FHA Loans in Florida
An FHA loan is a mortgage insured by the Federal Housing Administration, enabling Florida homebuyers to purchase with lower down payments, flexible credit standards, and competitive interest rates. FHA loans are among the most popular financing options for first-time buyers in Florida.
Qualification Requirements
- Credit score: 580+ for 3.5% down; 500-579 for 10% down
- Down payment: As low as 3.5% of the purchase price
- DTI ratio: Up to 43% (50% with compensating factors)
- Occupancy: Primary residence only
- Employment: 2-year stable employment history
Costs
- Upfront MIP: 1.75% of loan amount (can be financed)
- Annual MIP: 0.45%-1.05% (paid monthly; typically for life of loan)
- Closing costs: Standard closing costs apply
Property Standards
FHA requires the property to meet minimum standards for safety, security, and soundness. Common issues include peeling paint, missing handrails, faulty electrical, and roof deficiencies. Repairs must be completed before closing or addressed through an escrow holdback.
Related Terms
- Closing — Where FHA requirements are finalized
- Escrow — FHA escrow account requirements
- Evidence of Title — Title insurance for FHA loans
Barnes Walker Title Services
Barnes Walker Title closes FHA-insured loans throughout Florida, ensuring compliance with all HUD requirements. Submit a title inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC