Home FHA Loans

FHA loans accept down payments as low as 3.5%. There’s also flexibility in the source of the mortgage down payment, allowing greater mortgage and payment flexibility. FHA allows higher qualifying debt to income ratios, co-signers that do not have to live in the home, seller assistance towards buyer closing costs, and more. You can work with your loan officer to determine the source of your mortgage and how it will impact your FHA loan rate. 

No, FHA loans can be used by repeat buyers. If you are buying a home for a second time, you are still eligible for mortgage FHA loans, mortgage insurance, and other FHA loan benefits.

Conventional loans and FHA loans differ in a variety of ways including interest rates, mortgage insurance, credit score requirements, down payment requirements, etc. We have a great comparison guide that digs into the details here. The guide shows how FHA loans compare to conventional loans and will help you determine which loan is best for building your home equity. 

The major differences between FHA and VA loans include eligibility, down payment requirements, and mortgage insurance requirements. Get an in-depth comparison of the VA and FHA loan programs here.

FHA loans allow the seller to give a “gift of equity” to cover the down payment for a buyer. This typically happens in scenarios where the seller is a friend, business associate, or family member of the buyer and wants to help a buyer with their mortgage, down payment, and building equity. The flexibility of the down payment is one way that Federal Housing Administration loans are different than loans from other lenders.

You can use gifted funds to initiate buying your home and to cover the cost of a down payment on an FHA loan. Learn more about FHA gift fund guidelines here.

FHA loan limits determine the maximum amount of money that you can borrow using an FHA loan. The loan limits and rates update each year. Learn the current FHA loan limits and more here. 

Yes, you can refinance your home with an FHA loan. When you refinance your home, you can often lower your interest rates and your monthly housing payment. Learn more about FHA refinance options here. Discover the pros and cons of an FHA streamline refinance. 

Yes, you can refinance an FHA loan into a conventional loan. Learn more about this process here.

Start by filling out a Quickstart loan application. From there, one of our FHA loan experts or lenders reviews your application and will walk you through the loan process step by step. The lenders will determine the loan amount you qualify for and help you get the loans you need to purchase a home.

FHA loans are for buyers that plan to live in their home as their primary residence. To protect the program, the Federal Housing Administration has two major occupancy requirements for buyers to meet. If you purchase a home with an FHA loan you must establish residency in your new home within 60 days, and plan to live in the home for the majority of the calendar year.

No, There is no minimum or maximum when it comes to FHA income limits. We explain this, and what is required to qualify for an FHA loan here.

We share the specifics on FHA appraisal requirements in this blog post. 

The short answer is yes, you can have two loans at the same time. But there are rules and guidelines you will need to know in order to work with the lenders to get two FHA loans simultaneously. 

Yes, the FHA counts student loans. Learn the ins and outs of FHA guidelines for student loans here. 

Yes, learn more about financing a new construction home here.  

Yes, you can build a house with an FHA loan. You can tackle a build with an FHA loan in two ways. You can purchase a newly built home from a builder with traditional FHA financing or use an FHA construction-to-permanent loan. Learn more about financing a new build with an FHA loan.

Yes, but specific FHA guidelines must be followed when you get a loan to finance a flipped house. 

Yes, manufactured homes can be financed with an FHA loan. FHA offers a specific loan product for this home type. Learn more. 

No, FHA requires that the buyer use the home as their primary housing. You can not use FHA loans for urban development, retirement, or other investment properties. 

Not technically, FHA loans are typically for primary residences only. However, there are special exceptions to this loan policy. Read about those here.

Yes, monthly rental income can be used to qualify for an FHA loan if the amount is enough to meet the minimum requirements. Learn more about FHA rental income guidelines here.

Yes, and the co-borrower does not have to live in the home with you. Learn more about non-occupant co-borrowers here. 

Generally, the FHA foreclosure waiting period is three years. After the foreclosure period, you can be eligible for FHA loans.

FHA requires that at least three years have passed from the date of the short sale through the FHA case file number. Although, it is possible to get loans and buy in less than three years. Learn more here. 

The FHA bankruptcy waiting period is much shorter than you may think! Learn more here. 

FHA loans have above-average flexibility on credit score, but there are still certain minimum score standards that you have to meet to get a loan. Read more here. If you have had difficulty getting loans in the past due to a low credit score from credit cards or other factors, FHA loans could be a good option for you. If your credit isn't perfect, we can help put together a plan to raise your score!

While many home loan programs require collections to be paid off before getting approved for loans, FHA is pretty lenient when it comes to collections. It is still possible to qualify for a loan.

Get familiar with the FHA loan program and how it applies in the sunshine state. Find out more about getting an FHA loan in Florida.