Purchase or Refi...Call Ry the Mortgage Guy
Florida FHA Home Loans With Low Down Payment Options
Not sure you qualify for a conventional loan? FHA may be a better fit. We’ll walk you through credit, income, down payment, and FHA mortgage insurance so you know exactly what to expect.
Apply TodayNo-hassle, No-obligation. Your info is safe, and you’re in control.
Our Florida Lending Advantage
Fast
Lending Approvals
Low Rates
Some of the lowest rates anywhere
98%
would recommend us
No-Obligation
free, no-hassle conversation
What Is an FHA Loan?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration and offered through approved lenders. In Florida, FHA loans are one of the most popular financing options for first-time homebuyers, buyers using down payment assistance, and borrowers rebuilding credit.
FHA loans allow for lower down payments, more flexible credit guidelines, and higher allowable debt ratios than many conventional loans, making them a strong option for Florida buyers navigating rising home prices and insurance costs.
Why Florida Homebuyers Choose FHA Loans
Florida buyers often turn to FHA financing because it removes common barriers to homeownership:
- Low down payment, as little as 3.5%
- Flexible credit requirements, credit scores starting at 580
- Gifted funds allowed for down payment and closing costs
- Seller concessions up to 6%, reducing cash needed at closing
- Higher debt-to-income allowances than many conventional loans
For many Florida buyers, FHA is the bridge between renting and owning, especially when paired with down payment assistance programs.
FHA Loan Requirements in Florida
While FHA guidelines are set nationally, lenders apply them within Florida's market realities.
Key FHA requirements include:
- Minimum 3.5% down payment
- Down payment can be gifted by a family member or approved source
- Minimum credit score of 580
- Credit scores 500-579 may qualify with a 10% down payment
- 3-year waiting period after foreclosure or short sale
- Minimum loan amount: $125,000 (lender specific requirement)
Straight talk: FHA is forgiving, but it's not automatic approval. Income stability, employment history, and overall credit profile still matter, especially in Florida's insurance-heavy market.
FHA Mortgage Insurance Explained
FHA loans require mortgage insurance to protect the lender. There are two components:
Upfront Mortgage Insurance Premium (UFMIP)
- 1.75% of the base loan amount
- Paid at closing or rolled into the loan
Example:
$350,000 loan × 1.75% = $6,125
Annual Mortgage Insurance Premium (MIP)
- Paid monthly as part of your mortgage payment
- Typically remains for the life of the loan
Many Florida buyers later refinance into a conventional loan once equity and credit improve to remove MIP.
FHA Loan Limits in Florida
FHA loan limits in Florida vary by county and are based on local home prices.
- Higher-cost counties such as Miami-Dade, Broward, Palm Beach, Collier, and Lee County allow higher FHA loan limits
- Lower-cost counties have lower limits
- Limits are set annually by HUD and adjust with market conditions
View Current Florida FHA Loan Limits by County: https://entp.hud.gov/idapp/html/hicostlook.cfm
FHA Loans for Florida Condos & Townhomes
Buying a condo in Florida with FHA financing requires extra attention.
- The condo association must be FHA-approved
- Many Florida condos do not qualify
- Approval status can change year to year
We verify FHA condo eligibility before you make an offer, so you don't waste time, inspection money, or contract deposits.
Florida FHA Down Payment Assistance Programs
FHA loans can be combined with Florida down payment assistance (DPA) programs to help cover:
- Down payment
- Closing costs
- Or both
Florida offers assistance through:
- State programs
- County programs
- City and local housing agencies
Eligibility varies by location, income, and household size.
This is one of the biggest advantages FHA buyers overlook, and one of the biggest ways to reduce cash needed at closing.
FHA Loan Rates in Florida, Why Shopping Matters
FHA interest rates vary by lender, credit profile, and loan structure, even on the same day.
When we structure your FHA loan, we:
- Compare multiple FHA rate options
- Factor in Florida-specific insurance and tax impacts
- Aim to minimize monthly payment and upfront costs
A better FHA rate doesn't just save money short-term, it can save thousands of dollars over the life of the loan.
Is an FHA Loan Right for You?
FHA loans in Florida are a great fit for:
- First-time homebuyers
- Buyers with limited savings
- Borrowers rebuilding credit
- Buyers using down payment assistance
- Buyers purchasing primary residences
They are not always the best option, which is why we compare FHA against conventional, VA, and other loan programs before making a recommendation.
Talk With a Florida FHA Loan Specialist
If you're buying a home anywhere in Florida, we'll help you determine whether an FHA loan, or another option, makes the most financial sense for your situation.
Licensed Florida Mortgage Loan Originator
Serving homebuyers across the State of Florida
Frequently Asked Questions About FHA Loans in Florida
What is an FHA loan in Florida, and who is it best for?
An FHA loan is a mortgage insured by the Federal Housing Administration, designed to make homeownership more accessible. In Florida, FHA loans are commonly used by first-time buyers, buyers with limited down payment savings, and borrowers who prefer more flexible credit guidelines than some conventional programs. The right fit depends on your credit, budget, and the type of property you are buying.
What is the minimum down payment for an FHA loan in Florida?
FHA is known for low down payment options, but the exact minimum depends on your credit profile and lender guidelines. Florida buyers also need to plan for closing costs and prepaid items like homeowners insurance, property taxes, and in many cases flood insurance depending on the location. We can estimate your total cash-to-close once we know your purchase price and target monthly payment.
What credit score do I need for an FHA loan in Florida?
FHA credit score guidelines can be more flexible than some conventional options, but lenders may have their own overlays. Your overall approval strength will also depend on income, job history, debt-to-income ratio, and the amount of down payment. If you are not sure where you stand, we can review your scenario and provide a realistic next-step plan to improve your approval position.
How does FHA mortgage insurance work in Florida?
FHA loans include mortgage insurance, which is part of the tradeoff for the program's accessibility. Mortgage insurance typically includes an upfront component and a monthly component, and it can impact your monthly payment. The exact cost depends on factors like loan amount and down payment. We can run side-by-side comparisons so you can see FHA versus conventional pricing and monthly payment differences.
Can I buy a Florida condo with an FHA loan?
Sometimes, yes, but FHA condo financing depends on whether the condo project meets FHA requirements. In Florida, condo approvals can be a common sticking point, and it is smart to confirm eligibility early to avoid closing delays. If you share the condo name or address, we can help you verify whether FHA financing is likely to work and what backup options may exist if it is not eligible.
Disclaimer: Mortgage programs, rates, and underwriting guidelines can change without notice. For the most up-to-date FHA loan requirements in Florida and a personalized qualification review, please contact us.