Purchase:
- 580 credit score or higher requires 3.5% down payment
- 500-579 credit score requires 10% down payment
- Gift funds allowed
- Down payment assistance available
- Non-occupant co-borrowers allowed
Mortgage-World.com is an online mortgage company specializing in FHA Loan Requirements Florida
We have over 20 years experience in the mortgage industry and we are licensed in New Jersey, Connecticut and Florida.
FHA Loan Requirements Florida. Purchase a home or refinance your mortgage with a credit score of 500.
For a quicker response, call 201-403-8673
FHA Loan Requirements Florida
Refinance:
- Cash out refinance down to 500 credit score
- No late payments on the mortgage in the last 12 months
- Must have at least 20% equity in the home after the cash out refinance
Property Type:
- Single Family
- 2-4 Units
- Condo
- PUDs
- Townhouse
- Manufactured homes
- Mobile homes
FHA Loan Requirements Florida
To qualify for an FHA loan in Florida, you’ll need to meet certain credit score and income requirements. One of the most significant advantages of purchasing a home with an FHA loan is the low down payment requirements. For buyers with a credit score of 580 or higher, the minimum down payment of 3.5% is required. If the credit score is 500-579, 10% down payment is required. A 2 year employment history is required to qualify for all FHA loans.
To qualify for an FHA cash out refinance in Florida, the borrower will need a minimum credit score of 500 and no late payments on the mortgage in the last 12 months. They must also have at least 20% equity in the home after cashing out.
FHA Loan Limits
FHA loan limits in Florida vary depending on the county in which you’re purchasing a property.
Down Payment Assistance
Down payment assistance is available for buyers with a credit score of 620 or higher. Seller concession is also acceptable which allows you to finance the closing costs into the loan. The buyer will be able to purchase the home with no money out of pocket at closing if they’re able to qualify for down payment assistance and the seller agrees to seller concession.
How to Apply for an FHA Loan in Florida?
- Speak with a loan officer or complete a loan application
- The income documents and credit profile will need to be reviewed
- Provide 2 months bank statements showing enough funds for closing
For a quicker response, call 201-403-8673
FAQs (Frequently Asked Questions)
What makes you qualified for an FHA loan?
An FHA loan requires a minimum 3.5% down payment for credit scores of 580 and higher. If you can make a 10% down payment, your credit score can be in the 500 – 579 range. Mortgage-World.com requires a minimum credit score of 500 for FHA loans.
What will disqualify you from an FHA loan?
The three primary factors that can disqualify you from getting an FHA loan are a high debt-to-income ratio, poor credit, or lack of funds to cover the required down payment, monthly mortgage payments or closing costs
What is the first step to getting an FHA loan?
1. Speak with a loan officer to confirm you meet the minimum requirements for FHA home loan. 2. Apply or Get Pre-Approved for Your FHA Loan. 3. FHA Property Inspection and Appraisal. 4. FHA Underwriting and Approval. 5. Sign and Pay Closing Costs and Fees.
Written by: Chris Luis, loan officer for Mortgage-World.com
- Chris Luis covers mortgages and the housing market. Chris Luis has over 20 years experience in the mortgage industry.
Mortgage-World.com
