FHA home loans

A little lift to put homeownership within your reach

 

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All rates shown are Annual Percentage Rate (APR).*

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Federal Housing Administration (FHA) loans help you clear some of the hurdles along the way to buying a home, with more relaxed qualifications than other loans.

You’ll need a fair or better credit score and a debt-to-income1 ratio (DTI) of 55% or lower. FHA loans are available in 15- and 30-year terms, and private mortgage insurance could be required for the life of the loan depending on your down payment percentage.

Check out the Colorado Housing and Financial Authority’s program for more information on getting financial assistance to make your down payment.

 

Is this the loan for me?

I can meet relaxed credit score and DTI qualifications

I can meet relaxed credit score and DTI qualifications

I can afford to put at least 3.5% down

I can afford to put at least 3.5% down

I may need gift funds from a relative for loan costs

I may need gift funds from a relative for loan costs

No surprises — estimate your payment

No surprises — estimate your payment

Ready to know how much home you can afford? Just enter some basic information into the mortgage calculator below to estimate your total monthly payment, including principal and interest, monthly property taxes, fees and insurance.

Results from this calculation are hypothetical and are for illustrative purposes only. Calculators should be used as a self-help tool only and do not consider the impact of fees that may apply. Results may not be applicable to your individual situation and do not constitute an offer. We encourage you to seek advice and guidance from a qualified professional regarding all personal finance issues. Actual terms may differ.

Stress less with an FHA loan from Ent

Stress less with an FHA loan from Ent

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90-day Lock & Shop rates2

Get pre-approved, lock in your interest rate and shop with confidence.

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Lifetime loan support

We’ll be your contact for help. Have questions? You know who to call.

 

$500 guaranteed on-time closing3

You’ll close on your home on time, or we’ll owe you $500. Guaranteed.

 

Local expertise

With Ent, you’ve got local mortgage experts in your corner to guide you.

 

Lexi Root, Ent Credit Union Mortgage Loan Officer

Ask a local expert

Ask a local expert

If you want to make sure an FHA home loan is the best option for you, reach out to our mortgage experts. They’re happy to answer your questions, and have the local experience to recommend the best loan for your personal situation.

 

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Get free homebuying resources and tools

Get free homebuying resources and tools

Take advantage of our free tools, useful articles and more. You’ll stress less having the know-how you need to confidently achieve your goal of homeownership.

FHA home loan FAQs

An FHA mortgage is any home loan backed by the Federal Housing Authority (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD). FHA-approved private financial institutions administer these loans, but the lender won’t be held financially liable if a borrower defaults on the loan. The government takes financial responsibility so private lenders can provide loans to Americans with lower credit without worrying about incurring a loss. Consumers with bad credit or bankruptcy on their record may otherwise have trouble getting approved for a loan. The FHA loan program ultimately increases access to homeownership by giving these consumers access to low-interest loans. 

If you have a lower credit score or a high debt-to-income ratio, you will have an easier time getting approved for an FHA loan than you would for a conventional loan. An FHA loan is more lenient on a lower credit score, or if you've had past credit events like bankruptcy or foreclosure. Since an FHA loan is a government-backed loan, you may not qualify if you have delinquent or charged-off student loans, or other government loans like a VA or USDA mortgage. You must also be current on your federal taxes. 

The acceptable debt-to-income limit depends on your credit score. If you have a low credit score you must have proof of a stable source of income to get approved. If you have a high credit score you can often get approved with a higher debt-to-income ratio.  

FHA loans sometimes have lower interest rates than other home loans, but the annual percentage rate (APR), which includes the interest rate plus fees, might be higher. To get a better idea of your interest rate based on your unique financial situation, contact a mortgage loan officer at Ent 

After you apply and are approved for an FHA loan, you’ll want to make sure you have enough money for closing costs in addition to the down payment. The down payment for an FHA loan is usually 3.5% and the closing costs typically fall between 2% and 6% of the home’s sale price. 

For first-time homebuyer loans, banks and credit unions can set their own guidelines and loan qualification criteria. This lets Ent offer a program with a 30-year term, fixed- or adjustable-rate options, discounted mortgage insurance rates and, maybe best of all, a lower down payment of only 3%. To take advantage of this program, borrowers need a slightly higher credit score and lower debt-to-income ratio compared to what is needed for an FHA loan.
 

FHA loans can also be great for first-time homebuyers or anyone looking to take advantage of easier qualification guidelines. These guidelines are set by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development. The main benefits of an FHA loan include term options of 15 or 30 years, a down payment as low as 3.5% and eligibility for those with a slightly lower credit score. It is also important to consider that FHA loans require mortgage insurance for the life of the loan, and do not include an adjustable-rate option.

* APR - Annual Percentage Rate: An annual percentage rate is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate. Source: Consumer Financial Protection Bureau

All interest rates, qualification criteria and underwriting analysis is subject to the sole discretion of Ent Credit Union. This may include analysis of satisfactory insurance, appraisal and title reports. Additional conditions or exclusions may apply. Ent Credit Union reserves the right to cancel any offer or loan at any time.

1 Mortgage criteria shown such as DTI, credit score, down payment/LTV, terms, and other qualifications are intended for general education and awareness of guidelines for each product and program. For information on how to calculate your DTI, please see this resource from Ent Credit Union. To understand how loan criteria relates to your unique situation, please contact a mortgage expert at Ent Credit Union to discuss your options. 

2 Lock & Shop is available on fixed-rate mortgage loans, excluding all refinance types and CHFA loans. This allows you to shop for your home and close your loan, for a total of 90 days of rate increase protection, all at no cost to you. Additional conditions or exclusions may apply. Please refer to Ent’s Important Loan Information and Mortgage Rate Lock Information for more information. Please refer to Ent’s Important Loan Information and Mortgage Rate Lock Information for more information.

3 $500 Mortgage Closing Guarantee is based on the mortgage loan closing date provided in the original sales contract. This guarantee is only available on purchase mortgage loans with closing dates set for a minimum of 30 days after the original purchase contract is signed. Loan closing date is subject to receipt of completed application and required supporting documentation. Required supporting documentation must be provided no less than two (2) business days after application receipt. Loan closing is subject to underwriting approval. Closing guarantee is not applicable if: a) borrower changes loan products or terms, b) closing is delayed due to seller’s failure to close on time, c) borrower fails to meet contract requirements, d) closing is delayed due to a third party requirement, including appraisal and inspection, e) closing date is not included in the contract, f) closing is delayed due to inclement weather or natural disaster, or g) loan documentation or application contains fraudulent information. Ent reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Guarantee paid in the form of a $500 credit on the settlement form at closing.

Standard account and credit qualifications apply. All loans subject to final credit approval. Rates and terms are subject to change without notice and are dependent upon credit performance. Visit Ent.com/Legal to review Ent’s Important Loan Information and Disclosures.

Financing available on homes in Colorado. Property insurance is required. Consult a tax adviser for further information regarding deductibility of interest and charges.

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