Summary
FHA loans offer first-time homebuyers a more accessible path to homeownership by allowing down payments as low as 3.5% and credit scores as low as 500. Backed by the Federal Housing Administration but issued by private lenders, these loans accommodate borrowers with limited savings, weaker credit, or higher debt-to-income ratios. However, borrowers must pay upfront and ongoing mortgage insurance, which can increase long-term costs. FHA loans also impose property standards and generally require homes to serve as primary residences. For 2026, FHA loan limits reach $541,287 in most areas, with higher limits in expensive markets.
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