FHA Mortgage Bank

What FHA Mortgage Bank does

FHA Mortgage Bank Limited is a Nigerian primary mortgage bank incorporated in 1999 and headquartered in Abuja, operating as a wholly-owned subsidiary of the Federal Housing Authority (a federal government agency) and licensed by the Central Bank of Nigeria. The bank administers the National Housing Fund (NHF) loan product at a 6% interest rate on behalf of the Federal Mortgage Bank, which is the centerpiece of its lending book and a structural advantage no commercial competitor can match. Beyond NHF, it offers an in-house mortgage product at 27%, Construction Finance and Renovation loans also at 27%, Rent-to-Own, Estate Development loans targeting developers and cooperatives, Commercial Property Mortgage, Bridging Finance, Debt Consolidation, and RSA (pension withdrawal) application processing at a 25% fee.

The bank operates from five branches in Abuja plus a cash office in Lagos, employs 100+ staff, and serves Nigerian formal-sector workers as the primary customer base, with secondary segments including informal-sector workers accessed through cooperatives, real estate developers, and housing cooperatives. Its revenue model is built on net interest income from the bifurcated NHF (6%) and in-house (27%) loan books, supplemented by processing fees on loan applications and RSA withdrawal facilitation fees. Shareholders' funds have grown from N500 million at founding to over N13 billion, reflecting sustained capital expansion to support a larger loan portfolio.

The business model is structurally a public-affiliate housing finance institution rather than a market-driven commercial bank: distribution is limited to two cities, the product set is anchored by government-backed concessional lending, and growth depends heavily on policy direction from the Federal Housing Authority and the Federal Mortgage Bank of Nigeria.

Name

FHA Mortgage Bank

Legal name

FHA Mortgage Bank Limited

Website

https://fhamortgage.gov.ng

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

FHA Mortgage Bank Limited is a Nigerian primary mortgage bank founded in 1999 and wholly owned by the Federal Housing Authority. It provides NHF-backed, in-house, construction, commercial, and rent-to-own mortgage products to formal-sector workers, cooperatives, and real estate developers across Abuja and Lagos.

Ownership category

akta.pro rank

Product category

Mortgage Banking

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI)

akta.pro secondary industry

Residential Mortgage Origination & Servicing (Retail) (FSABAAAD)

Keywords

• Mortgage banking
• Residential housing finance
• Home loan products
• Construction financing
• Real estate lending

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. NHF Mortgage Interest Income: The bank earns interest income from National Housing Fund (NHF) loans disbursed to eligible Nigerian workers. Interest rate is set at 6% per annum. Loan ceiling is N50 million with maximum 30-year repayment period.
2. In-House Mortgage Interest Income: Interest income from direct credit facilities offered from the bank's own portfolio. Interest rate is 27% per annum. These loans serve as alternatives or bridging finance to NHF financing.
3. Processing and Application Fees: The bank charges various fees including NHF application form fee (N2,500), legal search fees (N55,000 for NHF, N100,000 for In-House), and mortgage account opening balance (N50,000).
4. RSA Withdrawal Processing: The bank facilitates access to 25% of Retirement Savings Account (RSA) as equity contribution for mortgage, providing a bridge loan product.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

FHA Mortgage Bank provides residential mortgage loans to Nigerian workers and institutional borrowers through government-backed NHF schemes (6% interest, up to N50 million, 30-year tenor) and in-house mortgage products (27% interest). The bank also offers construction finance, home renovation loans, rent-to-own products, estate development loans for developers and cooperatives, bridging finance, and commercial property mortgages. It operates as a wholly owned subsidiary of the Federal Housing Authority, distributing affordable housing finance through five branches in Abuja and a Lagos cash office.

Product overview

FHA Mortgage Bank is a primary mortgage bank offering a comprehensive suite of mortgage products. The core portfolio includes the National Housing Fund (NHF) Loan (government-backed at 6% interest, up to N50 million), In-House Mortgage Loan (27% per annum), Construction Finance/Home Renovation loans, Rent to Own, Estate Development Loan for developers, and MREIF Mortgage, Commercial Property Mortgage, Bridging Finance, and Debt Consolidation products. The bank also offers RSA Application services allowing pension contributors to access 25% of their retirement savings as mortgage equity. The bank operates as a wholly owned subsidiary of the Federal Housing Authority, licensed since 1999, with shareholders' funds grown from N500 million to over N13 billion.

