FHA eligibility is based on a complete application and current FHA and lender requirements.
Your homebuyer readiness check
Think you are not ready to buy?
Let’s check the facts before you count yourself out.
As little as3.5%down for qualified FHA borrowers
The hopeful part: You may not need as much saved as you thought. The honest part: a down payment is not the same as total cash needed. Closing costs, prepaid expenses and reserves may also apply. Eligibility and requirements vary by applicant, lender and program.
What is holding you back?
Pick the thought that sounds most like you.
Open a card for a calmer, clearer next step.
“My credit is not perfect.”Open +
FHA financing may offer qualified buyers more flexibility than they expected. A complete review looks at credit history, income, debts, available funds and the property. A score alone does not tell the entire story.
Review my starting point →“I have very little saved.”Open +
Qualified FHA borrowers may be eligible for a down payment as low as 3.5%. Eligible gift funds, seller contributions or assistance may help in some situations, subject to program rules. Total cash needs still require a full review.
Explore down-payment assistance →“I do not know where to begin.”Open +
Begin with a conversation, not an application. We can review what you know, identify what is missing and decide whether the useful next step is now or later.
Ask Rusty where to begin →“I am afraid someone will say no.”Open +
The first conversation is not about judging you. It is about understanding the situation and building a realistic plan. Not ready today does not mean never.
See the readiness path →What you may have heard
Three worries worth checking.
Qualified FHA borrowers may be eligible for a minimum down payment of 3.5%, but total cash needs vary.
Eligible first-time and repeat buyers may use FHA financing for a qualifying primary residence.
A no-shame starting path
Review. Plan. Prepare. Shop.
- 01Review
Look at income, debts, credit, savings and your comfortable housing range.
- 02Plan
Compare FHA with other eligible options and understand the tradeoffs.
- 03Prepare
Gather needed documents and work on any useful next steps.
- 04Shop
Move forward only when the financing and timing make sense.
More than the down payment
Know the complete cash picture.
A low down-payment option can help, but it should not hide the other costs of buying and owning a home.
The borrower’s minimum required investment depends on FHA eligibility and the complete loan.
Lender, title, appraisal and other transaction costs may apply.
Taxes, insurance and initial escrow funding may be collected.
Keep your normal life and homeownership needs in the plan, not only the closing day.
Rusty’s quick answerYou do not need to feel “mortgage ready” before calling.
The conversation helps us find out where you are and what the next useful step may be.
Not ready today does not mean never
A clear plan is still progress.
If buying now does not fit, we can identify the items that deserve attention. That may include savings, credit activity, monthly debts, documentation or timing. No false promises. No mortgage alphabet soup.
Check Where I StandWhy buyers may explore FHA
Potential flexibility.
- May offer flexible credit and down-payment possibilities
- Gift funds may be considered when allowed and documented
- Available to qualifying first-time and repeat buyers
What deserves a closer look
Know the tradeoffs.
- Mortgage insurance costs apply
- The property must meet FHA requirements
- Loan limits and other rules apply
FHA questions
Simple answers before you make assumptions.
Is FHA only for first-time buyers?+
No. Eligible repeat buyers may also use FHA financing.
Can FHA be used for an investment property?+
FHA is generally designed for an eligible primary residence.
Does the appraisal replace an inspection?+
No. An appraisal and a home inspection serve different purposes.
Does 3.5% cover everything I need?+
No. The down payment is only one part of the transaction. Closing costs, prepaid expenses and other required funds may also apply.
Can gift funds or assistance help?+
Eligible gift funds or assistance may be considered when the source, borrower and transaction meet applicable requirements.
First Coast Mortgage Funding LLC is not affiliated with the Department of Veterans Affairs (VA), the U.S. Department of Housing and Urban Development (HUD), or the Federal Housing Administration (FHA). This is not a government offer, nor has it been approved or endorsed by any government agency. Program eligibility and underwriting requirements vary by applicant and by lender. Loan approval is subject to applicable agency guidelines, investor requirements, and First Coast Mortgage Funding LLC’s credit policies.
Your first step can be small
Let’s replace uncertainty with a clear next step.
Bring your questions, even if you think you are not ready.