Buying a home for the very first time in Florida? You can experience down payments as low as 3.5% of the price of the home. We also help you manage your closing costs through seller-allowed concessions.
Even if you’re not a first-time buyer, you can still apply for an FHA loan. Check for eligibility within minutes. FHA loans are available if you want to buy your primary property. Condos are also approved if they’re on the approved FHA list.
Eligibility criteria for FHA loan in 2023:
- FICO® score at least 580 = 3.5% down payment.
- MIP (Mortgage Insurance Premium) required.
- Debt-to-Income Ratio < 43%.
- Should be the primary residence of the borrower.
- Borrower should have a steady income and should be employed.
Getting Florida FHA Loans is easier than you think. The regulatory body of FHA (HUD) has lenient guidelines when it comes to a borrower with credit problems, bankruptcy, or foreclosure. Getting loans from an approved FHA lender is a great option for all first-time buyers.
History of FHA Loans
FHA stands for Federal Housing Administration and it comes under the US Department of Housing and Urban Development. Both HUD and FHA came into existence in the year 1934 to help people buy homes with much ease.
FHA mortgage insurance provides lenders protection against loss if an FHA homeowner isn’t able to pay for a loan. For a lender to qualify for this insurance, they have to meet the criteria set forth by the FHA.
FHA and HUD have insured over 34 million homes since 1934. FHA is the largest insurer of mortgages globally.
Advantages of FHA
- Suitable for first-time home buyers
- As low as a 3.5% down payment
- Lower interest rates & easier loan approval
- Low credit scores required
- Works on gifts as well
- Co-borrowers allowed