--- title: FHA Mortgage Loans - Bailey & Wood Financial Group description: A FHA loan is a Federal Housing Administration insurance backed mortgage loan provided by a FHA approved lender. image: https://www.bawfg.com/hubfs/MJTW%20Assets/images/Bailey%20%26%20Wood%20Social%20Image.png --- - [Contact](https://www.bawfg.com/contact-us) - [Employee Portal](https://www.bawfg-employee.com) [Search ](https://www.bawfg.com/mortgages/loan-programs/fha-loans#) [![bailey-and-wood-logo](https://www.bawfg.com/hubfs/MJTW%20Assets/logos/bailey-and-wood-logo.svg) ](https://www.bawfg.com/) - [Mortgages](https://www.bawfg.com/mortgages) - [How It Works](https://www.bawfg.com/mortgages/loan-process) - [Products](https://www.bawfg.com/mortgages/loan-programs) - [FHA](https://www.bawfg.com/mortgages/loan-programs/fha-loans) - [USDA](https://www.bawfg.com/mortgages/loan-programs/usda-loans) - [Conventional](https://www.bawfg.com/mortgages/loan-programs/conventional-loans) - [VA](https://www.bawfg.com/mortgages/loan-programs/va-loans) - [Doctors Only](https://www.bawfg.com/mortgages/loan-programs/doctors-only-loans) - [Jumbo](https://www.bawfg.com/mortgages/loan-programs/jumbo-loans) - [Find a Mortgage Consultant](https://www.bawfg.com/find-a-mortgage-consultant) - [Find a Mortgage Consultant](https://www.bawfg.com/find-a-mortgage-consultant) - [Mortgage Consultants](https://www.bawfg.com/consultants) - [Locations](https://www.bawfg.com/locations) - [For Real Estate Professionals](https://www.bawfg.com/real-estate-professionals) - [About](https://www.bawfg.com/about-us) - [Community Outreach](https://www.bawfg.com/about-us/community-outreach) - [Hometown Hero Program](https://www.bawfg.com/about-us/hometown-hero) - [Leadership Team](https://www.bawfg.com/about-us/teams/leadership) - [Marketing Team](https://www.bawfg.com/about-us/teams/marketing) - [Culture + Careers](https://www.bawfg.com/career) - Resources - [Hear from Our Spokespersons](https://www.bawfg.com/resources/testimonials) - [Blog](https://www.bawfg.com/blog) - [The Ultimate Guide to Working With A Lender](https://www.bawfg.com/resources/guide-to-working-with-a-lender) [Apply](https://www.bawfg.com/mortgages/loan-programs/fha-loans#) Are you working with a Mortgage Consultant? Yes [No](https://bawfg.mortgageexpressapp.com/homehub/signup/THENSLEY@BAWFG.COM) Search Mortgage Consultants [![AJ Sweeney Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/aj-sweeney-featured.png) AJ Sweeney Mortgage Consultant ](https://www.bawfg.com/consultants/asweeney) [![Bart Beach Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/bart-beach-featured.png) Bart Beach Mortgage Consultant ](https://www.bawfg.com/consultants/bbeach) [![Brian Brent Headshot](https://www.bawfg.com/hubfs/brian-2024.png) Brian Brent Mortgage Consultant ](https://www.bawfg.com/consultants/bbrent) [![Brooklynn Saylor Headshot](https://www.bawfg.com/hubfs/3.png) Brittany Olds Mortgage Consultant ](https://www.bawfg.com/consultants/bolds) [![Brooklynn Saylor Headshot](https://www.bawfg.com/hubfs/brooklynn.png) Brooklynn Saylor Mortgage Consultant ](https://www.bawfg.com/consultants/bsaylor) [![Carolyn Darr Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/carolyn-darr-featured.png) Carolyn Darr Mortgage Consultant ](https://www.bawfg.com/consultants/cdarr) [![Cory Walradth Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/cory-walradth-featured.png) Cory Walradth Corporate Sales Manager ](https://www.bawfg.com/consultants/cwalradth) [![Courtney King Headshot](https://www.bawfg.com/hubfs/B.png) Courtney King Mortgage Consultant ](https://www.bawfg.com/consultants/cking) [![Courtney Schroeder Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/courtney-schroeder-featured.png) Courtney Schroeder Mortgage Consultant ](https://www.bawfg.com/consultants/cschroeder) [![D. Mike Wood Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/d-mike-wood-featured.png) D. Mike Wood Founder, Mortgage Consultant ](https://www.bawfg.com/consultants/mwood) [![Dave Price Headshot](https://www.bawfg.com/hubfs/PriceHeadshotgpt.png) Dave Price Mortgage Consultant ](https://www.bawfg.com/consultants/dprice) [![Dave Wood Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/dave-wood-featured.png) Dave Wood Business Development Manager ](https://www.bawfg.com/consultants/dwood) [![David Bowyer Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/david-bowyer-featured.png) David Bowyer Mortgage Consultant ](https://www.bawfg.com/consultants/dbowyer) [![David Inabnit Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/david-inabnit-featured.png) David Inabnit Mortgage Consultant ](https://www.bawfg.com/consultants/dinabnit) [![Diane Rick Headshot](https://www.bawfg.com/hubfs/Diane-headshot-edit-2.png) Diane Rick Mortgage Consultant ](https://www.bawfg.com/consultants/drick) [![Brooklynn Saylor Headshot](https://www.bawfg.com/hubfs/drew-2.png) Drew Eichel Mortgage Consultant ](https://www.bawfg.com/consultants/deichel) [![Eric Lyon Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/eric-lyon-featured.png) Eric Lyon Regional Sales Manager ](https://www.bawfg.com/consultants/elyon) [![Gary Mullikin Headshot](https://www.bawfg.com/hubfs/headshots-1-Recovered%20(1).png) Gary Mullikin Mortgage Consultant ](https://www.bawfg.com/consultants/gmullikin) [![Grant Lyons Headshot](https://www.bawfg.com/hubfs/grant-v2.png) Grant Lyons Mortgage Consultant | U.S. Army Veteran ](https://www.bawfg.com/consultants/glyons) [![Jody Bleier Headshot](https://www.bawfg.com/hubfs/jody-2024.png) Jody Bleier Mortgage Consultant ](https://www.bawfg.com/consultants/jbleier) [![Juli Harding Headshot](https://www.bawfg.com/hubfs/Harding-1.png) Juli Harding Mortgage Consultant ](https://www.bawfg.com/consultants/jharding) [![Julie Nolan Headshot](https://www.bawfg.com/hubfs/julie-headshot.png) Julie Nolan Mortgage Consultant ](https://www.bawfg.com/consultants/jnolan) [![Kaleena Coles Headshot](https://www.bawfg.com/hubfs/updated%20headshot%20Kaleena.png) Kaleena Coles Mortgage Consultant ](https://www.bawfg.com/consultants/kcoles) [![Kevin Eames Headshot](https://www.bawfg.com/hubfs/kaylyn.png) Kaylyn Neibert Mortgage Consultant ](https://www.bawfg.com/consultants/kneibert) [![Ken Dilger Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/ken-dilger-featured.png) Ken Dilger Mortgage Consultant ](https://www.bawfg.com/consultants/kdilger) [![Kevin Eames Headshot](https://www.bawfg.com/hubfs/kevin-headshot-columbia-city.png) Kevin Eames Mortgage Consultant ](https://www.bawfg.com/consultants/keames) [![Kevin Walters Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/kevin-walters-featured.png) Kevin Walters Mortgage Consultant ](https://www.bawfg.com/consultants/kwalters) [![Kyle Law Headshot](https://www.bawfg.com/hubfs/kyle-new-bg.png) Kyle Law Mortgage Consultant ](https://www.bawfg.com/consultants/klaw) [![Brooklynn Saylor Headshot](https://www.bawfg.com/hubfs/LeAnne%20New%20Headshot.png) LeAnne Francis Mortgage Consultant ](https://www.bawfg.com/consultants/lfrancis) [![Lexi Davis Headshot](https://www.bawfg.com/hubfs/LExi-headshot-2.png) Lexi Davis Mortgage Consultant ](https://www.bawfg.com/consultants/ldavis) [![Louis Schaefer Headshot](https://www.bawfg.com/hubfs/lou%20headshot.png) Louis Schaefer Mortgage Consultant ](https://www.bawfg.com/consultants/lschaefer) [![Marty Hawkins Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/marty-hawkins-featured.png) Marty Hawkins Mortgage Consultant ](https://www.bawfg.com/consultants/mhawkins) [![Paul Lang Headshot](https://www.bawfg.com/hubfs/paul-2.png) Paul Lang Branch Manager/Mortgage Consultant ](https://www.bawfg.com/consultants/plang) [![Ryan Gertiser Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/ryan-gertiser-featured.png) Ryan Gertiser Regional Sales Manager ](https://www.bawfg.com/consultants/rgertiser) [![Bart Beach Headshot](https://www.bawfg.com/hubfs/forbes-1%20(1).png) Sarah Forbes Mortgage Consultant ](https://www.bawfg.com/consultants/sforbes) [![Bart Beach Headshot](https://www.bawfg.com/hubfs/sj-7.png) Sarah James Mortgage Consultant ](https://www.bawfg.com/consultants/sjames) [![Scott Saylor Headshot](https://www.bawfg.com/hubfs/MJTW%20Assets/images/Headshots/consultants-hubdb-headshots/scott-saylor-featured.png) Scott Saylor