{"id":9708,"date":"2017-11-03T08:54:48","date_gmt":"2017-11-03T14:54:48","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=9708"},"modified":"2024-01-04T15:57:47","modified_gmt":"2024-01-04T22:57:47","slug":"what-down-payment-is-needed-for-an-fha-loan","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/","title":{"rendered":"What Down Payment is Needed for an FHA Loan?"},"content":{"rendered":"

Insured by the Federal Housing Administration (FHA), FHA loans are an attractive option for first-time and repeat homebuyers, as well as those interested in refinancing their current home loan. Many factors contribute to the popularity of FHA loans\u2014chief among them being a lower down payment requirement (as low as just 3.5%)<\/strong>, compared to as much as 20% with other loan types.<\/p>\n

How much savings could that 3.5% down mean for you? Let\u2019s use an example house sale.<\/h3>\n

\"Illustration<\/p>\n

If you\u2019re an entry-level buyer scrimping and saving for a down payment on your first home, you can see that even the difference between a 3.5% and a 5% down payment could be a major help.<\/h4>\n

While a low down payment is an enticing benefit of FHA loans, it\u2019s not the only one. In contrast to a conventional loan<\/a>, you may also enjoy potentially lower closing costs and more flexible qualification standards (e.g. less stringent credit score requirements).<\/p>\n

So, are there potential downsides to FHA loans? Well, FHA loans may require borrowers to have mortgage insurance for the life of the loan, depending on loan-to-value ratio (LTV). Conventional loans generally only require mortgage insurance for as long as the home\u2019s LTV is greater than 80%, based on the original value of the home (with a good payment history and recertification of value). In other words, once a borrower pays down 20% of a conventional loan, they\u2019re no longer required to pay mortgage insurance.<\/p>\n

For more on FHA loans and how you might qualify, check out What is an FHA Loan?<\/a>\u2014or call our affiliate HomeAmerican Mortgage Corporation<\/a> at 866.400.7126.<\/p>\n","protected":false},"excerpt":{"rendered":"

