FHA Loans
Lower down payments, flexible credit requirements — the government-backed program that gets first-time buyers through the door.
Overview
FHA loans are mortgages insured by the Federal Housing Administration, designed to make homeownership accessible to buyers who might not qualify for conventional financing. With down payments as low as 3.5% and credit score requirements starting at 580, FHA loans are one of the most popular programs for first-time home buyers in the Portland metro area.
Who It's For
How It Works
Discovery Call
We review your credit, income, and savings to confirm FHA is the right fit vs. other low-down-payment options.
Pre-Approval
Full pre-approval with FHA-specific underwriting. You'll have a letter ready for offers.
FHA Appraisal
FHA appraisals are slightly stricter than conventional — we prep you for what inspectors look for.
Close & Move In
We handle the FHA-specific paperwork and get you to the closing table.
Requirements
These are general guidelines, not a quote or commitment to lend. Actual terms depend on credit approval, income, and underwriting — not all applicants will qualify, and programs and requirements are subject to change without notice. Through Movement Mortgage we have access to additional programs with different requirements. Contact David & Bri for options specific to your situation.
Pros & Cons
Advantages
Considerations
Calculator
Loan Details
FHA minimum: 3.5%
Auto-calculated from price minus down payment. Edit to override.
Annual rate. Use 0.125% increments.
Roll the 1.75% upfront MIP into the loan balance.
Credit Profile
FHA MIP rates are not credit-score-tiered, but your score determines the minimum down payment (3.5% for 580+, 10% for 500–579).
Property Costs
Check your county assessor's website for exact amounts.
Typical range: $1,200–$3,600 per year.
Leave at $0 if not applicable.
Your Estimated Monthly Payment
$2,859
30-year fixed at 6.75%
Mortgage Insurance Premiums
Upfront MIP
1.75% of base loan — financed into loan balance
$5,911
Loan: $343,661
Annual MIP
0.55% per year, paid monthly
$155/mo
Life of loan
With less than 10% down, FHA MIP lasts for the life of the loan. Putting 10% or more down reduces MIP to 11 years.
LTV
96.5%
$337,750
Total Interest
$458,771
over 30 years
Payoff Date
July 2056
360 payments
Total Cost Over Time
Includes all PITI payments and MIP — principal is not spent, it builds equity.
5 Years
$171,527
10 Years
$343,053
30 Years
$1,029,160
Payment Composition
Amortization Schedule
This calculator provides estimates for informational purposes only. FHA MIP rates are based on current HUD guidelines and may change. Actual rates, payments, and terms may vary based on your lender, loan scenario, and eligibility. FHA loans require the property to be a primary residence. Contact a licensed loan officer for a personalized quote.
FAQ
6 questions
What credit score do I need for an FHA loan in Oregon?
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580 or higher for the standard 3.5% down payment. Scores between 500-579 can qualify with 10% down. Below 500 is not eligible for FHA.
How much is the FHA down payment?
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The minimum is 3.5% of the purchase price. On a $400,000 Portland home, that's $14,000. This can come from savings, gifts from family, or Oregon down payment assistance programs.
What is FHA mortgage insurance (MIP)?
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FHA charges an upfront MIP of 1.75% of the loan amount (rolled into the loan) plus an annual MIP of 0.55% paid monthly. On most FHA loans, MIP lasts the life of the loan unless you refinance to conventional.
Can I use an FHA loan for a condo in Portland?
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Yes, but the condo complex must be on the FHA-approved list. Not all Portland condos qualify. We can check eligibility before you make an offer.
What are FHA loan limits in Portland?
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FHA loan limits vary by county and are updated annually. We'll confirm the current limit for your target area during our initial conversation.
Can I buy a fixer-upper with an FHA loan?
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The standard FHA 203(b) loan requires the home to meet minimum condition standards. For fixer-uppers, the FHA 203(k) renovation loan lets you finance both the purchase and renovations in one mortgage.
Ready to explore fha?
Schedule a complimentary consultation. We'll review your situation and tell you honestly whether this is the right move.