Brandt Myers • NMLS #2030154 • Winter Garden, FL
FHA Loans in Florida
FHA loans are one of the most popular home loan programs in Florida — especially for first-time buyers. With as little as 3.5% down and flexible credit requirements, they open the door to homeownership for buyers who may not qualify for conventional financing.
What Is an FHA Loan?
An FHA loan is a mortgage backed by the Federal Housing Administration — a government agency that insures the loan, reducing the lender's risk. Because of that insurance, lenders can offer more flexible qualification requirements than conventional loans, making FHA one of the most accessible mortgage programs available.
FHA loans are ideal for first-time buyers, buyers with lower credit scores, or anyone who hasn't had the time to save a large down payment. As a mortgage broker, I work with multiple wholesale lenders to find the most competitive FHA rates and terms for your situation.
FHA Loan Benefits for Florida Buyers
Low Down Payment
Purchase a home with as little as 3.5% down — one of the lowest down payment options available for a primary residence purchase.
Flexible Credit
FHA loans allow credit scores as low as 580 with 3.5% down. Scores between 500–579 may still qualify with 10% down depending on the lender.
Gift Funds Allowed
Your entire down payment can come from a gift from a family member — helpful for buyers who need support getting to closing.
Seller Concessions
Sellers can contribute up to 6% of the purchase price toward your closing costs — reducing what you need to bring to the table.
Higher Debt-to-Income
FHA allows higher debt-to-income ratios than many conventional programs, helping buyers with existing debt still qualify.
2–4 Unit Properties
FHA loans can be used to purchase multi-unit properties up to 4 units — live in one unit and rent the others to offset your mortgage.
FHA Loan Requirements at a Glance
Here are the general qualification requirements for an FHA loan in Florida. Keep in mind that lender overlays may apply — I'll review your specific situation and find the best fit.
Min. Credit Score
580+For 3.5% down. 500–579 may qualify with 10% down.
Down Payment
3.5%Of the purchase price for qualified borrowers.
Debt-to-Income
Up to 57%With compensating factors in some cases.
Property Type
Primary OnlyMust be your primary residence. 1–4 units.
Employment
2 YearsStable employment history required.
Mortgage Insurance
RequiredUpfront MIP + monthly MIP for the life of the loan.
FHA Down Payment Examples for Florida Buyers
Here's what 3.5% down looks like at common Florida purchase price points. Closing costs are separate and may be offset with seller concessions.
$300,000 Purchase
Minimum down payment at 3.5%
$350,000 Purchase
Minimum down payment at 3.5%
$400,000 Purchase
Minimum down payment at 3.5%
$450,000 Purchase
Minimum down payment at 3.5%
Find Out How Much You May Qualify For
Answer a few quick questions and I'll follow up with your personalized FHA loan options — no obligation, no credit pull required.
I've got your info — I'll review everything and follow up shortly with your best FHA loan options.
FHA vs. Conventional — Which Is Right for You?
FHA isn't always the best choice — it depends on your credit score, down payment, and long-term goals. Here's a side-by-side comparison to help you decide.
| Feature | FHA Loan | Conventional Loan |
|---|---|---|
| Minimum Down Payment | 3.5% | 3% |
| Minimum Credit Score | 580 (with 3.5% down) | 620 |
| Mortgage Insurance | Required for life of loan | Removable at 20% equity |
| Max Debt-to-Income | Up to ~57% with factors | 45–50% typically |
| Gift Funds for Down Payment | 100% allowed | Allowed with conditions |
| Seller Concessions | Up to 6% | 3–9% depending on down payment |
| Investment Properties | Primary residence only | Allowed |
The right choice depends on your full picture. I'll compare both side by side for your specific scenario so you can make an informed decision.
How the FHA Loan Process Works
Step 1
Get Pre-Approved
I'll review your income, assets, credit, and goals to determine how much you may qualify for and which program — FHA or conventional — makes the most sense for your situation.
Step 2
Shop With Confidence
Your FHA pre-approval letter tells sellers you're a serious buyer. I'll also give you a clear payment estimate and cash-to-close breakdown so there are no surprises.
Step 3
Go Under Contract
Once you find the right home, I'll order the FHA appraisal — which checks both value and the property's condition against FHA minimum property standards.
Step 4
Underwriting & Approval
I'll work through the underwriting process, respond to any conditions quickly, and keep you updated at every stage so you always know what's next.
Step 5
Clear to Close
Once underwriting approves the loan, you'll get your clear to close and we'll schedule your closing. Most FHA purchases close in 21–30 days.
FHA Loan FAQs
What credit score do I need for an FHA loan in Florida?
The FHA program allows credit scores as low as 580 with 3.5% down. Borrowers with scores between 500–579 may still qualify with a 10% down payment, though lender overlays may set a higher minimum. I'll review your credit profile and find the best path forward.
Can I use an FHA loan if I've had a bankruptcy or foreclosure?
Yes, in many cases. FHA has specific waiting periods after major credit events — typically 2 years after a Chapter 7 bankruptcy discharge and 3 years after a foreclosure, with some exceptions. I'll review your timeline and help determine when you're eligible.
What is FHA mortgage insurance and how much does it cost?
FHA loans require two types of mortgage insurance: an upfront MIP of 1.75% of the loan amount (which can be financed into the loan) and an annual MIP paid monthly. For most 30-year FHA loans, the annual MIP is 0.55% of the loan balance — this is required for the life of the loan unless you refinance into a conventional loan later.
Can I use an FHA loan to buy a condo in Florida?
Yes, but the condo project must be on the FHA-approved condo list. Many Florida condos don't qualify — I'll check this before you make an offer to avoid wasting time on a property that won't work with FHA financing.
Is FHA better than conventional for first-time buyers?
It depends on your credit score and down payment. If your credit score is below 680 or you have limited funds for a down payment, FHA is often the better fit. If your credit is strong and you can put more down, conventional may save you money on mortgage insurance. I'll run both scenarios side by side so you can see the real difference.
Can I get down payment assistance with an FHA loan in Florida?
Yes. Florida Housing offers down payment assistance programs that can be combined with FHA financing in some cases. I'll help you explore what programs may be available for your situation and location.
What types of properties qualify for FHA financing?
FHA loans can be used for single-family homes, townhomes, FHA-approved condos, and 2–4 unit properties as long as you live in one of the units as your primary residence. The property must meet FHA minimum property standards during the appraisal.
I work with select lenders that offer down payment assistance programs — including grants and forgivable options that cover your FHA down payment entirely. One program forgives the balance after just 6 months. Credit score of 620–640 required.
Serving FHA Buyers Throughout Florida
Based in Winter Garden, I help FHA buyers throughout Central Florida and across the state.
Ready to See If You Qualify for an FHA Loan?
Get pre-approved quickly and find out exactly how much home you can buy — no obligation, no pressure.
Call or Text: (407) 758-7166