The basics
FHA insures loans made by participating lenders. Eligible borrowers may put as little as 3.5% down. FHA can offer flexibility in credit qualification, but lender requirements and the borrower’s full profile still matter. Mortgage insurance adds to the cost.
FHA is not just for first-time buyers
First-time buyers often consider FHA, but prior homeownership does not by itself rule it out. We’ll compare it with conventional and other options instead of assuming one program is best.
Condominiums need a closer look
A unit may be eligible through an FHA-approved condominium project or, in some circumstances, Single-Unit Approval in a project that is not on the approved list. Both the project and unit must meet applicable requirements; not every unapproved condo qualifies.
What we compare
Look at the complete payment, cash required, mortgage insurance, property eligibility, and your intended time in the home. Down payment alone is not enough to choose between FHA and conventional financing.