Check out current rates for a 30-year FHA loan.

These rates and APRs are current as of $date and may change at any time. They assume you have a FICO® Score of 740+ and a down payment of at least 3.5%, that the loan is for a single-family home as your primary residence and that you will purchase up to one mortgage point.

Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. Connect with a mortgage loan officer to learn more about mortgage points.

See all FHA mortgage rates See all mortgage rates

FHA loan calculator

Use our mortgage calculator to get an estimate of your monthly mortgage payment.

Ready to buy the home you love?

Step 1

Get prequalified for a basic estimate of what you may be able to borrow.

Prequalify

Step 2

Start your application if you’ve found a home you love.

Start your application

Get answers to common questions.

Federal Housing Administration (FHA) mortgages are low down payment, fixed-rate home loans with credit score requirements lower than those of conventional mortgages. The FHA guarantees these loans to approved lenders with the intent of helping low-to-moderate income buyers. A 30-year FHA mortgage has a term life of 30 years and a 15-year term is also available.

First, the FHA determines your eligibility to apply for an FHA loan. Then, after meeting the FHA criteria to apply, you’ll also need to meet the credit criteria of the approved lender, like U.S. Bank. These credit requirements vary by lender but usually include things like credit score and down payment amount. Our experienced mortgage loan officers can assist you with your application and answer any questions you have.

There are many FHA loan benefits and considerations you should keep in mind when evaluating your loan options.

  • Low down payments: Depending upon your credit score, your down payment may be as low as 3.5% of the loan amount. Also, you may be eligible for programs that help with the down payment.
  • Less stringent down payment rules: 100% of the down payment on an FHA loan can be gifted from a relative, friend, charity or your employer or workers’ union.
  • Lower credit requirements: Credit requirements (for example, below average credit scores) are usually lower than those of conventional mortgages.
  • Loan relief: If you experience a financial hardship, you may be eligible for loan relief.
  • No prepayment penalty: You can repay your loan before the end of the term without any penalties.
  • Assumable mortgage: If you wish to sell your home, the buyer may be able to “assume” or take over your FHA mortgage.

Credit requirements for an FHA loan vary by lender. At U.S. Bank, with a credit score of 640 or higher, you can apply for an FHA mortgage with a down payment of 3.5% of the loan amount. Talk with a U.S. Bank mortgage loan officer to learn more about qualifying for an FHA loan.

FHA loans are popular with first-time homebuyers, but being a first-time homebuyer is not required for eligibility. Below is a summary of the requirements, but exceptions may apply.

As an FHA borrower:

  • You must maintain mortgage insurance for a minimum of 11 years.
  • Your total monthly debts must be no higher than 50% of your gross monthly income. Your total monthly debts include all monthly payments from your credit report and the new proposed housing expense.
  • You must show proof of steady employment or have worked for the same employer for the past two years.
  • You must have a loan amount below the FHA mortgage loan amount limit. This limit caries by state, county and type of property.
  • You must not have declared bankruptcy within the past two years.
  • You must not have been in foreclosure within the past three years.

The property must:

  • Be your primary residence
  • Be a single-family home, a one- to four-unit building or an FHA approved condominium, manufactured home or mobile home
  • Not be an investment property
  • Be appraised by an FHA-approved appraiser
  • Be in good condition. The FHA requires the seller to make any needed repairs before closing and have a final inspection showing that they were made.

All FHA loans must have mortgage insurance. This is regardless of the borrower's credit score and down payment. The FHA uses these funds to cover the costs of defaults.

FHA mortgage insurance is usually more expensive than the private mortgage insurance (PMI) required on a conventional loan. Plus, you must maintain the FHA loan insurance for a minimum of 11 years. By contrast, for applicable conventional loans, you must maintain private mortgage insurance (PMI) only if your down payment is below 20% of the loan amount or until your home equity reaches 20%.

There are two types of FHA mortgage insurance:

  • Upfront mortgage insurance premium (UFMIP): This is a one-time upfront charge of 1.75% of your loan amount. You may pay it in full at closing or add it to your loan balance.
  • Mortgage Insurance Premium (MIP): This is an annual insurance premium that is required to be paid monthly. Your lender will incorporate it into your monthly mortgage payment. Amounts for this insurance range from 0.80% to 1.05% of the loan balance on a 30-year FHA.

Talk with a U.S. Bank mortgage loan officer to learn more about FHA mortgage insurance.

There are important differences between an FHA loan and a conventional loan. Which one is better for you depends upon your financial situation. Consider the following:

  • An FHA loan may be your best and only option if you don’t meet the credit qualifications of a conventional loan. Though a conventional mortgage is a better option if your credit score is above 740 and you can afford a 20% down payment. Then you wouldn’t need to pay for the expensive mortgage insurance (both UFMIP and MIP) required for FHA loans. However, mortgage insurance may still apply to conventional loans when the down payment is less than 20%.
  • If you can only make a small down payment, your credit score will dictate which loan is best for you. The cost of PMI on a conventional loan goes down as your credit score goes up. While the cost of FHA mortgage insurance is not determined by your credit score.
  • A conventional loan may be your only option if the property does not meet FHA requirements.

An experienced U.S. Bank mortgage loan officer can help you determine the best option for you.

Take the next step

Start your application
Call 888-291-2334
Request a call
Find a mortgage loan officer
Start of disclosure content
Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

Start of disclosure content

  1. FHA loans: The annual percentage rate (APR) calculation assumes a $270,019 fixed-term loan ($265,375 base amount plus $4,644 upfront mortgage insurance premium) with a 3.5% down payment, monthly mortgage insurance premium of $176.30, and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable.

  2. Annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans.

Start of disclosure content

The rates shown above are the current rates for the purchase of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your final rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To lock a rate, you must submit an application to U.S. Bank and receive confirmation from a mortgage loan officer that your rate is locked. An application can be made by calling 888-291-2334, by starting it online or by meeting with a mortgage loan officer.

Minnesota properties: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206. 

Calculators are provided by Leadfusion. This calculator is being provided for educational purposes only. The results are estimates that are based on information you provided and may not reflect U.S. Bank product terms. The information cannot be used by U.S. Bank to determine a customer's eligibility for a specific product or service. All financial calculators are provided by the third-party Leadfusion and are not associated, controlled by or under the control of U.S. Bank, its affiliates or subsidiaries. U.S. Bank is not responsible for the content, results, or the accuracy of information.