FHA hub
Down payment and credit
The two things most buyers ask about first.
The down payment
FHA is known for a smaller down payment than many loans ask for. The exact minimum depends on your credit, and it is set by HUD.
Credit
A lender looks at your credit reports and your history of paying bills. FHA leaves room for credit that is fair or still being built. Lenders may ask for more than FHA does, so ask more than one.
Gifts and help
Money for a down payment can sometimes come from a gift or a down payment program. A lender can tell you what paperwork it wants. In Tennessee, the THDA hub covers the state agency's help.
What this rests on
Amounts and limits change and differ by lender and by county. Ask a lender, and read the official page. Read the official page.
More FHA topics
- How an FHA loan worksA regular loan from a regular lender, with a government guarantee behind it.
- Mortgage insurance (MIP)The cost that pays for the government's guarantee.
- Loan limitsFHA caps the size of a loan. The cap depends on the county.
- The home has to pass tooFHA looks at the house, not only at the buyer.
- Steps from search to keysThe order most FHA buyers follow.
Educational only. AskResi is not a lender.