Family Home Funding Corp. is a leading lender in Florida for first time home buyers. Although we work with all borrowers, and all loan programs, we particularly enjoy helping Floridians achieve the dream of home ownership. As an established Florida lender, we are in tune with the needs of our residents, whether it involves a home purchase or a condo loan. One of the programs we do the most business with are FHA Loans.
Benefits of FHA Loans
In our experience, FHA loans are an excellent option for those buying their first home. They offer many advantages that commercial banks in the state cannot. Whereas banks typically require a 10% down payment, FHA loans allow for a 3.5% down payment. For a $300,000 home, this translates to a down payment of $10,500 compared to $30,000 from a bank. This low down payment allows you to save more money for other things, such as home improvements or even general savings. FHA loans also have relaxed credit requirements when compared to a conventional mortgage. If you are a first time home buyer in Miami, Tampa, Orlando, Jacksonville, Pensacola or anywhere else in Florida, or are simply looking for a low down payment option, contact Family Home Funding Corp today to learn how you can qualify for a FHA loan.
Benefits
- The credit requirements are more relaxed than conventional loans
- 100% of the money for a FHA purchase can come through a gift – that’s right – all of your down payment!
- You can use gifted funds for closing costs
- As much as 6% of closing costs can come from a seller contribution – allowing your greater flexibility in structuring your purchase transaction
- You may use alternative credit to complement a bruised credit history
- Depending on which county in Florida you live in, FHA Loans are available up to a maximum of $1,017,300
- We understand that many people in our state need condominium financing – FHA loans are available with as little as 3.5% down
What is the FHA?
In 1934, in the midst of the Great Depression, the federal government established the Federal Housing Administration (FHA) to help improve and stabilize the housing market, as well as protect FHA approved lenders from borrower default. The FHA makes it easier for a larger number of borrowers to qualify for home loans thanks to their insurance of loans made by lenders. Since the FHA was established, over 34 million home loans have been insured. Currently, about 4.8 million home loans are insured by the FHA. Family Home Funding Corp offers FHA loans throughout the entire state of Florida.
The FHA offers different programs for a variety of borrower needs, including purchases, refinances, reverse mortgages and even renovation projects (through the FHA 203k Program). FHA loans tend to be one of the easier loans to qualify for, making it extremely popular with first time home buyers. If you currently have an existing FHA loan, you are also able to refinance, including both cash-out refinances and streamline refinance options.
Due to the low down payment and relaxed credit requirements, FHA loans tend to be easier for you to acquire. Even with a credit score of 580, and a down payment of just 3.5%, you could potentially qualify. The FHA even allows the down payment to be gifted by a family member in the case of not having cash on hand.
Typical FHA Loan Requirements
- Credit Score – a minimum credit score of 580 is typically required for low down payment FHA loans. If your credit score is between 500 and 579, you could still potentially qualify, only with a larger down payment.
- Income Requirements – The standard maximum debt-to-income ratio is 43%. However, in some cases, a debt-to-income ratio of up to 50% may be approved.
- Down Payment – A minimum down payment of 3.5% of the purchase price is required.
- Property Requirements – The property that you are purchasing must meet certain safety, security and soundness (structural integrity) requirements.
Two types of mortgage insurance premiums (MIP) will need to be paid with a FHA loan. One of these premiums is paid up front, while the other is a recurring monthly premium. The upfront mortgage premium is typically 1.75% of the whole loan. As a borrower, you can pay this either at closing, or roll it into the mortgage itself. The recurring premium is an annual mortgage insurance premium, which is paid every month. This premium is based on loan-to-value (LTV) ratio, the loan amount and the length of the loan. It is typically between .8% and 1.05%.
Florida FHA Loan Limits
The maximum loan amount available to you for a FHA is limited by the county in Florida you reside.
