FHA Home Loan
Competitive Rates
FHA loans offer competitive interest rates which could mean a lower monthly payment.,
Low down payments
With down payments as low as 3.5% it may be easier to buy a home. And your down payment can come entirely from gift funds.
Flexible income and credit guidelines
With no income limits and flexible credit guidelines, it may be easier to qualify for an FHA loan.
Chase Homebuyer Grant℠
Get up to $7,500 toward your new home in select areas across the country. Our Chase Homebuyer Grant can help you save money at closing.
Guaranteed on-time closing or get $5,000
If you're buying a new home, you may be eligible for our Chase Closing Guarantee. We promise an on-time closing for eligible products in as soon as three weeks or you'll get $5,000, if you qualify.
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Frequently asked questions
An FHA loan is a mortgage loan offered by an FHA approved lender and insured by the Federal Housing Administration. Because they’re insured by the FHA, these types of loans allow flexible credit requirements and may be easier for a customer to qualify. And with low down payment options, FHA loans can be an affordable option for many buyers. Learn more about fha beginners guide.
An FHA loan requires as little as 3.5% down, making it an appealing option for both first-time homebuyers as well as anyone wanting to put less money down upfront. FHA also permits a variety of options to use for the 3.5% minimum down payment including but not limited to gifts, and select grants. Learn more about how to decode fha loan down payments.
To qualify for an FHA loan, you typically need:
- A credit score that meets the minimum requirement, which varies by lender
- Satisfactory repayment history on existing debts
- No history of bankruptcy in the last two years
- No history of foreclosure in the past three years
- A debt-to-income ratio of less than 43%
- Proof of steady income
- The home must be used as your primary residence
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Other Mortgages with low down payment options
Chase DreaMaker℠ mortgage,
A DreaMaker mortgage has down payment options as low as 3%, flexible credit guidelines and income limits.
Standard Agency Mortgage ,
A standard agency loan has down payment options as low as 3% and is a good options for people with higher credit scores.
VA Loans
A VA loan offers low or 0% down payment options and has no monthly mortgage insurances requirement.
Tune in to our podcast
Hear why U.S. News & World Report ranks our Beginner to Buyer podcast series hosted by Nadeska Alexis among their "10 Best Personal Finance Podcasts of 2022."
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