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FHA HOME LOANS

The Doorway to Home Ownership.

 

FHA loans are the home loan of choice for most first-time home buyers and for those whose employment or credit history does not meet the standard conventional loan guidelines.

 

Like Conventional loans, qualifying is straight-forward, but FHA loans are more forgiving of past credit troubles and several other factors. If you're buying your first home or have credit or income troubles, FHA is often the best choice. Consult your loan originator for a side-by-side comparison so you can see which program is best for you.

 

If you have questions about FHA financing, we'd love the opportunity to answer all of your questions.

At a Glance

Minimum Down Payment

3.5%

Minimum Down Payment to avoid PMI

NA

MIP (Mortgage Insurance Premium)

Upfront - 1.75%
(can be rolled into new loan)

Annual
55 BPS/ paid monthly(down payment 3.5% - 5%)
50 BPS/ paid monthly (down payment> 5%)

 

Minimum mid-credit score

500

 

Min/ Max Loan Amount

$50,000 - $524,225

 

Loan Repayment Terms

15 years or 30 years

 

Amortization

Fixed rate

 

Prepayment Penalties

None

 

Recent Negative Credit Events

(Bankruptcy, Foreclosure, Short Sale, Deed-in-Lieu)

» See Eligibility Waiting Period Chart

     DOWNLOAD                  

       DOCUMENT CHECKLIST

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KEY FEATURES

  • Low Down Payment- as little as 3.5% down required.
  • Flexible Underwriting Requirements
  • More flexible credit score requirements– scores as low as 620.  (580 on a case-by-case basis)
  • More flexible debt load requirements
  • More flexible with extenuating circumstances – Change of job, moves, future/expected income (including upcoming retirement), etc.
  • More flexible for borrowers with past derogatory mortgage & credit history (Bankruptcy, Foreclosures, Short Sales)
  • Allows for non-occupying co-borrowers (family can help co-sign on the loan to qualify, etc.)
  • Ideal for first-time home buyers and borrowers with little established credit history.
  • Ideally suited to pair with Down Payment Assistance (DPA) programs
  • Gift funds from a family member are acceptable - 100% of down payment.
  • Interested Party Contributions - Up to 6% towards closing costs
  • "Cash-Out" Refinances only - Maximum Loan-To-Value ratio is 80% LTV.

LOAN SIZE LIMITS

FOR MOST COUNTIES IN THE STATE OF FLORIDA, THE MAXIMUM LOAN SIZE FOR A SINGLE FAMILY HOME USING FHA FINANCING IS $524,225.  To check a specific county, click HERE.

  • One unit homes:    $524,225
  • Two unit homes:    $673,172
  • Three unit homes: $811,297
  • Four unit homes:   $1,008,312

ACCEPTABLE HOME TYPES

 

FHA financing is available on the following property types:

  • Single Family Homes
  • Multi-Unit Homes (2-4 units)
  • Townhomes / Villas
  • Condominiums (Condo association must be FHA-approved)
  • Mobile homes

OCCUPANCY

Owner-occupied homes only

NON-US Citizen Requirements

CONDOMINIUMS and FHA

Condominiums must be approved by the FHA and maintain regular approvals.  FHA will:

  • Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards.
  • Condo projects can now have up to 35% square footage dedicated to non-residential use.
  • FHA will insure up to 50% of the units in approved projects.
  • 50% of the units within the condo must be Owner Occupied
  • SPOT-APPROVALS - FHA allows for single-unit mortgage approvals—often known as "spot approvals"—which will the FHA will insure a single condo unit, even if the overall condo community does not have FHA approval. For Spot approvals:
    • An individual condo unit in a building of 10 or more units may be eligible, with a maximum number of FHA-insured units is 10%
    • For buildings with 10 or  less units, no more than 2 units can be FHA insured.
  • CONDO APPROVAL SEARCH DATABASE - Search to see if a particular Condo is currently approved by HUD.  

SEARCH CONDO APPROVAL STATUS FOR FHA / HUD

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This is not a commitment to lend.  Not all borrowers will qualify for the loan programs listed.  All program terms and conditions are subject to change and may be discontinued without prior notice.  Contact loan originator for program questions and scenarios.