Purchase:
- 580 credit score or higher requires 3.5% down payment
- 500-579 credit score requires 10% down payment
- Gift funds allowed
- Down payment assistance available
- Non-occupant co-borrowers allowed
Purchase:
Refinance:
Property Type:
To qualify for an FHA loan in Florida, you’ll need to meet certain credit score and income requirements. One of the most significant advantages of purchasing a home with an FHA loan is the low down payment requirements. For buyers with a credit score of 580 or higher, the minimum down payment of 3.5% is required. If the credit score is 500-579, 10% down payment is required. A 2 year employment history is required to qualify for all FHA loans.
To qualify for an FHA cash out refinance in Florida, the borrower will need a minimum credit score of 500 and no late payments on the mortgage in the last 12 months. They must also have at least 20% equity in the home after cashing out.
FHA loan limits in Florida vary depending on the county in which you’re purchasing a property.
Down payment assistance is available for buyers with a credit score of 620 or higher. Seller concession is also acceptable which allows you to finance the closing costs into the loan. The buyer will be able to purchase the home with no money out of pocket at closing if they’re able to qualify for down payment assistance and the seller agrees to seller concession.
Written by: Chris Luis, loan officer for Mortgage-World.com
Mortgage-World.com
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