Loan Program Explorer

Compare FHA, VA, Conventional, DSCR & More

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First-Time Buyers

FHA Loan

Government-backed loan with low down payment and flexible credit requirements.

Best for

First-time buyers, lower credit scores, limited savings

Key Terms & Requirements

Down Payment3.5% (with 580+ credit) or 10% (500–579)

Min Credit Score500 (580 preferred)

Max DTI57% with compensating factors

Loan Limit$498,257–$1,149,825 (2024, varies by county)

Mortgage InsuranceUpfront 1.75% + annual 0.55%–0.85%

Property TypePrimary residence only

Pros

Lowest down payment option for most buyers
More forgiving on credit scores and history
Gift funds allowed for down payment
Higher DTI tolerance

Cons

Mortgage Insurance Premium (MIP) for life of loan (in most cases)
Primary residence only — no investment properties
Loan limits may be too low in high-cost areas

Not sure which loan is right for you?

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Educational purposes only. This is not a loan approval or commitment to lend. Final terms depend on full application, credit, income, assets, property, and underwriting. Xpress Home Lending DBA of Capital Management Realty Inc. DRE #02031312 · NMLS #1705248.