Can you put more down on an FHA loan?

If you have more than 3.5% available to put down, consider doing it. A larger down payment gives you more borrowing options, and you’ll save money on interest costs over the life of your loan. Other peoples’ money: It’s easier to use a gift for your down payment and closing costs with FHA financing.Click to see full answer. Then, what happens if I put 20% down on an FHA loan?Conventional loans require private mortgage insurance if a buyer cannot put 20% down. FHA loans require mortgage insurance regardless of how much money is put down initially. Conventional wisdom says that buyers should only consider getting an FHA loan only if they cannot put 20% down.Beside above, how much do you have to put down on an FHA loan? For an FHA loan, the minimum down payment you would need to buy a home is 3.5% down. Most lenders can lend up to $417,000 with the exception of Alaska, Hawaii, and Guam. An FHA loan comes with a monthly mortgage insurance premium, which can make it more expensive than a conventional mortgage. One may also ask, can you put more money down on a FHA loan? The reverse is also true–FHA mortgage loan applicants can put more money on their down payment in order to lower monthly mortgage bills-there is no requirement that the borrower must only pay the 3.5% minimum.What is benefit of FHA loan?The Federal Housing Administration (FHA) loan program offers two primary benefits to home buyers — a relatively small down payment, and more flexible guidelines: Borrowers who use this program can make a down payment as low as 3.5%. Borrowers with credit problems in the past may find it easier to qualify for FHA.