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Florida FHA Loans:

Foundation Mortgage is a leading FHA Home Loan Mortgage Company in Florida. 


What is a Florida FHA loan?

Florida FHA loans have been helping people become homeowners since 1934.  Floirda FHA Loans are backed by the Federal Housing Administration (Also known as FHA).  FHA insures the loan so your mortgage lender can offer more risky loan products.  For example: FHA loans typically have a lower down-payment and better loan rates for borrowers with lower credit scores.

During the Housing Boom, FHA Home Loans had become an uncommon mortgage loan product because of the ample supply of credit- Ie. Conventional Fannie Mae Loans with 0% down payment and reduced loan documentation requirements.  After the crash, as Fannie Mae and other Florida loan lenders retreated from these riskier loan products, FHA stepped in and Florida FHA Home Loans became the only option for borrowers with limited money for a down payment, or a credit score below 640. 


What are the requirements and benefits of a Florida FHA Loan? 

  • Florida FHA Mortgages are only available for a borrower’s Primary Residence.
  • You cannot obtain a Florida FHA Home Loan on a 2ndhome or investment property.
  • An FHA Home Loan in Florida requires only a 3.5% down-payment.
  • The maximum cash-out on an FHA Refinance is 85%
  • Florida FHA Lenders are available for condos- but only if they are listed on the FHA Condo Approval List.  Contact us if you have questions regarding the eligibility of a particular Condominium Project.
  • Low Credit Scores- Borrowers with credit scores as low as 560 can qualify for an FHA loan in Florida & borrowers with credit scores under 680 often will receive better interest rates through a Florida FHA mortgage than a conventional mortgage.
  • Florida FHA Loans have no prepayment penalty.  You can pay the mortgage down or off at any time without penalty.
  • A Florida FHA loan has mortgage insurance, but unlike conventional loans, the loan is not re-underwritten by the company providing the mortgage insurance.  Because of this the underwriting process on an FHA loan in Florida is easier than a conventional mortgage that has mortgage insurance.


What are the disadvantages of a Florida FHA Mortgages? 

  • The closing costs for an FHA Mortgage in Florida are higher than the closing costs on a Conventional Mortgage.  Why?  The government passes part of the cost of insuring the Florida FHA loans to the borrower. 
  • FHA Up-Front Funding Fee:  This is equal to 1% of the Loan Amount.  The Funding Fee is financed into the loan amount though so it doesn’t come out of the borrower’s pocket at closing.
  • The monthly mortgage insurance on an FHA Loan Lender in Florida can be more expensive than it is on a conventional mortgage with MI.
  • The Florida FHA County Loan Limit is often lower than it is on a conventional mortgage- meaning borrowers often can borrower less money than they would be able to on a conventional loan. 


Florida FHA Renovation Loans:  What is a Florida FHA 203k Rehab Loan?

  • A Florida 203k rehab loan is an FHA Mortgage Product for properties that need work and aren’t yet livable. 
  • The down-payment requirements on a FHA 203k loan is 3.5%
  • In an FHA 203k Rehab Loan in Florida the cost of the renovations are added to the base loan amount.
  • The process for an FHA 203k Florida Loan takes longer than a traditional loan.  Prior to the initialization of the traditional FL FHA Loan process, the following is required:
  • An FHA Approved FL Inspector who inspects the property and approves the renovations.
  • An FHA Approved FL Contractor who determines the cost for completion of the repairs/renovations
  • Contact one of our FHA Mortgage Brokers in Florida today for more information.  


Florida FHA Jumbo Loan Limits

  • Broward County Mortgage VA Jumbo Loan Limit = $423,500
  • Collier County Mortgage VA Jumbo Loan Limit = $531,250
  • Manatee County Mortgage VA Jumbo Loan Limit = $442,500
  • Miami-Dade County Mortgage VA Jumbo Loan Limit = $423,750
  • Monroe County Mortgage VA Jumbo Loan Limit = $729,750
  • Palm Beach County Mortgage VA Jumbo Loan Limit = $423,750
  • Sarasota County Mortgage VA Jumbo Loan Limit = $442,500


What is a Florida FHA Streamline Refinance?

A Florida FHA Streamline Refinance Loan is a refinancing option available for borrowers that currently have an FHA Home Mortgage and are interested in refinancing to a new FHA Home Loan.  It is called a FHA Streamline because it allows you to lower your interest rate with reduced documentation and sometimes without an appraisal.  To qualify for a Florida FHA Streamline Refinance your current FHA home mortgage must be current and in good standing and there must be a net-tangible-benefit to the borrower.  The monthly payment and interest rate must decrease for the FHA Mortgage Company or FHA Mortgage Lender to approve the loan.

 Authored By Scott Jones 

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