Whether you’re a first-time homebuyer or have been on the property ladder for some time, it’s important to know your options when considering homeownership. One mortgage option that may be a good fit for you is an FHA loan in Florida. These government-insured mortgages can help make homeownership more accessible by offering lenient credit score requirements and lower down payment minimums than traditional mortgages.
To qualify for an FHA loan, you’ll need to meet several florida fha loan requirements. These include:
A solid credit history, with a seasoned credit score of 580 or higher (though scores between 500-579 may require a 10% down payment). Steady employment for at least two years with the same employer, if applicable. A debt-to-income ratio that doesn’t exceed 43% of your monthly gross income. Generally, you’ll need to put down a minimum of 3.5% of the home’s purchase price, although some lenders will accept less than that amount in certain circumstances.
FHA loans also require a one-time upfront mortgage insurance premium, which is equal to 1.75% of the loan amount. This is in addition to monthly mortgage insurance payments, which will continue for the duration of the loan. You can only use an FHA loan for a single-family residence, condo, or multi-family home with up to four units (as long as you live in one of them), and the property must be your primary residence.
Getting started on the mortgage process is easy with an FHA loan. To learn more, contact us today to be connected with a local mortgage expert. florida fha loan requirements