Mortgage Consultant ](https://www.bawfg.com/consultants/ssaylor) [![Shanna Warner Headshot](https://www.bawfg.com/hubfs/shanna-headshot.png) Shanna Warner Mortgage Consultant ](https://www.bawfg.com/consultants/swarner) [![Steve Hostetter Headshot](https://www.bawfg.com/hubfs/Steve-headshot-2.png) Steve Hostetter Mortgage Consultant ](https://www.bawfg.com/consultants/shostetter) [![Vellum Brant Headshot](https://www.bawfg.com/hubfs/Vellum-headshot.png) Vellum Brant Mortgage Consultant ](https://www.bawfg.com/consultants/vbrant) ![background image](https://www.bawfg.com/hubfs/MJTW%20Assets/images/neighborhood%20street.jpg) # FHA Loan An FHA loan is a popular option for first time homebuyers! What are the benefits of a FHA Loan? [![Get Started](https://no-cache.hubspot.com/cta/default/5654466/9ae9b17f-c9d3-4b78-95c0-806c574785ae.png)](https://cta-redirect.hubspot.com/cta/redirect/5654466/9ae9b17f-c9d3-4b78-95c0-806c574785ae) ![Lower Cost](https://www.bawfg.com/hubfs/MJTW%20Assets/icons/lower-cost.svg) #### Lower Down Payment The minimum down payment for an FHA home mortgage is only 3.5%. That means if you’re purchasing a home for $175,000, you only need a little over $6,000 for your down payment. ![Approval](https://www.bawfg.com/hubfs/MJTW%20Assets/icons/approval.svg) #### Easier Credit Qualification Credit scores play a huge part in the type of home loan you qualify for and the rates you’re eligible for. FHA loans offer some of the lowest credit requirements of any loan. ![Reduce Cost](https://www.bawfg.com/hubfs/MJTW%20Assets/icons/reduce-cost.svg) #### Covered Closing Costs Some loans require the borrower to cover all of these associated costs. Good news. With FHA loans home sellers, builders, and lenders are able to pay some of these costs.. ![Hand shake](https://www.bawfg.com/hubfs/MJTW%20Assets/icons/approval-1.svg) #### Approved FHA Lender The Federal Housing Administration does not lend directly to borrowers. Instead, it relies on vetted and approved mortgage lenders to assist borrowers with FHA financing. ## Steps to an FHA Loan Once you find the right program for you, the process is as simple as 1, 2, 3! - ###### STEP 1 #### Get Pre-Approved Our mobile app, Mortgage Express, helps you get pre-approved quickly. It’s secure and you can upload all required documents straight into the app to save you time and energy. - ###### STEP 2 #### Talk to a Mortgage Consultant Your mortgage consultant will keep you and your agent updated every step of the way with our Milestone Updates. - ###### STEP 3 #### Close on Your Loan Your consultant will assist you with everything you need and help you setup your closing appointment. [Learn More About Our Process](https://www.bawfg.com/mortgages/loan-process) ![mortgage consultant at desk with client](https://www.bawfg.com/hubfs/MJTW%20Assets/images/3%20Step%201.jpg) ![white half circle](https://www.bawfg.com/hs-fs/hubfs/MJTW%20Assets/backgrounds/white%20half%20circle.png?width=1710&height=1402&name=white%20half%20circle.png) ![jeff saturday](https://www.bawfg.com/hubfs/MJTW%20Assets/gif/jeff-saturday.gif) ## Mortgages In A Snap! Bailey and Wood is Committed to their Community by not only providing 5 Star Customer Service but also by giving back to the communities they serve! ![home](https://www.bawfg.com/hubfs/MJTW%20Assets/icons/home.svg) #### Family Owned ![map](https://www.bawfg.com/hubfs/MJTW%20Assets/icons/map.svg) #### Local ![processing](https://www.bawfg.com/hubfs/MJTW%20Assets/icons/processing.svg) #### In-House Processing ![time](https://www.bawfg.com/hubfs/MJTW%20Assets/icons/time.svg) #### Close In Days Not Weeks! Apply Today ![background image](https://www.bawfg.com/hubfs/MJTW%20Assets/images/neighborhood.jpg) ## Your Homeownership Journey Starts Here [![Find Your Mortgage Consultant](https://no-cache.hubspot.com/cta/default/5654466/0e2f45e5-22c5-4f53-b7b7-e4aa0709bef6.png)](https://cta-redirect.hubspot.com/cta/redirect/5654466/0e2f45e5-22c5-4f53-b7b7-e4aa0709bef6) ## The Bailey & Wood Difference Bailey and Wood makes financing your Dream Home easy! What makes us different? We’re local, have in-house processing/underwriting, and