FHA Mortgage Loans

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FHA Mortgage Features and Benefits

At Bethpage, we offer a wide selection of mortgage options, and we’re here to help you find the one that’s right for you. If you’re looking to finance a home with less money down and a less restrictive approval process than a traditional mortgage, a Bethpage FHA Mortgage Loan could be right for you.

  • Less restrictive credit score requirements
  • Low closing costs
  • Great option for first-time homebuyers
  • Buy a primary residence with as little as 3.5% down
    • Gift funds are acceptable
    • Seller and lender contributions are allowed
  • Refinance up to 97.75% of your primary home’s value

Bethpage offers competitive rates and low fees on 15 and 30 year FHA Mortgages, and we're committed to delivering exceptional member service every step of the way — from application through closing. See Additional Disclosures and Information.

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What is an FHA Mortgage Loan?

FHA Mortgage Loans are home loans regulated and insured by the Federal Housing Administration (FHA). These loans are designed with less restrictive qualifying guidelines in order to put homeownership within reach for many Americans who would otherwise have difficulty qualifying for a traditional mortgage.

FHA Mortgages vs. Conventional Mortgages

Credit Score Minimum
Down Payment
3.5% for credit scores of 580+ 10% for credit scores of 500-579
Between 3% to 20%
Loan Terms[1]
15, 30 years
10, 15, 20, 30 years
Mortgage Insurance
Upfront Mortgage Insurance Premium (UFMIP): 1.75% of the base loan amount. Annual Mortgage Insurance Premium (MIP): 0.45% to 1.05% of base loan amount (paid monthly). MIP is generally required for the term of the loan, but may be removed under certain circumstances.
Private Mortgage Insurance (PMI): Required if loan-to-value (LTV) exceeds 80%. Generally, 0.5% to 1% of the loan amount (paid monthly). PMI remains on the loan until certain conditions are met.
Interest Type
Fixed rate
Variable rate, fixed rate

"Total and complete satisfaction with the level of professionalism, efficiency, and expediency of the overall mortgage process, from start to finish."

Margot N. Member since June 2013

“I was very happy with the whole experience of obtaining mortgage through Bethpage Federal Credit Union. Every person that I interfaced with was professional, friendly, always answered my questions and would call me back promptly when I left a message.”

Maria S. Member since May 2005

“Fast and friendly service and best rates out there.”

Carl P. Member since September 2010

FHA Mortgage FAQs

What size down payment do I need?

You can get an FHA Mortgage Loan with a down payment as low as 3.5 percent of the purchase price.

Can my down payment be gifted for an FHA Mortgage Loan?

Yes, down payment funds for an FHA Mortgage Loan can be gifted by a relative, close friend or other approved donor.

Where can I find Bethpage’s current mortgage rates?

Does Bethpage offer an FHA Mortgage Loan for a refinance?

Yes, Bethpage offers FHA Mortgage Loans for both purchase and refinance.

Are FHA Mortgage Loans just for first-time homebuyers?

While FHA Mortgage Loans are ideal for first-time homebuyers, people who have owned a home in the past can also take advantage of the program.

Can I buy an investment property with an FHA Mortgage Loan?

FHA Mortgage Loans can only be used to purchase a primary residence. An investment property or a vacation home would not qualify.