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Federal Housing Administration (FHA) loans

Open the way to owning a home, even when your credit score or down payment isn’t where you want them to be. An FHA loan offers fixed- or adjustable-rate mortgagesDisclosure 1 (ARM) that can be a good option for borrowers with limited funds for a down payment.

This way to home affordability.

Why choose an FHA loan?

  • You can finance up to 96.5% of the purchase price on some loans. 
  • A family member or employer can give 100% of the down payment as a gift. 
  • The seller can put up to 6% of the sale price towards closing costs and prepaid items.

A few things to consider

  • You can finance your mortgage insurance. 
  • You typically will pay an annual mortgage insurance premium (MIP) for the entire term of the loan with down payments less than 10%. 
  • FHA home loan maximum amounts range from $498,257–$1,149,825 based on where you’re buying.

Start your application with confidence. Our mortgage professionals are ready to help when you need it.

Apply now for a Truist mortgage.

Answers to common questions about FHA loans

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An FHA loan is a type of mortgage that gives borrowers with lower credit scores, limited savings, or who otherwise don't qualify for a conventional loan access to home purchase financing. These loans are insured by the Federal Housing Administration (FHA).

There is no minimum income requirement for FHA loans, so they are available to buyers of various income levels. Additionally, they offer flexibility with requirements for credit scores and down payments.

Yes, though FHA mortgage insurance differs from the Private Mortgage Insurance (PMI) requirements of a conventional loan. There are two types of FHA mortgage insurance:

  • Upfront mortgage insurance premium (UFMIP) is a one-time charge of 1.75% of the loan amount that is paid as a closing cost or financed into the loan amount.
  • Mortgage Insurance Premium (MIP) is an annual insurance premium that’s paid monthly and can be added to your monthly mortgage payment similar to PMI.

FHA lending limits vary by the county in which the home will be purchased and are recalculated every year. Ask a Truist mortgage professional for the most current guidelines.

Truist does not currently offer FHA Construction-to-Permanent loans, so the home must be completed at the time of closing.

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Affordable loans

There are other ways to make homebuying affordable. Ask a mortgage professional if you qualify for these options.

Buy affordably
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Disclosure 1  Adjustable-rate mortgage (ARM) products have interest rates that may increase after consummation.

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