Insured by the Federal Housing Administration (FHA), FHA loans are an attractive option for first-time and repeat homebuyers, as well as those interested in refinancing their current home loan. Many factors contribute to the popularity of FHA loans\u2014chief among them being a lower down payment requirement (as low as just 3.5%), compared to as much […]<\/p>\n","protected":false},"author":1,"featured_media":10326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[4],"tags":[382,150],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png","author_info":{"display_name":"rahblogadmin","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/rahblogadmin\/"},"yoast_head":"\r\nWhat Down Payment is Needed for an FHA Loan? - Richmond American Homes Blog<\/title>\r\n<meta name=\"description\" content=\"Thinking about an FHA loan for your home purchase? Find out what down payment you'll need, plus other facts about this popular loan type.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"What Down Payment is Needed for an FHA Loan? - Richmond American Homes Blog\" \/>\r\n<meta property=\"og:description\" content=\"Thinking about an FHA loan for your home purchase? Find out what down payment you'll need, plus other facts about this popular loan type.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Richmond American Homes Blog\" \/>\r\n<meta property=\"article:published_time\" content=\"2017-11-03T14:54:48+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2024-01-04T22:57:47+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png\" \/>\r\n\t<meta property=\"og:image:width\" content=\"650\" \/>\r\n\t<meta property=\"og:image:height\" content=\"440\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\r\n<meta name=\"author\" content=\"rahblogadmin\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rahblogadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/\",\"url\":\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/\",\"name\":\"What Down Payment is Needed for an FHA Loan? - Richmond American Homes Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png\",\"datePublished\":\"2017-11-03T14:54:48+00:00\",\"dateModified\":\"2024-01-04T22:57:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/#\/schema\/person\/ac7090dbdce461390f3592d2191adfd8\"},\"description\":\"Thinking about an FHA loan for your home purchase? Find out what down payment you'll need, plus other facts about this popular loan type.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#primaryimage\",\"url\":\"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png\",\"contentUrl\":\"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png\",\"width\":650,\"height\":440,\"caption\":\"Couple discussing FHA loan down payment with loan officer\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.richmondamerican.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What Down Payment is Needed for an FHA Loan?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/#website\",\"url\":\"https:\/\/www.richmondamerican.com\/blog\/\",\"name\":\"Richmond American Homes Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.richmondamerican.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/#\/schema\/person\/ac7090dbdce461390f3592d2191adfd8\",\"name\":\"rahblogadmin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.richmondamerican.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/625196274d1a8f127802d0e43cdb59ba?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/625196274d1a8f127802d0e43cdb59ba?s=96&d=mm&r=g\",\"caption\":\"rahblogadmin\"},\"url\":\"https:\/\/www.richmondamerican.com\/blog\/author\/rahblogadmin\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What Down Payment is Needed for an FHA Loan? - Richmond American Homes Blog","description":"Thinking about an FHA loan for your home purchase? Find out what down payment you'll need, plus other facts about this popular loan type.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/","og_locale":"en_US","og_type":"article","og_title":"What Down Payment is Needed for an FHA Loan? - Richmond American Homes Blog","og_description":"Thinking about an FHA loan for your home purchase? Find out what down payment you'll need, plus other facts about this popular loan type.","og_url":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/","og_site_name":"Richmond American Homes Blog","article_published_time":"2017-11-03T14:54:48+00:00","article_modified_time":"2024-01-04T22:57:47+00:00","og_image":[{"width":650,"height":440,"url":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png","type":"image\/png"}],"author":"rahblogadmin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rahblogadmin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/","url":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/","name":"What Down Payment is Needed for an FHA Loan? - Richmond American Homes Blog","isPartOf":{"@id":"https:\/\/www.richmondamerican.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#primaryimage"},"image":{"@id":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#primaryimage"},"thumbnailUrl":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png","datePublished":"2017-11-03T14:54:48+00:00","dateModified":"2024-01-04T22:57:47+00:00","author":{"@id":"https:\/\/www.richmondamerican.com\/blog\/#\/schema\/person\/ac7090dbdce461390f3592d2191adfd8"},"description":"Thinking about an FHA loan for your home purchase? Find out what down payment you'll need, plus other facts about this popular loan type.","breadcrumb":{"@id":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#primaryimage","url":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png","contentUrl":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/11\/iStock_000019954094XLarge-1.png","width":650,"height":440,"caption":"Couple discussing FHA loan down payment with loan officer"},{"@type":"BreadcrumbList","@id":"https:\/\/www.richmondamerican.com\/blog\/what-down-payment-is-needed-for-an-fha-loan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.richmondamerican.com\/blog\/"},{"@type":"ListItem","position":2,"name":"What Down Payment is Needed for an FHA Loan?"}]},{"@type":"WebSite","@id":"https:\/\/www.richmondamerican.com\/blog\/#website","url":"https:\/\/www.richmondamerican.com\/blog\/","name":"Richmond American Homes Blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.richmondamerican.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.richmondamerican.com\/blog\/#\/schema\/person\/ac7090dbdce461390f3592d2191adfd8","name":"rahblogadmin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.richmondamerican.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/625196274d1a8f127802d0e43cdb59ba?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/625196274d1a8f127802d0e43cdb59ba?s=96&d=mm&r=g","caption":"rahblogadmin"},"url":"https:\/\/www.richmondamerican.com\/blog\/author\/rahblogadmin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/posts\/9708"}],"collection":[{"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/comments?post=9708"}],"version-history":[{"count":1,"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/posts\/9708\/revisions"}],"predecessor-version":[{"id":26429,"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/posts\/9708\/revisions\/26429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/media\/10326"}],"wp:attachment":[{"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/media?parent=9708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/categories?post=9708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.richmondamerican.com\/blog\/wp-json\/wp\/v2\/tags?post=9708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}