Loan Programs · Government-backed loans

FHA loans with room for real life

FHA loans are insured by the Federal Housing Administration, which lets lenders offer a lower down payment and more flexible credit guidelines. They are a strong option for first-time buyers and for anyone rebuilding credit. We walk you through how FHA compares with conventional for your situation.

FHA Loans explained

An FHA loan is a mortgage insured by the Federal Housing Administration, part of HUD. Borrowers with a credit score of 580 or higher may qualify with a down payment as low as 3.5 percent, and scores between 500 and 579 generally require at least 10 percent down. FHA loans carry an upfront mortgage insurance premium and an annual premium paid monthly. They are for homes you will live in as your primary residence, including one- to four-unit properties. All loans are subject to credit approval and program guidelines.

Who it fits

  • First-time buyers with a smaller down payment
  • Buyers whose credit history has a few bumps
  • Buyers using gift funds or down payment assistance
  • Owner-occupants buying a duplex, triplex or fourplex
  • Buyers with higher debt-to-income ratios who still show they can manage the payment

Florida specifics

  • FHA loan limits are set by county. Palm Beach, Broward and Miami-Dade share one metro-area limit that sits above the national floor; we confirm the current figure on HUD's lookup for your purchase.
  • Condos usually need to be on HUD's FHA-approved condo list, or qualify for a single-unit approval. Many South Florida buildings are not on the list, so we check before you write an offer.
  • FHA pairs well with Florida Housing first mortgage programs and with county down payment assistance in Palm Beach, Broward and Miami-Dade.
  • The FHA appraisal looks at health and safety items such as roof condition, which matters for older Florida homes and for insurability.

How it works with Justin

  1. We review your credit, income and savings, and check whether FHA, conventional or a Florida assistance program fits best.
  2. You receive a preapproval and we confirm the FHA limit for the county you are shopping in.
  3. After you go under contract, an FHA appraisal is ordered and, for condos, we verify project approval.
  4. Underwriting issues final approval, and you close with your mortgage insurance built into the loan.

Documents to gather

  • Two years of W-2s and recent pay stubs
  • Two months of bank statements
  • Gift letter and donor documentation if family is helping
  • Photo ID and Social Security number
  • Explanation letters for any past credit events

Things to consider

  • FHA mortgage insurance often lasts for the life of the loan unless you put down 10 percent or more, so many owners refinance later.
  • FHA is for primary residences only, not second homes or rentals (other than living in one unit of a multi-unit home).
  • The condo approval requirement can narrow your choices in South Florida.
  • Homes needing significant repairs may not pass the FHA appraisal without work.

Share a few details and Justin will tell you whether FHA fits, with real numbers for your loan.

FHA Loans: common questions

What is the minimum down payment on an FHA loan?

Borrowers with a credit score of 580 or higher may qualify with 3.5 percent down. Scores from 500 to 579 generally need at least 10 percent down. Approval is subject to credit review and FHA guidelines.

What is the FHA loan limit in Broward County?

Broward, Palm Beach and Miami-Dade counties share one FHA limit for the Miami-Fort Lauderdale-West Palm Beach metro area, and it changes every January. Because the exact number matters for your offer, we confirm it on HUD's FHA mortgage limits lookup before you shop.

Can I buy a condo with an FHA loan in Florida?

Yes, if the condo project is FHA-approved or the unit qualifies for a single-unit approval. Many South Florida buildings are not approved, so we check the HUD list and the association's documents early.

Does FHA mortgage insurance ever go away?

If you put down less than 10 percent, the annual premium usually stays for the life of the loan. With 10 percent or more down, it can end after 11 years. Many owners refinance into a conventional loan once they have enough equity.

Can I use down payment assistance with an FHA loan?

Often, yes. Florida Housing programs and several county programs in South Florida can be paired with FHA financing. Each program has its own income and purchase price limits, which we check for you.

Related loan programs

  • First-Time Home Buyer Loans — First-time home buyer loans in South Florida: low down payment options, Florida Housing programs, condo tips and a clear path from preapproval to keys.
  • Down Payment Assistance — Florida down payment assistance: Florida Housing programs, Hometown Heroes and Palm Beach, Broward and Miami-Dade county help for eligible home buyers.
  • Conventional Loans — Conventional home loans for South Florida buyers and owners: 2026 conforming limits for Palm Beach, Broward and Miami-Dade, down payment and PMI basics.
  • Renovation Loans — Buy or refinance a South Florida home and finance the repairs in one loan: FHA 203(k), Fannie Mae HomeStyle and Freddie Mac CHOICERenovation.

South Florida areas where it fits

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