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What are today's FHA mortgage rates?
FHA mortgage rate trends
Adjust the graph below to see historical FHA mortgage rates tailored to your loan program, credit score, down payment and location.
Compare current FHA mortgage rates by loan type
The table below is updated daily with FHA mortgage rates for the most common types of home loans. Compare week-over-week changes to current FHA mortgages and annual percentage rates (APR).
The APR includes both the interest rate and lender fees for a more realistic value comparison.
Conforming loans
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Government loans
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Jumbo loans
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Frequently asked questions about FHA mortgage rates
What is an FHA loan?
An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA) and issued by an an FHA-approved lender. Since the government backs the loan, the credit risk involved with issuing an FHA mortgage is lower for the lender compared to other conventional mortgage loans. FHA loans are intended to help make home buying more accessible for borrowers with limited savings and lower credit scores
What is the FHA loan limit?
According to the Federal Housing Administration (FHA) who sets FHA loan limits, the national FHA loan limit for a single-family home in 2022 is $420,680 — except in certain high-cost areas where the FHA loan limit is $970,800 and above. FHA limits vary based on the county you live in and the type of property you purchase. The lower limit is referred to as the “floor”, and the higher limit found in certain areas is called the “ceiling”.
Do FHA loans have lower interest rates?
Interest rates for FHA loans are generally lower than conventional loan rates, but the actual rate that a borrower may qualify for is based on the individual’s credit history and down payment amount, among other factors a FHA lender uses to determine rates. The FHA rates you see advertised are based on certain criteria, such as a specific loan-to-value ratio, credit score and down payment amount. It is important to understand these assumptions when comparing rates from multiple lenders to receive the lowest possible interest rate.
What is a good FHA rate?
Typically, a low FHA mortgage rate is preferred, but your individual credit history and other lender criteria will ultimately determine what rate you qualify for. The best way to find a good FHA mortgage rate is to compare rates from at least three lenders. You can find a mortgage professional near you on Zillow to learn more about the FHA rates you may qualify for.
Which is better: an FHA or conventional loan?
The best type of home loan for you will vary depending on your finances, needs and preferences. FHA loans are designed to help homebuyers who have a smaller down payment or lower credit score be able to purchase a home, many of which are first-time homebuyers. The government-backed insurance that comes with a FHA loan, allows lenders to issue them to borrowers who may not meet all the requirements needed to qualify for a conventional loan. It is important to note that FHA loans require borrowers to pay an upfront and annual Mortgage Insurance Premium (MIP), which is not required for conventional mortgage loans. Learn more about FHA loans vs conventional loans.
Who qualifies for an FHA loan?
Borrowers who have minimal savings, low credit, undergone bankruptcy or been foreclosed upon may qualify for a FHA loan as long as they meet the minimum FHA guidelines. FHA loan requirements may include having a:
Credit score of at least 580 with a 3.5% down payment
Credit score of at least 500 with a 10% down payment
Debt-to-income ratio of less than 43%
Steady income
Proof of employment
What are the benefits of an FHA loan?
FHA loans can be used to finance the purchase of a mobile home, factory-built home, fixer-upper, a new home build or even a property up to 4 units large (as long as you live in one of the units). FHA loans may also offer borrowers several benefits, including:
Low down payment requirements
Low credit score requirements
Low interest rates without a large down payment
Early payoff without penalties
What are the disadvantages of an FHA loan?
FHA loans can only be used to finance the purchase of a primary residence. FHA guidelines also require that the house meet certain standards, which may decrease the amount of home buying options available. In addition, borrowers are required to pay an upfront and annual Mortgage Insurance Premium (MIP) on the home loan.
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