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FHA Loans

Low Down Payment. Flexible Qualification.

Reviewed by Tathiana Moreno, NMLS #1684574 · Last updated September 2026

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Minimum Credit Score
580 (3.5% down) | 500–579 (10% down)
Minimum Down Payment
3.5%
Ideal For
First-time homebuyers, moderate credit scores

What is an FHA loan?

FHA loans are backed by the Federal Housing Administration and are one of the most accessible mortgage options available. With a low down payment and flexible credit requirements, FHA loans are ideal for first-time buyers and those rebuilding credit.

The "FHA" in FHA loan refers to the Federal Housing Administration, which insures the loan against default. This insurance is what allows lenders to offer more forgiving credit and down payment requirements than a conventional loan, since the government absorbs some of the risk if a borrower can't repay. That protection comes at a cost to you in the form of mortgage insurance premiums, but for many first-time buyers, it's the difference between qualifying today and waiting years to save a larger down payment.

Who It's For

FHA loans are designed for buyers who may not qualify for conventional financing, particularly first-time homebuyers, buyers with moderate credit scores, or those who don't have a large down payment saved up. Because FHA loans are backed by the government, many lenders can qualify borrowers with credit challenges or thinner credit files that a conventional loan would reject outright, making it one of the most common entry points into homeownership in Florida.

Key Benefits

  • Down payment as low as 3.5% with 580+ credit score
  • More flexible debt-to-income ratio guidelines
  • Gift funds allowed for down payment
  • Seller can contribute up to 6% of closing costs
  • Available for 1–4 unit properties
  • Fixed and adjustable rate options available

What You'll Need

  • Minimum credit score of 580 (for 3.5% down)
  • Steady employment history (typically 2 years)
  • Property must be primary residence
  • Debt-to-income ratio generally under 43%
  • W2s, tax returns, and pay stubs
  • FHA mortgage insurance premium (MIP) required

FHA Loans in Florida for 2026

In 2026, FHA loan limits vary significantly across Florida. Fifty-one of the state's 67 counties sit at the standard floor of $541,287 for a single-family home, while sixteen higher-cost counties qualify for larger limits: Monroe County tops out at $990,150, and Broward, Miami-Dade, and Palm Beach Counties are set at $667,000. These limits are set annually by HUD and directly affect how much home you can finance with 3.5% down. On the insurance side, FHA charges an upfront mortgage insurance premium (MIP) of 1.75% of your loan amount, plus an annual premium; most borrowers putting down the minimum 3.5% on a 30-year term pay 0.55% annually, split into your monthly payment. If you also work in an eligible profession, an FHA loan can be paired with Florida's Hometown Heroes program for up to $35,000 in down payment and closing cost assistance.

Source: U.S. Department of Housing and Urban Development

Stack this with the Florida Hometown Heroes program

Frequently Asked Questions

With a credit score of 580 or higher, you can put as little as 3.5% down. With a score between 500–579, a 10% down payment is required.

Yes! FHA loans allow 100% of your down payment to come from a gift from a family member, employer, or approved organization.

Yes, FHA loans require an upfront MIP of 1.75% of the loan amount plus an annual premium, typically 0.55% for borrowers putting the minimum 3.5% down on a 30-year term. However, the trade-off is much lower entry barriers.

Yes, you can purchase a property with up to 4 units using an FHA loan, as long as you occupy one unit as your primary residence.

With Tathiana, most FHA pre-approvals are issued within 24–48 hours of receiving complete documentation.

Most Florida counties are capped at $541,287 for a single-family home, but sixteen higher-cost counties allow more, up to $990,150 in Monroe County and $667,000 in Broward, Miami-Dade, and Palm Beach. Tathiana can confirm your exact county limit.

Yes. FHA loans can be stacked with Hometown Heroes down payment assistance if you work in an eligible profession, potentially reducing your out-of-pocket cost to nearly nothing.

On a $300,000 loan with 3.5% down, the annual MIP of roughly 0.55% works out to about $133 per month, in addition to your principal, interest, taxes, and insurance. Tathiana can run exact numbers for your loan amount.

Ready to Get Started?

Contact Tathiana today for a free, no-obligation consultation. She'll review your situation and tell you exactly what you qualify for.

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