Florida-Mortgage-Lenders.com is a leading source of FHA information. Please find within all the information you need to purchase or refinance a Florida home using an FHA mortgage. FHA stands for the Federal Housing Administration. The FHA does not make loans directly instead the FHA insures private Florida mortgage lenders against loss. This makes the FHA mortgage the easiest mortgage to qualify for. Keep in mind that the FHA loan is only for primary residence and is not intended to be used for second homes or investment properties.
Reasons FHA Mortgages Are Easier:
- FHA minimum 580 score = 3.5% down.
- FHA minimum 500+ credit score = 10% Down
- FHA purchase 12 months after a Chapter 13 Bankruptcy
- FHA purchases 24 months after a Chapter 7 Bankruptcy.
- FHA purchase 3 years after a Foreclosure.
- No Credit Score Approvals using alternate proof of payment history.
FHA Mortgages Are More Affordable:
- 3.5% Down with 100% Financing options available.
- Seller Paid Closing costs up to 6%.
- Gifts from family or Grants OK!
- No reserves are required.
- FHA Regulated closing costs.
FHA Allows Higher Debt And Is More Flexible:
- Higher debt ratios up to 56.9%
- Less than two years on the same job is OK!
- Self-employed OK!
- Florida FHA Mortgage Limits [ check here ]
FHA Mortgage Benefits
- Qualifying for an FHA Mortgage loan with bad credit or even no credit score is possible. Take 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. The 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.
- 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 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.
Frequently Asked FHA Questions & Answers!
Q: Are there any options For Me To rent to own a house and build equity while I’m rebuilding my credit? M.Cory- Orlando, Florida
A: Our Rent Own FHA Mortgage Lenders program turns renters into future Florida homeowners by offering a lease-to-own solution with earned equity. This program allows homebuyers to rent to own not as ordinary “renters” but as future homeowners while building equity and positioning their credit and financials for an FHA mortgage lender. A FHA Eligible Government Entity to purchase a home that can ultimately be purchased by you providing housing stability and equity creation.
Q: How does an FHA mortgage and how does it work? B. Roberts- Miami Florida
A: The Federal Housing Administration (FHA) is an agency of the federal government. The FHA insures private Florida FHA mortgage lenders for new and existing housing and for approved programs for Florida home repairs. The FHA was created by Congress in 1934, and in 1965 became part of the Department of Housing and Urban Development’s Office of Housing, also known as HUD. The FHA’s mission in the present day includes offering to help Florida mortgage applicants achieve the dream of homeownership with minimum savings and bad credit. FHA also insures Florida bad credit mortgage lenders.
Q: I need assistance I have been paying for her car out of my business account for 4+ years. However, I did not pay in September, October, and November (hurricane-related). I have an email trail from Wells Fargo, where they agree to put those payments at the end of the loan. What options do I have to qualify for an FHA mortgage? G- Talbert – Tampa Florida
A: You may qualify for an FHA mortgage exception if you can prove the extenuating circumstances as outlined in the FHA guide see page 2 https://www.hud.gov/sites/documents/13-26ml.pdf . We can submit your loan to underwriting approval before you go searching for a home.
Q: Who is eligible for an FHA loan? A. Cable – Jacksonville Florida
A: FHA loans are available to U.S. citizens, permanent residents, and non-permanent residents who meet certain credit scores, income, and employment requirements.
Q: What is the minimum credit score required for an FHA loan? – R. Steel – Orlando, FL
A: The FHA requires a minimum credit score of 580 for a 3.5% down payment. For scores between 500 and 579, a 10% down payment is required.
Q: What are the income requirements for an FHA loan? – M. Torres – Tampa, FL
A: There are no specific income limits for FHA loans, but you must demonstrate that you can afford the mortgage based on your income, credit, and debts.
Q: Can I get an FHA loan if I have bad credit?
A: Yes, FHA loans are designed to help individuals with bad credit. However, the better your credit score, the better your terms will be.
