FHA Loans for First-Time Buyers in Hampton Roads
Lower down payments and flexible credit requirements make FHA loans a popular first-time buyer option.
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration, designed to make homeownership more accessible. It's one of the most common loan types for first-time buyers because of its lower down payment and more flexible credit requirements compared to a conventional loan.
Down payment and credit requirements
FHA loans allow down payments as low as 3.5% for qualifying credit scores, and generally have more flexible credit requirements than conventional loans. This can make FHA a strong option if you're still building credit or don't have a large down payment saved.
Mortgage insurance on FHA loans
Unlike VA loans, FHA loans require mortgage insurance premiums (MIP), both upfront and as part of your monthly payment. It's worth comparing this cost against a conventional loan with private mortgage insurance (PMI) — a lender can run both scenarios so you can see which actually costs less over time.
How I help FHA buyers
I connect first-time buyers with lenders who explain FHA requirements clearly and help you understand your real monthly payment, not just the purchase price. Visit my First-Time Homebuyers page for the full step-by-step home-buying process.
What would your monthly payment be?
Plug in a price, down payment and rate with my Hampton Roads mortgage calculator to estimate your payment, including taxes, insurance and PMI.