- Home
- Loan programs
- FHA loan
FHA loans for credit that is still growing
Government-insured financing with 3.5% down and flexible credit guidelines. Built for buyers who are one or two steps from perfect.
- Minimum down
- 3.5%
- Credit score
- 580+
- Max DTI
- Up to 56.9%
- 2026 limit (Salt Lake Co.)
- $592,250
How a fha loan works
FHA loans are insured by the Federal Housing Administration, which lets lenders approve buyers with lower credit scores and higher debt ratios than conventional guidelines allow. If your score is between 580 and 680, or you have a recent job change or medical collections, FHA is often the clearest path to a yes.
FHA charges an upfront mortgage insurance premium of 1.75% (usually rolled into the loan) and an annual premium paid monthly. Because rates on FHA loans are frequently lower than conventional rates for mid-tier credit, the total payment can still come out ahead.
What is included with Summit Ridge
Every fha loan comes with one flat $995 lender fee, shown before you apply, plus everything below.
- Credit coaching plan if you are within 40 points of approval
- Down payment assistance program screening
- Non-occupant co-borrower options
- Streamline refinance eligibility tracking later
- FHA appraisal repair guidance before you offer
- Seller concession strategy up to 6%
The process, step by step
One loan officer and one processor from your first question to closing day.
- 1
Check eligibility
We run a soft pull and review income, collections and job history in one call.
- 2
Get pre-approved
Receive a letter your agent can send with offers, usually the same day.
- 3
FHA appraisal
The appraiser checks value plus minimum property standards like safety and soundness.
- 4
Close and move in
Most FHA purchases close in 21 to 30 days from contract.
Why borrowers choose it
Forgiving credit
Past bankruptcies (2 years) and foreclosures (3 years) do not rule you out.
Higher debt ratios
Student loans and car payments count less against you than with most other programs.
Assumable
A future buyer can take over your FHA rate, which can be a selling advantage.
Gift friendly
The entire 3.5% can come from family, an employer or an approved grant.
Requirements and pricing factors
Your rate and approval depend on these factors. We explain exactly which ones move your price.
See sample rates- Credit score
- 580 for 3.5% down, 500 to 579 with 10% down
- Debt-to-income
- 43% standard, up to 56.9% with automated approval
- Mortgage insurance
- 1.75% upfront plus 0.55% annual (sample)
- Property
- Primary residence, 1 to 4 units, meets HUD standards
- Waiting periods
- 2 years after bankruptcy, 3 years after foreclosure
FHA loan questions
More answers in our full FAQ and learning center.
With 10% or more down it ends after 11 years. With less, it lasts the life of the loan, so many borrowers refinance to conventional once they reach 20% equity.
No. Anyone buying a primary residence can use FHA, including repeat buyers.
Yes, especially when the offer is paired with a strong pre-approval and an agent who explains the appraisal. We call listing agents directly when it helps.
Ready to price your fha loan?
Pre-qualify in about 6 minutes with a soft credit check. No impact to your score and no obligation.
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