Q: How much can I borrow with an FHA loan?
A: Loan limits vary by Florida county and are based on the median home price in the area. The maximum Florida FHA loan limit ranges from about $320,000 to $1,000,000.
Q: What are the requirements for FHA Condo Spot Approval?
A: Here are the Basic FHA Loan Spot Approval Requirements. The project must have at least five units. 10 or more units, up to 10% may be FHA-Insured.Less than 10 units, up to two FHA-Insured units.At least 50% owner-occupancy.HOA Budget 10% reserve requirement (or amount supported by reserve study).Maximum of 35% commercial space.Maximum 10% individual ownership. Manufactured homes, gut rehab, or new construction are not eligible. No more than 15% of units are 60 days delinquent.
Q: Is there an FHA loan limit?
Q: How long do I have to move in a home with an FHA loan?
A: FHA loans require the borrower to occupy the home as their primary residence within 60 days of closing and for at least one year.
Q: Can I rent out my FHA home?
A: Yes, but only after living in the home as your primary residence for at least one year.
Q: Can I refinance with an FHA loan?
A: Yes, the FHA offers options like the FHA streamline refinance, which is a simplified way to lower your mortgage rate.
Q: What types of properties can I buy with an FHA loan?
A: FHA loans can be used to purchase single-family homes, multi-family homes (up to 4 units), and some condos, manufactured homes, and HUD-approved properties.
Q: Do I need to be a first-time homebuyer for an FHA loan?
A: No, you do not need to be a first-time homebuyer, but you cannot have an FHA loan currently in place if you are purchasing another home with FHA financing.
Q: What is the FHA loan down payment?
A: The FHA requires a down payment of 3.5% if your credit score is 580 or higher.
Q: Can I use gift funds for an FHA loan down payment?
A: Yes, you can use gift funds from family members or approved donors for the down payment.
Q: How does the FHA loan approval process work?
A: The FHA loan approval process involves submitting an application to an FHA-approved mortgage lender, undergoing a credit and financial review, title search, and an FHA appraisal of the home.
Q: Can I use an FHA loan to buy a second Florida home or investment property?
No, FHA loans are only for primary residences. However, you can buy a multi-family home and live in one unit.
Q: What is an FHA streamline refinance?
A: An FHA streamlined refinance allows you to refinance your current FHA loan with minimal documentation and no appraisal required, provided you meet certain eligibility criteria.
Q: What is the FHA 203(b) loan program?
A: The FHA 203(b) is the standard FHA loan used for the purchase of homes and covers single-family and multi-family properties.
Q: Can I use an FHA loan to buy a fixer-upper?
A: Yes, you can use an FHA loan for homes that need repairs, especially with the FHA 203(k) loan.
Q: What is an FHA 203(k) loan?
The FHA 203(k) loan is designed for homes that need significant repairs or renovations and allows you to finance both the home and the repairs.
Q: How long does it take to get an FHA loan approval?
A: The FHA loan approval process typically takes 30-45 days but can vary depending on lender and documentation.
Q: How do I apply for an FHA loan?
A: You apply through an FHA-approved lender, providing your financial information and undergoing a credit check.
Q: What are the FHA loan interest rates?
A: FHA loan interest rates are typically competitive with conventional loan rates but can vary based on your credit score, market conditions, and loan terms.
Q: Are FHA loans only for primary residences?
Yes, FHA loans are only for homes that you intend to live in as your primary residence.
Q: Can I get an FHA loan if I’ve had a foreclosure?
Yes, you can apply for an FHA loan after a foreclosure if it has been at least 3 years since the foreclosure was completed.
Q: Can I get an FHA loan if I’ve had a bankruptcy?
A: Yes, after 2 years for a Chapter 7 bankruptcy, or 1 year for a Chapter 13 bankruptcy, with evidence of re-established credit.
Q: Can I have multiple FHA loans at the same time?
A: Yes, but only under certain conditions, such as if you need to move due to work or other reasons.
