30-year FHA mortgage rates

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Today’s 30-year FHA loan rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive 30-year mortgage rates. This interest rate table is updated daily to give you the most current rates when choosing a 30-year mortgage loan.

Product Interest Rate APR
30-Year Fixed- FHA 2.590% 3.490%

With interest rates at record lows, now is a great time for many people to buy real estate. But, that can be a tricky proposition if you don’t have excellent credit or don’t have enough money in the bank for a large down payment. If that sounds like you, you might want to consider a 30-year FHA mortgage. Here’s what you need to know.

What is a 30-year FHA mortgage?

As the name suggests, a 30-year FHA loan is a 30 year mortgage, but the FHA part is where it differs from a conventional loan. These mortgages are backed by the Federal Housing Administration, which means lenders are protected if you go into default as a borrower. That protection allows lenders to fund mortgages that they might otherwise deem too risky.

How does a 30-year FHA mortgage work?

FHA mortgages have specific requirements tied to them. In order to qualify, here are the conditions you’ll need to meet:

  • A minimum credit score of 580, and able to make at least a 3.5% down payment
  • If your credit score is 500-579, you can still qualify, but you’ll need to bump that down payment up to 10%
  • Debt-to-income ratio under 43%
  • Maximum purchase price of $314,515 for a single family home in a low-cost market, or $726,525 in a high-cost on
  • Using funds to purchase a primary residence
  • Able to prove steady income and employment

You’ll also need to pay a mortgage insurance premium of 0.8 to 1.5 percent, depending on your loan amount. That premium will stay with you for the whole 30-year life of the mortgage unless you refinance into a non-FHA loan.

When should you consider a 30-year FHA mortgage?

If you’re ready to buy a house, but finances are tight or you have a low credit score, an FHA mortgage could be a great fit. Make sure to shop around with lenders, and talk to them about your overall financial situation to figure out what makes the most sense in your situation.

Written by
Zach Wichter
Mortgage reporter
Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.