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Best FHA mortgage lenders in 2024

Andrew Dehan Suzanne De Vita
Written by
Andrew Dehan,
Edited by
Suzanne De Vita
Published on August 08, 2024 | 4 min read

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Credit: Marje/Getty Images; Illustration by Issiah Davis/Bankrate

FHA loans — those insured by the Federal Housing Administration — have been steadily increasing in appeal in today’s unaffordable housing market. FHA loans come with more flexible financial requirements than conventional loans, making them especially attractive to first-time homebuyers and others with lower income or credit scores. While the FHA sets eligibility requirements, lenders can set tighter qualifications, and loan interest rates can vary significantly.

Bankrate has made shopping for FHA mortgages easier for you by reviewing dozens of mortgage lenders on several key criteria. Here’s our guide to the best FHA mortgage lenders in 2024.

Best FHA loan lenders

FHA mortgage lender Bankrate rating Minimum credit score Minimum down payment
Veterans United Home Loans 4.9/5 Undisclosed 3.5%
Bethpage Federal Credit Union 4.9/5 500 3.5%
Wells Fargo 4.8/5 Undisclosed 3.5%
U.S. Bank 4.8/5 Undisclosed 3.5%
Old National Bank 4.6/5 600 Undisclosed


Veterans United Home Loans

Veterans United Home Loans

Rating: 4.9 stars out of 5
4.9
Learn more in our Bankrate review

  • Veterans United Home loans consistently receives high marks from customers on Bankrate (five stars out of more than 3,600 testimonials as of this review), as well as accolades from J.D. Power. This, along with its high scores for affordability and nationwide availability make it our top pick for an FHA mortgage lender in 2024.


Bethpage federal credit union logo

Bethpage Federal Credit Union

Rating: 4.7 stars out of 5
4.7
Learn more in our Bankrate review

  • Bethpage is an easy-to-join credit union that offers competitive rates and widespread near-national availability.


Wells Fargo logo

Wells Fargo

Rating: 4.6 stars out of 5
4.6
Learn more in our Bankrate review

  • Wells Fargo scores high for competitive interest rates, displaying estimated rates and fees online and the widespread availability of its mortgages.


US Bank Logo

U.S. Bank

Rating: 4.6 stars out of 5
4.6
Learn more in our Bankrate review

  • U.S. Bank stands out by offering several forms of homebuying assistance, including grants and credits to help with closing costs or your down payment. Coupled with its nationwide availability, this makes U.S. Bank a top choice for FHA borrowers.


Old National Bank

Old National Bank

Rating: 4.6 stars out of 5
4.6
Learn more in our Bankrate review

  • Old National Bank offers down payment and closing cost assistance in some states, lists competitive rates online and generally has lower origination fees than average.

How to get an FHA loan

The FHA doesn’t make loans directly. Instead, you’ll get an FHA loan from an FHA-approved mortgage lender. Many types of mortgage lenders, including banks and online companies, offer these loans. Here’s how to get one:

  1. Check your credit. While FHA loans have a lower credit score minimum to qualify, you’ll still need at least a 580 — and with some lenders, you might need higher than that. Before you dive into comparing FHA lenders, check your credit reports and scores. If your score doesn’t meet the FHA minimum, now’s the time to improve it. Here are our top tips.
  2. Compare offers from more than one FHA lender. While FHA loans have fairly standard qualifying requirements, the interest rates and fees vary by lender. You can check current FHA loan rate offers on Bankrate.
  3. Contact your lender. FHA loans only require 3.5 percent down, but it might be difficult to save if you’re on a tight budget or in an especially pricey area. Once you’ve found an FHA lender you like, ask for help finding down payment assistance. Your loan officer might point you to a special grant or state housing finance agency program.
  4. Gather your financial documents. With your credit and down payment taken care of, now’s the time to submit paperwork to get preapproved. This includes income-verifying documents like bank statements and W-2s, as well as debt documents like car or student loan statements.
  5. Consider locking your rate. The preapproval assumes a certain loan amount at a specific interest rate. If you don’t lock your rate and it takes you longer than anticipated to find a home, you might end up paying a higher (or lower) rate than the one you were quoted. Here’s more on how to decide whether to lock your mortgage rate.

Qualifications for FHA loans

Here are the basic requirements for an FHA loan. You must:

  • Borrow no more than $498,257 for a one-unit property in most areas; you can find your area’s loan limit here
  • Carry a credit score of at least 580 with a 3.5 percent down payment, or as low as 500 with a 10 percent down payment
  • Have no higher than a 43 percent debt-to-income (DTI) ratio (with some exceptions)
  • Provide proof of employment from the past two years
  • Wait one year after a Chapter 13 bankruptcy, two years after a Chapter 7 bankruptcy and three years after a foreclosure, if applicable

Who are the largest FHA lenders in the U.S.?

Here are the top 10 FHA mortgage lenders in the U.S. based on loan volume in 2023:

  1. United Wholesale Mortgage
  2. Pennymac
  3. Newrez (Caliber Home Loans)
  4. loanDepot
  5. AmeriHome Mortgage
  6. Fairway Independent Mortgage
  7. CrossCountry Mortgage
  8. Rate (Guaranteed Rate)
  9. Planet Home Lending
  10. Movement Mortgage
  • To determine the best FHA mortgage lenders, Bankrate evaluates more than 80 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Based on this methodology, the best FHA mortgage lenders generally have a Bankrate Score of 4.6 stars or higher. Note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices.

FAQs about FHA loans

  • No, FHA loans can be used by both first-time homebuyers and repeat homebuyers. They appeal more to first-timers due to their lower income, credit score and down payment requirements.
  • FHA loans make homeownership more accessible to borrowers with lower credit scores, moderate income or limited savings. These mortgage products come with fixed interest rates, making your monthly mortgage payment more predictable. You could also qualify for a more competitive rate than you would with a conventional loan, even if you have less than perfect credit.
  • In addition the FHA’s primary home loan option for purchasing a new home, which comes in fixed- and adjustable-rate formats – there are other FHA loan products including 203(k) loans to help with the cost of repairing a home, energy-efficient mortgages for properties that are more environmentally-friendly and reverse mortgages (HECMs) for homeowners who are 62 or older.
Written by
Andrew Dehan Arrow Right Icon
Writer, Home lending
Andrew Dehan writes about real estate and personal finance. His work has been published by Rocket Mortgage, Forbes Advisor and Business Insider. He’s also a poet, musician and nature-lover. He lives in metro Detroit with his wife and children.