Depending on your personal circumstances, the benefits of FHA loans may outweigh those of a conventional mortgage. It all comes down to your credit rating, available savings, and ability to cover closing and repair costs.
The FHA loan calculator helps you work out how much of your purchase you can finance through FHA, how much down payment you'll need, and the total cost of the up front mortgage insurance. Details like mortgage points and closing costs are all available to throw into the equation so you can get a better feel for the cost of an FHA mortgage.
The FHA sets loan limits for single family homes. The new limit for 2020 is $510,400, and for high-cost areas its $765,600. To find out the exact loan allowance in your region, visit HUD.gov.
To learn about the benefits of FHA loans and what it takes to qualify for one, see our detailed FAQ below.