A visual companion to the FHA path guide - scroll to see the full path, or save/print as an image.

FHA purchase financing

Nine milestones.
The FHA path to yes.

A low down payment and a credit review built for real life. Here is the path from knowing your credit picture to closing day - with the MIP facts, plainly stated.

FHA milestones - renter to owner
Step 1

Know your credit picture

Pull your reports early; FHA allows flexible credit review, and the path exists even with past challenges.

Step 2

Get pre-approved

A pre-approval shows sellers a ready buyer and reveals your true purchase range before you shop.

Step 3

Review property eligibility

FHA requires the home meet minimum property standards; confirm early so surprises don't delay closing.

Step 4

Shop with confidence

With a pre-approval in hand, shop knowing your budget and that your loan is structured and ready to go.

Step 5

Make an offer

A clean, well-structured FHA offer with a strong pre-approval can compete effectively in most markets.

Step 6

FHA appraisal

FHA orders an appraisal to confirm value and basic property standards; a move-in-ready home typically passes.

Step 7

Underwriting

The lender reviews your full file; respond to conditions quickly and avoid any new debt or large purchases.

Step 8

Clear to close

Final verifications complete; keep income, employment, and credit steady until you sign at the closing table.

Step 9

Close and own

Keys in hand - you built equity from day one. Your mortgage intelligence review starts here.

MIP facts, at a glance

Mortgage insurance premium (MIP) is the tradeoff for FHA's low down payment and flexible credit review - here is what it actually means.

Upfront MIP

1.75% of the base loan amount, typically financed into the loan.

Annual MIP

Paid monthly; varies by loan term, loan amount, and LTV.

MIP duration

Life of the loan under 10% down; 11 years at 10%+ down (30yr, per current HUD guidelines).

Property standards

FHA requires the home be safe, sanitary, and structurally sound.

See your own numbers - free

We run FHA vs conventional for your situation: down payment, MIP vs PMI, qualifying picture, and your equity path.

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