FHA HOME LOANS

The Doorway to Home Ownership.

FHA loans are the doorway to homeownership for many 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.

LOAN SIZE LIMITS

For most counties in Florida, the maximum loan size for a single-unit homes is $356,362.  To check a specific county, click HERE.

• One unit: $356,362
• Two unit: $456,660
• Three unit: $551,958
• Four unit: $685,957

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

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.  

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.

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.