Florida FHA Loan Requirements

Florida is a popular destination for homebuyers and the state’s FHA loan program has a number of unique benefits. The loan allows for a 3.5% down payment, the seller can contribute up to 6% of the purchase price to a buyers closing costs and FHA mortgage rates are usually lower than conventional rates. In addition, FHA loans have more flexible credit requirements and are able to take derogatory events into consideration for those with lower credit scores.

To qualify for a florida fha loan, you’ll need to meet several requirements. These include having a two-year employment history, proof of income (pay stubs, W2’s and tax returns), and a debt-to-income ratio that’s below 43%. Borrowers must also have a clean bankruptcy and foreclosure history, as well as an active checking account with no negative balances for at least 24 months.

In addition, the home you’re looking to buy must meet certain FHA standards for safety and structural integrity. This can limit your property choices, especially if you’re interested in older or fixer-upper homes that may not be up to code.

FHA loan limits vary across the country, reflecting local housing markets and prices. To find out the loan limits in your county, use our FHA Loan Limit Checker. The loan limits are updated each year and can help you narrow your search to properties within your budget. You can also talk with one of our knowledgeable mortgage professionals to determine if an fha loan is the right choice for you. florida fha loan requirements