FHA Purchase  Loans

An Accessible Path to Homeownership

The FHA Loan Purchase

What are FHA purchase loans?

FHA purchase loans are mortgages insured by the Federal Housing Administration, a division of HUD. The loan must be secured by a primary residence that meets HUD property condition standards and is subject to county specific limits.

Benefits of a FHA Purchase Loan

Frequent Questions Regarding Conventional Purchases

Can my entire 3.5 % down payment be a gift? Yes. For 1‑unit primary residences, 100 % of the down payment and even closing costs may come from a relative, fiancé, or approved charitable organization—provided the donor signs a gift letter and funds are properly documented.
How soon after bankruptcy or foreclosure can I get an FHA loan? Chapter 7: two years after discharge (with re‑established credit). Chapter 13: after 12 on‑time plan payments and court approval. Foreclosure: three years from the deed‑transfer date. Extenuating circumstances can shorten the wait.
When and how can I remove FHA mortgage insurance? If you started with <10 % down, annual MIP stays for the life of the loan. With ≥10 % down it ends after 11 years. Many borrowers drop MIP by refinancing into a conventional loan once equity reaches 20%.
Are student‑loan payments counted differently? Yes. FHA uses the greater of the actual payment or 0.5 % of the outstanding loan balance (down from 1 %), making qualification easier for borrowers on income‑driven repayment plans.

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