Florida FHA Loan Requirements

The path to homeownership begins with an in-depth evaluation of your finances. This includes a thorough review of your credit report, and a discussion of your debt-to-income ratio. Lenders typically prefer that your total monthly debt payments are less than 43% of your gross income, although there are exceptions. To start the process, find an FHA-approved lender with experience in Florida fha loan requirements. JVM Lending is well-versed in these guidelines, and can help homebuyers find the right loan to meet their needs.

FHA mortgage requirements typically include a credit score requirement of at least 580, and a minimum down payment of 3.5%. Those with lower scores may still qualify, but will likely need to provide a larger down payment of around 10%. In addition, borrowers must have steady employment and verifiable income for the last two years.

The property you purchase must be your primary residence, and align with FHA standards. This includes meeting certain safety, security and structural integrity standards. Depending on your needs, this could limit the properties you can consider.

FHA loans are a great option for first time homebuyers who may not be approved for conventional loans due to their credit profile or past financial issues. They’re also a good choice for investors looking to purchase a single-family home, or multi-unit properties where they’ll live in one unit and rent out the others. FHA-backed loans also offer flexible construction financing that allows for a low down payment, and can include the costs of your lot, architect, engineering, permits and the cost of building your home. florida fha loan requirements

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