| County | Single-Unit Limit | Duplex Limit | Triplex Limit | Fourplex Limit |
| Alachua County | $275,665 | $352,950 | $426,625 | $530,150 |
| Baker County | $330,050 | $422,500 | $510,700 | $634,700 |
| Bay County | $275,665 | $352,950 | $426,625 | $530,150 |
| Bradford County | $275,665 | $352,950 | $426,625 | $530,150 |
| Brevard County | $275,665 | $352,950 | $426,625 | $530,150 |
| Broward County | $345,000 | $441,650 | $533,850 | $633,450 |
| Calhoun County | $275,665 | $352,950 | $426,625 | $530,150 |
| Charlotte County | $275,665 | $352,950 | $426,625 | $530,150 |
| Citrus County | $275,665 | $352,950 | $426,625 | $530,150 |
| Clay County | $330,050 | $422,500 | $510,700 | $634,700 |
| Collier County | $450,800 | $577,100 | $697,600 | $866,950 |
| Columbia County | $275,665 | $352,950 | $426,625 | $530,150 |
| Desoto County | $275,665 | $352,950 | $426,625 | $530,150 |
| Dixie County | $275,665 | $352,950 | $426,625 | $530,150 |
| Duval County | $330,050 | $422,500 | $510,700 | $634,700 |
| Escambia County | $275,665 | $352,950 | $426,625 | $530,150 |
| Flagler County | $275,665 | $352,950 | $426,625 | $530,150 |
| Franklin County | $275,665 | $352,950 | $426,625 | $530,150 |
| Gadsden County | $275,665 | $352,950 | $426,625 | $530,150 |
| Gilchrist County | $275,665 | $352,950 | $426,625 | $530,150 |
| Glades County | $275,665 | $352,950 | $426,625 | $530,150 |
| Gulf County | $275,665 | $352,950 | $426,625 | $530,150 |
| Hamilton County | $275,665 | $352,950 | $426,625 | $530,150 |
| Hardee County | $275,665 | $352,950 | $426,625 | $530,150 |
| Hendry County | $275,665 | $352,950 | $426,625 | $530,150 |
| Hernando County | $275,665 | $352,950 | $426,625 | $530,150 |
| Highlands County | $275,665 | $352,950 | $426,625 | $530,150 |
| Hillsborough County | $275,665 | $352,950 | $426,625 | $530,150 |
| Holmes County | $275,665 | $352,950 | $426,625 | $530,150 |
| Indian River County | $275,665 | $352,950 | $426,625 | $530,150 |
| Jackson County | $275,665 | $352,950 | $426,625 | $530,150 |
| Jefferson County | $275,665 | $352,950 | $426,625 | $530,150 |
| Lafayette County | $275,665 | $352,950 | $426,625 | $530,150 |
| Lake County | $277,150 | $354,800 | $428,850 | $532,950 |
| Lee County | $275,665 | $352,950 | $426,625 | $530,150 |
| Leon County | $275,665 | $352,950 | $426,625 | $530,150 |
| Levy County | $275,665 | $352,950 | $426,625 | $530,150 |
| Liberty County | $275,665 | $352,950 | $426,625 | $530,150 |
| Madison County | $275,665 | $352,950 | $426,625 | $530,150 |
| Manatee County | $287,500 | $368,050 | $444,900 | $552,900 |
| Marion County | $275,665 | $352,950 | $426,625 | $530,150 |
| Martin County | $316,250 | $404,850 | $489,350 | $680,150 |
| Miami-Dade County | $345,000 | $441,650 | $533,850 | $663,450 |
| Monroe County | $529,000 | $677,200 | $818,600 | $1,017,300 |
| Nassau County | $330,050 | $422,500 | $510,700 | $634,700 |
| Okaloosa County | $341,550 | $437,250 | $528,500 | $656,800 |
| Okeechobee County | $275,665 | $352,950 | $426,625 | $530,150 |
| Orange County | $277,150 | $354,800 | $428,850 | $532,950 |
| Osceola County | $277,150 | $354,800 | $428,850 | $532,950 |
| Palm Beach County | $345,000 | $441,650 | $533,850 | $663,450 |
| Pasco County | $275,665 | $352,950 | $426,625 | $530,150 |
| Pinellas County | $275,665 | $352,950 | $426,625 | $530,150 |
| Polk County | $275,665 | $352,950 | $426,625 | $530,150 |
| Putnam County | $275,665 | $352,950 | $426,625 | $530,150 |
| Santa Rosa County | $275,665 | $352,950 | $426,625 | $530,150 |
| Sarasota County | $287,500 | $368,050 | $444,900 | $552,900 |
| Seminole County | $277,150 | $354,800 | $428,850 | $532,950 |
| St. Johns County | $330,050 | $422,500 | $510,700 | $634,700 |
| St. Lucie County | $316,250 | $404,850 | $608,150 | |
| Sumter County | $287,500 | $368,050 | $444,900 | $552,900 |
| Suwannee County | $275,665 | $352,950 | $426,625 | $530,150 |
| Taylor County | $275,665 | $352,950 | $426,625 | $530,150 |
| Union County | $275,665 | $352,950 | $426,625 | $530,150 |
| Volusia County | $275,665 | $352,950 | $426,625 | $530,150 |
| Wakulla County | $275,665 | $352,950 | $426,625 | $530,150 |
| Walton County | $275,665 | $352,950 | $426,625 | $530,150 |
| Washington County | $275,665 | $352,950 | $426,625 | $530,150 |
For more information on loan limits in your county, visit the FHA’s webpage.
How to Get a FHA Loan in Florida
Whether you would like to refinance your existing FHA loan for a lower rate, or are dreaming about purchasing your first home, Family Home Funding Corp is your premier source for home loans in Florida. Whether you’re in Miami, Tampa, Orlando, Jacksonville, Pensacola or anywhere else in Florida, we have the knowledge and experience to guide any borrower through the many FHA Loan programs available. We also are licensed and work in the states of Pennsylvania and New Jersey. For more information on FHA loans, or to see if you qualify, contact us today!
