FHA HOME LOANS

Home-ownership backed by the Federal government.

FHA loans are the friend of first-time home buyers and for those whose employment or credit history does not meet standard conventional loan guidelines. Like conforming 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 $314,827.  To check a specific county, click HERE.

• One unit: $314,827
• Two unit: $403,125
• Three unit: $487,250
• Four unit: $605,525

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.
• Seller Contributions - Up to 6% towards closing costs
• "Cash-Out" Refinances only - Maximum Loan-To-Value ratio is 85% LTV.  For FHA case numbers registered on/after Sept 1, 2019, the maximum LTV will be 80% LTV.

FHA

HOME LOANS

CONDOMINIUMS

Condominiums must be approved by the FHA and maintain regular approvals.  Effective mid October 2019 FHA will:

• Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards.
• Allow for single-unit mortgage approvals—often known as spot approvals—which will enable FHA insurance of individual condo units, even if the property does not have FHA approval.
• Secure additional flexibility in the ratio of investors to owner-occupants allowed for FHA financing in a condo building.