FHA Loan Calculator
Calculate FHA loan payments including mortgage insurance premiums (MIP). FHA loans allow down payments as low as 3.5% and are ideal for first-time homebuyers.
- FHA Loan Calculator: Calculate payments with MIP
- FHA Loan Benefits: Advantages of FHA financing
- FHA Requirements: Qualification guidelines
FHA Loan Calculator
Enter your home purchase details to calculate FHA loan payments including mortgage insurance.
FHA Loan Benefits
Low Down Payment
- 3.5% Minimum: Down payment as low as 3.5% of purchase price
- Gift Funds Allowed: Down payment can come from gifts
- Down Payment Assistance: Can be combined with assistance programs
- Seller Concessions: Seller can contribute up to 6% toward closing costs
Flexible Credit Requirements
- Lower Credit Scores: Minimum 580 for 3.5% down payment
- 500-579 Credit: 10% down payment required
- Credit History: More flexible with past credit issues
- Bankruptcy/Foreclosure: Shorter waiting periods than conventional
FHA Loan Requirements
Borrower Requirements
- Primary Residence: Must be your primary residence
- Steady Employment: 2-year employment history preferred
- Debt-to-Income: Generally 43% maximum DTI ratio
- Legal Residency: Must be legal U.S. resident
Property Requirements
- FHA Appraisal: Property must meet FHA standards
- Loan Limits: Cannot exceed FHA loan limits for your area
- Property Types: Single-family homes, condos, townhomes
- Condition Standards: Property must be safe and habitable
Mortgage Insurance
- Upfront MIP: 1.75% of loan amount paid at closing
- Annual MIP: 0.45% to 0.85% annually depending on terms
- MIP Duration: Life of loan for most loans with less than 10% down
- MIP Removal: Can be removed after 11 years with 10%+ down payment