FHA Loans and Requirements

What Is an FHA Loan?

An FHA loan is a loan backed by the U.S. Federal Housing Administration (FHA) to private lenders, like banks. An FHA loan gives lenders more freedom to lend to those who otherwise would have a difficult time getting approved for a loan because the loan is guaranteed by the government should the owner default.

If you are a first-time homebuyer and need help getting approved for a mortgage, an FHA loan might be a good choice for you.

Key Considerations

  • You want to buy a home with a low down payment.
  • You’re a first-time homebuyer.
  • You earn a qualifying income.
  • You want to refinance your existing loan at a lower rate.

Key Benefits

  • Lower down payment compared to traditional mortgages
  • Fixed Rate
  • Flexible loan terms


Additional Resources

First Time Home Buyer

Thinking about Buying your first home? Fifth Third Bank offers you tips that take you through the entire process. Download our first time home buyer guide here!

Five Steps to Become a First Time Homebuyer

Purchasing your first home should be an enjoyable process. Follow these steps on how to buy your first home and see first time home buyer loan options.

Smart Ways to Save Up for a Down Payment

Saving up for a down payment on your home takes time and planning. Here are a few smart ways to set budgets and save up for your next home's down payment.