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Loan Types

FHA Loan

Low down payment, flexible credit requirements

Min. Down Payment
3.5%
Min. Credit Score
580+
Best For
First-time buyers
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What Is It?

Understanding the FHA Loan

An FHA loan is a mortgage insured by the Federal Housing Administration and issued by an approved lender like Desh Capital. Because the government insures part of the loan, lenders can offer more flexible qualifying terms than they would on a conventional loan.

FHA loans were designed to open the door to homeownership for buyers who might not have a large down payment saved or a long credit history — making them one of the most popular first-time buyer programs in the country.

Key Benefits

Why Borrowers Choose This Program

Down payment as low as 3.5%
Put down significantly less than the 10-20% often expected on conventional loans.
Flexible credit standards
Qualify with a credit score as low as 580 (or 500 with 10% down).
Higher DTI allowed
FHA guidelines can accommodate a higher debt-to-income ratio than many conventional programs.
Gift funds welcome
Your down payment can come entirely from a gift from family, with proper documentation.

Who It's For

  • First-time homebuyers with limited savings for a down payment
  • Buyers rebuilding or still establishing their credit history
  • Households with a higher debt-to-income ratio than conventional loans allow
  • Buyers who plan to occupy the home as their primary residence

Requirements to Qualify

  • Minimum 580 credit score for 3.5% down (500-579 requires 10% down)
  • Steady employment / income history, typically 2 years
  • Debt-to-income ratio generally under 43-50%
  • Property must be your primary residence
  • Home must meet FHA minimum property standards (appraisal)
  • Mortgage insurance premium (MIP) required, upfront and annual

Pros

  • Low down payment requirement
  • More lenient credit score minimums
  • Competitive interest rates
  • Down payment can be gifted

Cons

  • ✕Mortgage insurance premium (MIP) usually lasts life of loan
  • ✕Loan limits vary by county
  • ✕Primary residence only — not for investment properties
  • ✕Property must pass FHA appraisal standards
FAQs

Common Questions About FHA Loans

No. FHA loans are only available for primary residences — you must live in the home as your main address.
Most FHA loans require mortgage insurance for the life of the loan if your down payment is under 10%. Refinancing into a conventional loan once you have enough equity is a common way to remove it.
Yes — FHA allows 100% of your down payment to come from an eligible gift, typically from a family member, with a signed gift letter and paper trail.

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