You’ll still need to go through a lender to apply. Since every lender is different, FHA home loan requirements may vary. That said, these are the typical requirements for an FHA loan. Your credit ...

A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.

In 2024, the five largest FHA mortgage companies by volume were Pennymac, AmeriHome Mortgage Company, Planet Home Lending LLC, Newrez and CrossCountry Mortgage, according to Scotsman Guide.

“A conventional loan is not assumable, unlike an FHA home loan which can be assumed by a new FHA borrower who meets the application criteria,” says Lee. Pros and cons of conventional loans.

FHA’s mortgage insurance fund is overflowing, accumulating a reserve pool “more than five times the required threshold set by Congress,” the White House statement says.

The FHA is set to reduce the annual mortgage insurance premium – the monthly fee to insure the mortgage – from 0.85% to 0.55% for most new borrowers seeking a mortgage insured by the agency.

Mortgage insurance. FHA borrowers pay an upfront mortgage insurance premium that’s equal to 1.75% of the base loan amount, along with an annual premium that depends on the mortgage term and down ...

FHA upfront mortgage insurance premium: 1.75 percent of the loan amount. FHA annual MIP: Varies based on the size, term and loan-to-value (LTV) ratio of the loan.