Differentiator

Problem solved

Functional benefit

Products and services

• National Housing Fund (NHF) Mortgage Loan A government-backed loan scheme established by Act No. 3 of 1992, enabling Nigerian workers to access affordable housing finance at 6% interest rate. Available to formal sector workers contributing 2.5% of basic salary and informal sector workers via cooperative society affiliation. Loan ceiling up to N50 million with 30-year repayment period. Available once in a lifetime for home purchase, construction, or renovation (not for land purchase).
• In-House Mortgage Loan A direct credit facility from the bank's own portfolio offering quicker and more flexible alternative to NHF financing at 27% per annum interest rate. Can also serve as a bridging loan between NHF application and disbursement. Requires minimum 3-month banking relationship with the bank.
• Construction Finance Loan / Home Renovation Mortgage facility for constructing buildings on land the customer already owns, or renovation loans for existing buildings. Equity contribution ranges from 10-30% depending on project cost. Interest rate is 27% per annum. Available to property owners with a minimum 3-month banking relationship.
• Rent to Own Loan A specialized mortgage arrangement enabling customers to take early possession of a property after making an initial down payment. Periodic rental payments contribute toward the property's total purchase price, with balance settled by a specified date.
• Estate Development Loan Credit facility provided to real estate developers, housing cooperatives, or similar entities to finance the development of residential housing projects for cooperative members and the general public. Requires detailed project specifications and off-taker list.
• Commercial Property Mortgage Mortgage solution for commercial property financing. Available as part of the bank's diverse mortgage solutions offerings.
• Bridging Finance Short-term financing solution designed to bridge the gap between property purchase and long-term financing arrangement. Can be used in conjunction with NHF applications.
• Debt Consolidation Mortgage solution for consolidating existing debts into a single mortgage facility. Part of the bank's comprehensive mortgage solutions portfolio.
• MREIF Mortgage Loan Mortgage solution offered as part of the bank's comprehensive mortgage portfolio. Details available through direct inquiry with the bank.
• RSA Application (25% Pension Withdrawal) Allows Nigerian workers to access up to 25% of their Retirement Savings Account (RSA) as equity contribution for mortgage. Helps bridge the gap in down payment requirements, making homeownership more accessible to pension contributors.

Quantifiable outcome

• NHF loan interest rate of 6% vs market rates of 27%
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Federal Housing Authority (FHA)coreStrategic or Co-development PartnerFHA Mortgage Bank is a wholly owned subsidiary of the Federal Housing Authority. The bank shares the same reporting line as Federal Mortgage Bank and reports to the Minister for Works and Housing. This parent-subsidiary relationship provides institutional backing and alignment with federal housing policies.
• Federal Mortgage Bank of Nigeria (FMBN)coreStrategic or Co-development PartnerFMBN is the administrator of the National Housing Fund (NHF) scheme established by Act No 3 of 1992. FHA Mortgage Bank processes NHF loan applications and remits 2.5% of employee contributions to FMBN. The bank serves as a primary mortgage bank partner for FMBN's housing finance distribution.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Federal Mortgage Bank of Nigeria (FMBN): Administrator of the National Housing Fund scheme that FHA Mortgage Bank distributes. FMBN is the federal agency overseeing all NHF contributions and is the parent entity in the NHF value chain, making it the most direct institutional counterpart to FHA Mortgage Bank's primary business line.
• Guaranty Trust Bank (GTBank): One of Nigeria's largest commercial banks with a mortgage product line. GTBank offers home loans and NHF-eligible products as part of a broader retail banking franchise, making it a broader incumbent that competes for the same mortgage customers.
• First Bank of Nigeria Mortgage: Nigeria's largest commercial bank with a dedicated mortgage product portfolio. Offers NHF-linked home loans alongside broader retail banking services, competing for formal-sector mortgage customers as part of a much larger balance sheet.
• Access Bank (Home Loan): Major Nigerian commercial bank with a mortgage/home loan product line including NHF-eligible products. A broad incumbent competitor that can leverage its deposit base to fund mortgage lending at scale.

Direct peers

• Abbey Mortgage Bank: Another licensed primary mortgage bank in Nigeria offering NHF and in-house mortgage products to retail and cooperative customers. Directly comparable in product mix, regulatory structure, and target market as a fellow primary mortgage bank.
• Infinity Trust Mortgage Bank: Licensed primary mortgage bank in Nigeria providing NHF and proprietary mortgage products. Operates with a similar business model focused on retail mortgage origination and NHF scheme distribution.
• Lagos Building Investment Company (LBIC): Nigerian primary mortgage bank focused on housing finance in Lagos, offering mortgage products for home purchase, construction, and renovation. Comparable peer in primary mortgage banking with similar regulatory framework under CBN.
• Mayfresh Mortgage Bank: Licensed primary mortgage bank in Nigeria providing residential mortgage products, NHF-backed loans, and construction financing. Direct competitor for the same NHF-eligible formal-sector customer base.

Others

• Housing Development Finance Corporation (HDFC): Largest mortgage-focused housing finance company in India, providing a global benchmark for government-aligned, deposit-funded mortgage origination at scale. Comparable as a mortgage specialist operating within a structured national housing finance framework.

Emerging players

• Renmoney: Nigerian digital lender offering consumer and mortgage-adjacent credit products through a tech-led platform. Represents the emerging fintech mortgage and consumer-credit competition that may encroach on FHA Mortgage Bank's customer base over time.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fhamortgage_
• Facebookfacebook.com/fhamortgagebankng
• LinkedInlinkedin.com/company/fha-mortgage-bank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FHA Mortgage Bank