FHA Loan Calculator

FHA requires a minimum 580 FICO for the 3.5% down payment option. Scores between 500–579 can qualify but require 10% down. Individual lenders often impose stricter "overlays" - many require 620 or higher even for FHA. Recent bankruptcy or foreclosure can extend the waiting period: 2 years for Chapter 7, 3 years for foreclosure.

FHA charges two MIPs: an upfront premium of 1.75% of the loan (typically financed into the loan), plus annual MIP of 0.55% (or 0.50% with lower LTV) divided into monthly payments. On a $300,000 loan, that's $5,250 upfront plus $137/month - and unlike PMI, FHA MIP usually stays for the life of the loan if you put less than 10% down.

For 2026, FHA loan limits range from a floor of about $498,257 (low-cost counties) to a ceiling of about $1,149,825 (high-cost counties like coastal California and the NYC metro). Limits are set county-by-county at 65% to 150% of the conforming loan limit. Check HUD's annual lookup tool for your specific county.

If you put down less than 10% on or after June 3, 2013, MIP is permanent - your only escape is to refinance into a conventional loan once you reach 20% equity. If you put down 10% or more, MIP drops off after 11 years. This is the single biggest cost trade-off vs conventional loans and a key reason FHA borrowers often refinance.