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affordable financing for first-time buyers
government-backed loan with flexible credit and down payment options
FHA Loans are insured by the Federal Housing Administration (FHA) and designed to help members who have limited savings or credit history. These loans offer more flexible qualification requirements and down payments as low as 3.5% for eligible borrowers.
If you’re just getting started on your homeownership journey, our local mortgage advisors are here to help you explore FHA loan options and get prequalified with confidence.
Features
- Low down payment – As little as 3.5% down for qualified borrowers
- Flexible credit requirements – Great for members with limited credit history or past credit challenges
- Government-insured loan – Backed by the Federal Housing Administration (FHA)
- Fixed Rate Mortgage available – Predictable payments over the life of the loan
- Supportive process – Work with a United mortgage advisor for guidance from start to finish
Requirements
- Credit score 500+
- 500 - 579 = 10% down payment required
- 580+ = 3.5% down payment required
- Debt-to-income ratio of less than 55%
- Must be borrower's primary residence
- Borrow must have steady income and proof of employment
Ideal For
While FHA loans are available to a broad range of borrowers, they are most commonly chosen by those purchasing a primary residence who have less-than-perfect credit and limited funds for a down payment.
Frequently Asked Questions
A: An FHA loan is a government-insured mortgage backed by the Federal Housing Administration. It is designed to help borrowers with limited savings or lower credit scores qualify for homeownership. Because the loan is FHA-insured, lenders can offer more flexible credit, income, and down payment requirements.
To learn whether an FHA loan is right for your situation, talk with a Mortgage Advisor.
A: FHA loans allow qualified borrowers to put as little as 3.5% down if they have a credit score of 580 or higher. Borrowers with scores between 500 and 579 may still qualify but must provide at least 10% down. These requirements follow FHA program guidelines published by the U.S. Department of Housing and Urban Development (HUD).
A: FHA loans have more flexible credit requirements than many other mortgage programs. United requires a minimum credit score of 500, with 10% down for scores between 500–579 and 3.5% down for scores 580 and above.
If you're unsure whether your credit profile qualifies, a Mortgage Advisor can review your options.
A: Yes. FHA loans require two types of mortgage insurance: an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP) that is included in your monthly payment. These insurance premiums are required by the Federal Housing Administration for all FHA loans.
A: Yes. FHA guidelines allow borrowers to use gift funds from eligible donors—such as family members for part or all of the down payment and closing costs. Documentation showing the source of funds is required as part of FHA program rules.
If you're planning to use gift funds, a Mortgage Advisor can guide you through the process.
A: FHA loans can be used to purchase a primary residence that meets FHA property standards. Eligible homes typically include single-family homes, certain condominiums, manufactured homes, and 2–4 unit properties where the borrower occupies one unit. Investment properties and second homes are not eligible.
To confirm whether a property meets FHA guidelines, consult a Mortgage Advisor.
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Offer and terms subject to change. Loans subject to credit and collateral approval. Rate and term based on individual credit history and program guidelines. Consult a mortgage advisor for more details.
[1] Payment example, $258,750 retail value of property with 3.5% down amounts to financing $250,000 financed for 360 months at an adjustable rate of 6.421% APR equals a monthly payment of $1,539.29. Payment example does not include amounts for taxes and insurance premiums. If applicable, actual payment obligation will be greater. Rate may be increased after consummation.