Florida FHA lenders offer a variety of financing options for first-time homebuyers with a lower credit score or who do not qualify for a conventional mortgage. There are also specialized loans for manufactured homes, home renovations, and energy-saving upgrades. It is important for potential home buyers to choose the right loan option based on their specific financial situation and long-term goals. An experienced florida fha lender can guide them through the process and help make it as smooth as possible.
In addition to a lower minimum credit score than conventional loans, the FHA offers flexible debt-to-income ratio requirements and a standard down payment of 3.5%. Additionally, borrowers with a previous bankruptcy or foreclosure may be eligible if they have passed a certain time frame since the event.
FHA loan limits differ by county and are established by the Department of Housing and Urban Development based on the cost of home ownership in each area. To find out the FHA loan limit for your county, visit HUD’s FHA Mortgage Limit Lookup Tool.
Aside from the standard FHA mortgage, the 203(k) Dream Loan allows homeowners to finance both the purchase and renovation of their home with one loan. Other programs include the FHA 245a Mortgage, allowing borrowers to purchase a mobile home, and the FHA Reverse Mortgage, which lets seniors over 62 tap into their equity. Down payment assistance programs are available in every state and can be obtained through an FHA approved lender. florida fha lenders