Buy a home with as little as 3.5% down.
FHA loans exist to make homeownership achievable, with lower down payments, flexible credit requirements, and government backing. Ky will walk you through exactly how the program works.
No SSN required. Zero impact to credit. Your information is never sold.
Government-backed financing designed for accessibility
An FHA loan is a mortgage insured by the Federal Housing Administration. That insurance lets lenders offer more flexible qualification requirements and lower down payments than many conventional loans. That can mean as little as 3.5% down with credit scores as low as 580.
FHA loans are especially popular with first-time buyers and anyone without a large down payment saved, but repeat buyers are welcome too. There's no lifetime limit on how many times you can use FHA financing, subject to occupancy requirements.
- ✓ Down payment as low as 3.5% with a 580+ credit score
- ✓ Flexible credit requirements, with scores as low as 500 sometimes accepted
- ✓ Gift funds accepted for your entire down payment from approved sources
- ✓ Competitive rates backed by government insurance
The FHA loans process
Four steps, explained in plain English at every one.
Get pre-qualified
Understand your budget and strengthen your offer before you start shopping.
Find a qualifying home
The home needs to meet FHA minimum property standards: safe, sound, and sanitary.
Apply and appraise
Submit your application and the FHA appraisal evaluates both value and condition.
Close
Most FHA purchases close within 30-45 days of an accepted offer.
No credit pull. No obligation.
FHA qualification, in plain English
You'll generally need a 580+ credit score for the 3.5% down payment (scores 500-579 require 10% down), about two years of stable employment, and a debt-to-income ratio under roughly 50%. The home must be your primary residence and meet FHA property standards. FHA mortgage insurance applies: 1.75% upfront plus an annual premium.
Gift funds can cover your entire down payment, sellers can chip in up to 6% toward closing costs, and there are defined waiting periods after bankruptcy (2 years) or foreclosure (3 years). Not sure where you fit? Ky will map it out with you, subject to credit approval.
FHA Loan Qualifier
Check your eligibility in one minute. No SSN, no credit pull, no pressure.
Takes about a minute.
What makes FHA work for so many buyers
Low down payment
As little as 3.5% down with a 580+ credit score.
Flexible credit standards
Qualify with scores that may not meet conventional requirements.
Gift funds accepted
Family gifts from approved sources can cover the entire down payment.
Higher DTI allowed
Debt-to-income ratios up to 50% or higher with compensating factors.
Seller concessions
Sellers can contribute up to 6% toward your closing costs.
Assumable loans
FHA loans can be assumed by future buyers, subject to lender approval.
Common questions about FHA loans
Have one that's not here? Just reach out.
Can I use an FHA loan more than once?
Yes. FHA is often associated with first-time buyers, but there's no limit on how many times you can use it. You generally can't hold more than one FHA loan at a time unless specific circumstances apply, like a work relocation.
How do I remove FHA mortgage insurance?
With less than 10% down, FHA mortgage insurance stays for the life of the loan. Removing it means refinancing to conventional once you have 20% equity. With 10% or more down, the annual premium drops off automatically after 11 years.
Can I buy a fixer-upper with an FHA loan?
Standard FHA loans require the home to meet minimum property standards at closing. For real fixer-uppers, the FHA 203(k) renovation loan finances the purchase and the renovation in a single loan.
Can I rent out my FHA-financed property?
You must occupy it as your primary residence for at least one year. After that, you can rent it out if you've moved on. For 2-4 unit properties, you occupy one unit and can rent the others immediately.
What if the home doesn't meet FHA property standards?
The seller typically completes required repairs before closing, funds can be escrowed for repairs after closing, or you find a different property that qualifies.
What are FHA loan limits in my area?
FHA limits vary by county based on local housing costs. Ky can give you the current limits for your target area in Minnesota.
See what 3.5% down looks like for you.
Get a no-cost FHA quote and an honest read on whether it's the right program for your situation.
Quick • No credit pull • Just real numbers
All loans subject to credit approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. This is not a commitment to lend. Licensed in Minnesota. FHA loans are subject to FHA mortgage limits which vary by county. Minimum credit score and down payment requirements apply. FHA mortgage insurance is required. Property must meet FHA minimum property standards.