FHA Loan Calculator
Calculate FHA loan amounts, payments, and mortgage insurance
Results
Loan Limits
$726,200
Standard FHA Limit
Down Payment
$0.00
3.5% of purchase price
Loan Amount
$0.00
Base loan amount
Upfront MIP
$0.00
1.7500000000000002% of loan amount
Monthly MIP
$0.00
0.8500000000000001% annual rate
Monthly Payment
$0.00
Principal, Interest, and MIP
Total Cost
$0.00
Over 30 years
Understanding FHA Loans
What is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration, designed to help homebuyers with lower credit scores and smaller down payments purchase a home. These loans are particularly popular among first-time homebuyers.
Key Benefits
- Lower down payment requirements (as low as 3.5%)
- Lower credit score requirements
- Competitive interest rates
- Available for various property types
- Assumable by future buyers
FHA Loan Requirements
- Minimum credit score of 580 for 3.5% down payment
- Credit scores 500-579 require 10% down
- Property must meet FHA standards
- Primary residence only
- Debt-to-income ratio requirements
FHA Mortgage Insurance
Upfront MIP
- 1.75% of the base loan amount
- Can be financed into the loan
- One-time payment at closing
- Non-refundable
Annual MIP
- 0.85% for most loans
- Paid monthly with mortgage payment
- Required for the life of the loan in most cases
- Can be removed with 20% down payment
FHA Loan Limits
2024 Loan Limits
- Standard Areas: $726,200
- High-Cost Areas: $1,089,300
- Special Exception Areas: Higher limits
- Alaska and Hawaii: Higher limits
Property Types
- Single-family homes
- Multi-unit properties (up to 4 units)
- Condominiums (FHA approved)
- Manufactured homes
FHA Loan Tips
Application Tips
- Check credit score first
- Save for down payment
- Get pre-approved
- Compare lenders
Common Mistakes
- Not checking loan limits
- Ignoring property conditions
- Forgetting about MIP
- Not shopping rates