---
title: FHA Loans
description: FHA Loans
image: https://blog.homelend.net/hubfs/Social%20Media/Stock%20images/happy%20young%20romantic%20couple%20at%20new%20modern%20%20home%20interior%20renovation.jpeg
---
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© 2019
[Sara Livecchi](https://blog.homelend.net/blog/author/sara-livecchi) |
[December 03, 2019](https://blog.homelend.net/blog/archive/2019/12/03) |
[03:33 PM](https://blog.homelend.net/blog/2019/12/fha-loans) |
[0](https://blog.homelend.net/blog/2019/12/fha-loans#comments-listing) comments
# FHA Loans
First-time home buyers are more empowered than ever by the FHA loan.
## **Federal Housing Administration (FHA) Loan**
These loans, as the name suggests, are insured by the Federal Housing Administration. This allows more people to borrow with low mortgage rates and lower credit requirements.
The down payment can be as low as 3.5%, so you don’t have to worry about paying a ton of cash up front. The FHAS requires an Upfront Mortgage Insurance Premium (UFMIP) and an Annual Mortgage Insurance Premium (Annual MIP).
## **Upfront MIP**
The Upfront MIP can be paid either at closing or as a part of your monthly payments. It is equal to 2.75% of the loan value. Why is this necessary? The payments are rolled into an escrow account in order to make mortgage payments in case you default on the loan. It’s essentially a security net for the lender.
## **Annual MIP**
The Annual MIP is payed monthly. Depending on the specifics of your loan, the payments can be anywhere from 0.45% to 2.05% of your loan value. This may seem like a lot, but you typically only pay the Annual MIP for 11 months. That’s it!
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