give back to the communities we service! [Learn More About Bailey & Wood](https://www.bawfg.com/about-us) ![people at fair](https://www.bawfg.com/hubfs/MJTW%20Assets/images/image.jpg) ![Home Town Hero](https://www.bawfg.com/hubfs/MJTW%20Assets/images/home-town-hero.jpg) ## Hometown Hero Program Bailey & Wood loves supporting our community anyway we can! Which is why we have developed the Hometown Hero Program to assist veterans, first responders, teachers, and more with financing their dream home! [Learn more](https://www.bawfg.com/about-us/hometown-hero) > It was wonderful working with Bailey and Wood during my home purchasing process. I would recommend using them for your mortgage needs!" Nathaniel C. ## FHA Frequently Asked Questions How much do I need for an FHA Loan Down Payment? Your down payment will partially depend on your credit score. The higher your credit score, the lower your down payment can be. The minimum down payment for an FHA loan, however, is 3.5%. You should also know that the higher your down payment, the less interest you’ll pay over the life of your loan and less you’ll pay month to month. What are the FHA Loan limits? The Federal Housing Administration changes the loan limits that it will insure every year. The maximum, also known as the ceiling, and the minimum, also known as the floor, vary according to the cost of living in each area. To learn more about the limits in your area, contact a mortgage consultant. What are the Credit Score Qualifications for FHA Home Loans? You must have a minimum credit score of 500-579, but will need a minimum down payment of 10%. To be considered eligible for the 3.5% down payment, you need a credit score of 580 or higher. Do I have to Pay Mortgage Insurance with an FHA Loan? If your down payment is less than 20%, you will be required to pay mortgage insurance. With an FHA home loan, you’ll pay two types of mortgage insurance premiums. When you get the loan, you’ll pay an upfront premium, which will be .75% of the loan amount. Most of the time, an upfront premium can be rolled into the financed loan. The second type of mortgage premium is an annual premium, which is paid monthly according to the terms of your loan. ![Top 100](https://www.bawfg.com/hs-fs/hubfs/Top%20100.png?width=210&height=170&name=Top%20100.png) ![IndyStar](https://www.bawfg.com/hs-fs/hubfs/IndyStar.png?width=210&height=170&name=IndyStar.png) ![Top Originators](https://www.bawfg.com/hs-fs/hubfs/Top%20Originators.png?width=210&height=170&name=Top%20Originators.png) ![Expertise.com](https://www.bawfg.com/hs-fs/hubfs/Expertise.com.png?width=210&height=170&name=Expertise.com.png) Connect With Us - [Facebook](https://www.facebook.com/BaileyAndWoodFinancialGroup) - [Instagram](https://instagram.com/baileyandwood/) - [Youtube](https://www.youtube.com/channel/UCFhCltmViObKIEJng6yU2aA) ![white ](https://www.bawfg.com/hs-fs/hubfs/MJTW%20Assets/logos/white%20.png?width=2188&height=506&name=white%20.png) - [Mortgages](https://www.bawfg.com/mortgages) - [How It Works](https://www.bawfg.com/mortgages/loan-process) - [Products](https://www.bawfg.com/mortgages/loan-programs) - [Hear from Our Spokespersons](https://www.bawfg.com/resources/testimonials) - Resources - [The Ultimate Guide to Working With A Lender](https://www.bawfg.com/resources/guide-to-working-with-a-lender) - [Blog](https://www.bawfg.com/blog) - [For Real Estate Professionals](https://www.bawfg.com/real-estate-professionals) - [About](https://www.bawfg.com/about-us) - [Community Outreach](https://www.bawfg.com/about-us/community-outreach) - [Hometown Hero](https://www.bawfg.com/about-us/hometown-hero) - [Leadership Team](https://www.bawfg.com/about-us/teams/leadership) - [Marketing Team](https://www.bawfg.com/about-us/teams/marketing) - [Culture + Careers](https://www.bawfg.com/career) Contact Us Toll Free: [855-350-4663](tel:8553504663) Office: [317-535-4804](tel:3175354804) Fax: [877-811-1269](tel:8778111269) Main Office [740 Main StreetWhiteland, IN 46184](https://g.page/BaileyAndWoodFinancialGroup?share) ©2026 Bailey & Wood Financial Group. 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