100% Florida FHA Mortgage Lenders

By Thomas Martin 

Contents 

1. FHA Mortgage Lenders Minimum Requirments.

2. How Does a No Down Payment FHA Mortgage Work?

3. How Do I qualify for the 100% FHA Mortgage Program?

4. Who Is Eligible For the 100% FHA Mortgage Program?

5. What Are the Benefits of an FHA Mortgage?

1. FHA Mortgage Lenders Minimum Requirments 

2. How Does A NO Down Payment FHA Mortgage Work?

FHA 100% FHA mortgage lenders with no downpayment needed. With this program, the seller needs to pay the closing costs up to 6% of the closing cost. Credit scores 600+ Scores can qualify; Repayable 2^nd mortgage;- max DTI 47/57% ratios acceptable = as long as the AUS is Approved/Eligible. Increase homeownership opportunities for borrowers with low income with the FHA 100% CLTV Combo loan program from Florida FHA mortgage lenders. This program offers 100% financing by combining a standard FHA mortgage first lien at 96.5% and a concurrent second mortgage lien of up to 3.5% to assist with down payment. You will also need to pay the FHA allowable 6% seller-paid closing cost negotiated in your purchase and sale contract.

3. What Are the FHA 100% FHA Mortgage Specifics? 

• FHA first lien 96.5% + concurrent second lien 3.5% = 100% CLTV
• Minimum 600 FICO
• Standard 30-year fixed rate FHA first lien
• No First-Time Home Buyer requirement
• No Income Limits
• AUS approval required (660+ for manual underwriting)
• No prepayment penalty
• May be combined with up to 6% seller concession for closing costs.
• No resale restrictions

4. Who Is Eligible For 100% FHA Mortgage Program?

Any Borrower on the loan application is a first-home buyer who meets the following criteria:

• Is purchasing the Subject Property;
• Will reside in the Subject Property as their principal residence;
• Has had no ownership interest during the three years preceding the date of the application.
• Primary FHA first-time home buyers is equal to or less than 140% of the state or county median income search tool.
  • What if the Borrower’s paystub reflects over-time income? Is this required to be counted towards the 140%.
  • If the over-time income is not used to qualify the Borrower, then the over-time income does not have to count towards the 140%.
  • The income that the underwriter will use to qualify the Borrower is what will be compared to the 140%.
  • Any Borrower on the loan application is a current, retired, volunteer or non-paid:
  • First responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT) or similar
  • Educator (Sunday school teacher, tutor, daycare provider)
  • Medical personnel (nurse, doctor, phlebotomist, health ambassador, hospital, American Red Cross worker, or similar)
  • Civil servant in a Federal, state, or local municipality
  • 30-year fixed

5. What Are the benefits of an FHA Mortgage?

• Home buyers can use FHA-approved gift funds to help with the down payment and closing costs expenses.
• FHA Closing costs can also be paid by the seller of the home, up to 6% of the home’s sale price.
• FHA loans offer secure 30-year fixed interest rates set by Florida FHA mortgage lenders, banks, and mortgage companies. FHA mortgage interest rates are often lower than conventional loans that require a larger down payment.
• No minimum or maximum income restrictions.
• The FHA mortgage can be used for any new & existing single-family residence, townhome, or FHA-approved condo list.  The property being purchased can be a regular sale, short sale, foreclosure home, etc, that meets FHA maximum property standards.
• FHA allows co-borrowers and Co-signers and non-occupying home buyers to help qualify for an FHA mortgage.
• Most FHA programs do not have a first-time buyer class and FHA Mortgage applicants can apply and get pre-approved all day. 
• The Newly increased Florida FHA loan limit for 2025 to $524,225. Monroe County Florida holds the highest FHA loan limit of $967,150.
• The FHA Good Neighbor Next Door is great for public service workers like FHA Teachers, Firefighters, and Police Law Enforcement.
• Qualifying for an FHA Mortgage loan with bad credit or even no credit score is possible. Note that the current minimum FHA mortgage credit score requirement is 580+ for the maximum financing of 96.5%. Some borrowers with a good payment history can still qualify with credit scores as low as 500 and a 10% down payment. Without any compensation factors, the maximum debt-to-income ratio is caped at 31/43 on a manual underwrite.
• FHA will allow the gift of equity to provide equity credit as a gift on the property being sold to other Family Members to cover downpayment and closing cost.
• The FHA Mortgage offers flexible FHA mortgage refinancing and is sometimes the only option for existing Florida homeowners.
• Some Florida FHA mortgage lenders offer Special FHA Florida down payment assistance programs that can help eligible Florida 100% FHA Mortgage financing.
• FHA mortgage loans are backed by the US Government and have NO prepayment penalty meaning you can Pay off the mortgage anytime.