KEY FEATURES

• Low Down Payment- as little as 3.5% down required.
• Flexible Underwriting Requirements
• More flexible credit score requirements– scores as low as 620.  (580 on a case-by-case basis)
• More flexible debt load requirements
• More flexible with extenuating circumstances – Change of job, moves, future/expected income (including upcoming retirement), etc.
• More flexible for borrowers with past derogatory mortgage & credit history (Bankruptcy, Foreclosures, Short Sales)
• Allows for non-occupying co-borrowers (family can help co-sign on the loan to qualify, etc.)
• Ideal for first-time home buyers and borrowers with little established credit history.
• Ideally suited to pair with Down Payment Assistance (DPA) programs
• Gift funds from a family member are acceptable - 100% of down payment.
• Interested Party Contributions - Up to 6% towards closing costs
• "Cash-Out" Refinances only - Maximum Loan-To-Value ratio is 80% LTV.

LOAN SIZE LIMITS

FOR MOST COUNTIES IN THE STATE OF FLORIDA, THE MAXIMUM LOAN SIZE FOR A SINGLE FAMILY HOME USING FHA FINANCING IS $498,257.  To check a specific county, click HERE.

• One unit homes:    $498,257
• Two unit homes:    $637,975
• Three unit homes: $771,127
• Four unit homes:   $958,360

ACCEPTABLE HOME TYPES

FHA financing is available on the following property types:

• Single Family Homes
• Multi-Unit Homes (2-4 units)
• Townhomes / Villas
• Condominiums (Condo association must be FHA-approved)
• Mobile homes

OCCUPANCY

Owner-occupied homes only