FHA Loan Programs

The FHA offers more than one program. Whether you are buying a move-in-ready home, purchasing a property that needs work, or lowering the payment on an FHA loan you already have, there is likely an FHA option that fits. Here are the three programs we help Arizona and Texas borrowers use most.

FHA 203(b)

Standard Purchase Loan

The core FHA program most first-time buyers use to purchase a primary residence with as little as 3.5% down and flexible credit guidelines.

Minimum down

3.5% (580+ credit)

Credit floor

500 (10% down)

Upfront MIP

1.75%

Annual MIP

~0.55%

Best for: First-time and repeat buyers purchasing a move-in-ready primary home

Learn about FHA 203(b)

FHA 203(k)

Renovation Loan

One FHA loan that finances both the purchase (or refinance) of a home and the cost of repairs or renovation, rolled into a single mortgage and monthly payment.

Minimum down

3.5% (580+ credit)

Two versions

Limited & Standard

Limited cap

Up to $75,000 in repairs

Basis

As-completed value

Best for: Buyers of fixer-uppers or homes that need repairs to meet FHA standards

Learn about FHA 203(k)

FHA Streamline

Refinance for Existing FHA Loans

A faster refinance for homeowners who already have an FHA loan and want to lower their rate or payment, with reduced documentation and typically no new appraisal.

Requires

Existing FHA loan

Appraisal

Often not required

Test

Net tangible benefit

Seasoning

~210 days / 6 payments

Best for: Current FHA homeowners lowering their rate or switching from an ARM to fixed

Learn about FHA Streamline

What FHA Programs Have in Common

A minimum 3.5% down payment with a 580 or higher credit score (500–579 requires 10% down)

The ability to use documented gift funds for the down payment

Flexible debt-to-income guidelines compared with many conventional loans

Mortgage insurance — a 1.75% upfront premium plus an annual premium billed monthly

Not Sure Which FHA Program Fits?

Estimate your numbers with our FHA calculator, or take the qualifier quiz for a preliminary, no-obligation assessment.

FHA Calculator Check Your Eligibility

FHA loan program terms and eligibility are set by HUD/FHA and are subject to change without notice. Not all applicants will qualify. This is not a commitment to lend. Cornerstone First Mortgage, LLC (NMLS #173855) is an FHA-approved lender and is not acting on behalf of or at the direction of HUD, the FHA, or the federal government. Questions? Call (480) 420-4918. Equal Housing Opportunity.