FHA  Home Loans

Are you in the market for a new home and wondering what type of mortgage loan is right for you? Look no further than conventional loans! With flexible down payment options, competitive interest rates, and a variety of features and benefits, a conventional loan could be the perfect solution for your home-buying needs.

Woman smiling in kitchen after purchasing home
Down Payment Options

One of the benefits of an FHA loan is that it allows for a lower down payment compared to some conventional loans. The minimum down payment for an FHA loan is 3.5% of the home’s purchase price. However, a larger down payment can help lower the monthly mortgage payment and reduce the total amount of interest paid over the life of the loan.


An appraisal is required for an FHA loan to determine the value of the home being purchased. The appraisal is typically conducted by a licensed appraiser and the cost is generally paid for by the borrower. The appraisal helps ensure that the loan amount is appropriate for the home’s value.

Credit Scores Needed

FHA loans are designed to help borrowers with lower credit scores qualify for a mortgage. To be approved for an FHA loan, borrowers typically need a credit score of at least 580. However, borrowers with a credit score between 500 and 579 may still be eligible for an FHA loan with a higher down payment requirement.

Woman standing in kitchen with boxes
Couple standing in their new home

One of the unique features of an FHA loan is the funding fee. This fee is paid by the borrower and is used to help fund the FHA program. The funding fee is typically 1.75% of the loan amount and can be rolled into the loan amount or paid upfront.


FHA loans have loan limits that are set by the FHA and vary by location. The loan limit for a single-family home in most areas is $472,030 for 2023, but can be higher in more expensive areas. Loan limits for multi-unit properties, such as duplexes and triplexes, are higher.

Mortgage Insurance

Mortgage insurance is a requirement for all FHA loans. The mortgage insurance premium (MIP) helps protect the lender in case the borrower defaults on the loan. The cost of the MIP varies depending on the loan amount, the length of the loan, and the down payment amount.

For most FHA loans, the MIP is paid both upfront and as an annual premium, which is divided into monthly payments that are included in the borrower’s mortgage payment. The cost of the MIP can add to the monthly payment, so it’s important for borrowers to consider this expense when deciding on an FHA loan. 


(704) 255-5067



1096 Assembly Drive, Suite 212,

Fort Mill, SC 29708


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Refine Mortgage Inc. NMLS# 2417960 | Refine Mortgage has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. Equal Housing Lender. Receipt of application does not represent an approval for financing or interest rate guarantee. Applicant subject to credit, acceptable appraisal, title, and underwriting approval. Not all applicants will be approved. Other terms and conditions apply. Contact Refine Mortgage for more information and up-to-date rates.