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This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
Looking to buy your first home? Consider exploring an FHA mortgage for first-time homebuyers. You may qualify—even with credit challenges—and benefit from lower interest and low down payments. Speak to an FHA mortgage loan banker to learn about the advantages of FHA loans and determine if this option is right for you.
Pay less up front
Qualify for an FHA loan with a down payment as a low as 3.5%.
Choose your terms
Select from a variety of FHA mortgage term options.
Flexible requirements
The FHAD has flexible credit and income requirements.
Government backing means you can qualify even with credit challenges.
FHA loans don't require as much money down.
Avoid higher closing costs with an FHA mortgage.
Create an account in our online application platform. Here's what you'll need to apply for a Federal Housing Administration loan.
Begin your FHA home loan journey here.
Contact an FHA mortgage loan advisor to assess your readiness. Discuss terms, pricing, options and payments. We can help you find a mortgage banker.
Apply for an FHA mortgage loan online. Submit any supporting documentation that will be used to process your FHA loan application.
Underwriting will process your FHA home loan application and review your documentation. Provide answers to questions and additional documentation as requested.
You'll receive your closing date and meet with your lender and closing attorney to secure your new mortgage.
An FHA home loan is a special type of mortgage that's insured by the Federal Housing Administration, or FHA. It's designed to help borrowers purchase a home with a lower down payment or lower credit score than typically required.
Because FHA loans are backed by the government, they provide lenders with a loan guarantee. This makes it more likely that a lender will approve and close your FHA mortgage at a lower FHA loan interest rate and for less money down. FHA loans are perfect for first-time homebuyers.
An FHA mortgage is a type of home loan guaranteed by the Federal Housing Administration. This mortgage program helps first-time homebuyers and those with moderate income get approved for a mortgage. Buyers benefit from lower FHA loan interest rates, flexible credit requirements and lower down payments.
You may be eligible for an FHA loan if you meet the following requirements:
For more information, find a mortgage banker.
First, only FHA-approved lenders can offer this type of loan. Next, if you get an FHA home loan, you'll be required to purchase FHA mortgage insurance. This means you'll pay an upfront cost of 1.75% of the loan amount, as well as monthly mortgage insurance premiums, or MIPs. Depending on the terms of your loan, you may be making these payments for 11 years or for the life of the loan.
An FHA loan may be right for you if you:
No. Although FHA home loans are primarily used by first-time homebuyers, it's not a requirement of the program. In fact, you can qualify for this type of loan even if you've gone through a foreclosure, as long as you wait the required amount of time and can demonstrate good credit. The main thing to remember is that you can't purchase a vacation home or rental property with an FHA loan—rather, the house must be your primary residence.
To qualify for an FHA home loan, you'll need a down payment of 3.5% and a credit score of 620 or higher. The FHA gives lenders specific guidelines to determine eligibility, and your lender can help you understand how they apply to you. For example, you'll need to show a steady employment history for the past 2 years to qualify for an FHA home loan.
Take these steps to apply for an FHA home loan.
How soon you can refinance an FHA loan depends on the type of mortgage you desire. Options include streamlined, cash-out , simple and 203(k) refinance.
Yes. FHA home loans are assumable. The homebuyer assuming the loan must meet credit, income, employment and other FHA requirements.
Account openings and credit are subject to bank approval.
Not applicable in all states.
Terms and restrictions apply. Programs are subject to change without notice and may be discontinued without notice. Consult a tax advisor regarding any tax implications.
Consult your tax advisor regarding the deductibility of interest.
Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county.
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Customers with account-related questions who aren't enrolled in Digital Banking or who would prefer to talk with someone can call us directly.
If you'd prefer to talk with someone directly, you can call 888-280-2885 or search our local directory to find a mortgage banker near you.
Whether you want to pre-qualify or apply for a home loan, getting started with the process to secure and eventually close on a home loan is as easy as one, two, three. We're here to help you navigate the process. Start with these steps:
Prefer to speak with someone directly about a mortgage loan? Our mortgage bankers are ready to assist with a free, no-obligation loan pre-qualification. Feel free to contact a mortgage banker via one of the following options: