The Federal Housing Administration (FHA) put the power of home ownership in more people’s hands. FHA loans enable people with lower credit scores and income levels to obtain a mortgage with down payments as low as 3.5% – and state-sponsored programs can whittle that down even further. What are FHA loan requirements for those looking for a home in Florida?

Qualifying for an FHA Loan in Florida 

FHA loan requirements can be complex. Let’s go through them step-by-step:

You must:

  • Pay the application fee.
  • Meet the FHA’s minimum credit score requirements of 500 for a 10% down payment and 580+ for 3.5% down payment.
  • Meet the lender’s credit score requirements. Note that these are often higher than the FHA thresholds.
  • Have a Social Security number and be of legal age to have a mortgage.
  • Not have debt with the federal government (this can include student loans), outstanding collections, bankruptcies or liens in the past seven years, or delinquent accounts without explanation.
  • At least two established credit accounts.
  • Meet debt-to-income requirements.

When you purchase a property, you must:

  • Use the home as your primary residence for one year, and within 60 days of purchase.
  • Ensure the home meets FHA criteria and be approved.
  • Purchase mortgage insurance.

More Information about FHA Loans in Florida

The FHA has limits on the size of the mortgage you can obtain. Generally, they are:

  • One-family: $314,827.00
  • Two-family: $403,125.00
  • Three-family: $487,250.00
  • Four-family: $605,525.00

In certain “high-cost” areas (e.g., Broward, Miami-Dade, Palm Beach, and Monroe Counties), the limits are higher to accommodate for the markets:

  • One-family: $726,525.00
  • Two-family: $930,300.00
  • Three-family: $1,124,475.00
  • Four-family: $1,397,400.00

There is a lot to know about getting an FHA loan in Florida. Let us know if you have any questions; we want the process of purchasing a home to be as streamlined and stress-free as possible.

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