Q: What is the FHA mortgage insurance premium (MIP)?
MIP is insurance that protects the lender in case you default on the loan. It’s required for all FHA loans.
Q: How much is the upfront MIP for an FHA loan?
A: The upfront MIP is typically 1.75% of the loan amount, which can be rolled into the mortgage.
Q: Is MIP required for all FHA loans?
Yes, MIP is required for all FHA loans.
Q: How long do I have to pay MIP on an FHA loan?
A:If your loan is for more than 90% of the home’s value, you’ll pay MIP for the life of the loan. If less than 90%, MIP can be removed after 11 years.
Q: What happens when I pay off my FHA loan?
A: Once paid off, you’ll no longer be required to pay MIP, and the lender will release the lien on your property.
Q: Can I cancel my FHA MIP?
A:You cannot cancel upfront MIP but may be able to cancel monthly MIP under certain conditions (e.g., refinancing to a conventional loan).
Q: Are FHA loans available for manufactured homes?
A:Yes, the FHA insures loans for manufactured homes, provided they meet certain standards.
Q: Can I use an FHA loan to buy a condo?
A: Yes, as long as the condo project is approved by the FHA.
Q: Can I use an FHA loan to buy a multi-family property?
Yes, you can use an FHA loan to buy a property with up to 4 units, as long as you live in one unit.
Q: Can I use an FHA loan for new construction?
A: Yes, FHA loans can be used to finance new construction homes.
Q: Can I get an FHA loan if I’m self-employed?
A:Yes, self-employed borrowers can qualify for FHA loans by providing tax returns, profit & loss statements, and other documentation.
Q: What is an FHA-approved lender?
A: An FHA-approved lender is a financial institution authorized by the FHA to issue FHA-insured loans.
Q: How do I find an FHA-approved lender?
A: We find the best one for your situation.
Q: How do FHA loans differ from conventional loans?
A: FHA loans typically have lower credit scores and down payment requirements compared to conventional loans but come with mortgage insurance.
Q: What is the FHA loan limit by county?
A: Loan limits vary by county and can be found on the FHA website or by asking your lender.
Q: How do I check if my county has an FHA loan limit?
A: You can check the FHA loan limits for your county on the FHA website.
Q: Can I use an FHA loan if I’ve previously had one?
A:Yes, you can apply for an FHA loan again, but it will depend on your current financial situation.
Q: What is the FHA 5% down program?
A: The FHA 5% down program is a variant where a borrower puts down 5% of the home’s value instead of the standard 3.5%.
Q: Can I use an FHA loan if I’m not a U.S. citizen?
A: Yes, if you’re a permanent Florida resident or a non-permanent Florida resident with lawful status, you can qualify for an FHA mortgage.
Q: What documents do I need for an FHA loan?
You’ll typically need proof of income, credit history, employment records, and tax returns.
Q: What are the standard FHA mortgage requirements for debt-to-income ratio (DTI)?
A: The standard DTI ratio is 31% for the front-end ratio (housing costs) and 43% for the back-end ratio (all monthly debts).
Q: What counties do you cover in Florida?
A: We cover every county in Florida including: Alachua – Baker – Bay – Bradford – Brevard – Broward – Calhoun – Charlotte – Citrus – Clay – Collier – Columbia – DeSoto – Dixie – Duval – Escambia – Flagler – Franklin – Gadsden – Gilchrist – Glades – Gulf – Hamilton – Hardee – Hendry – Hernando – Highlands – Hillsborough – Holmes – Indian River – Jackson – Jefferson – Lafayette – Lake – Lee – Leon – Levy – Liberty – Madison – Manatee – Marion – Martin – Miami-Dade – Monroe – Nassau – Okaloosa – Okeechobee – Orange – Osceola – Palm Beach – Pasco – Pinellas – Polk – Putnam – Santa Rosa – Sarasota – Seminole – St. Johns – St. Lucie – Sumter – Suwannee – Taylor – Union – Volusia – Wakulla – Walton – Washington –
