Required credit scores for FHA loans are lower

Home buyers can qualify for FHA loans without having a long credit history or good credit score.

FHA loan requirements and qualifications

  • FHA loan limit - FHA home loans have maximum mortgage limits that vary by state and county.
  • FHA down payment - FHA loan guidelines require a minimum down payment of 3.5 percent.
  • FHA property requirements - FHA loans require that the home being purchased meets certain conditions and is appraised by an FHA-approved appraiser. New FHA loans are available only for homes that will be used as the buyer’s primary residence.
    • Have been appraised by an FHA-approved appraiser
    • Will be used as the buyer’s primary residence (where the buyer lives)
    • Protect the health and safety of the occupants
    • Protect the security of the property
    • Do not have physical deficiencies or conditions affecting its structural integrity

An FHA mortgage may be right for you if your credit does not meet the requirements for a conventional loan, or if you have limited cash for a down payment. Compare mortgage options to learn more, or contact a mortgage loan officer for help deciding which mortgage option is right for you.