Backed by the Federal Housing Administration, these loans offer an excellent choice for homebuyers aiming to minimize their initial down payment.

Purchasing a home with less-than-perfect credit might be more attainable than you realize. You can access competitive benefits and affordable rates through an FHA mortgage, even if your qualifications aren't flawless.

What Exactly is an FHA Loan?
An FHA mortgage is a loan backed by the Federal Housing Administration (FHA), providing your lender with a guarantee in case of default. This assurance offers advantages for you as a homebuyer. With reduced risk, qualification requirements become more accessible, and the loan terms tend to be more favorable.

Advantages of an FHA Loan in Florida

  • Secure your dream home with a minimal down payment.
  • Access competitive rates, regardless of your credit score.
  • Enjoy affordable upfront costs with capped closing expenses, potentially covered by the seller.
  • Select from a range of loan terms, including fixed or adjustable rates.

While FHA loans offer low down payments, you may also be eligible for extra Down Payment Assistance.

Eligibility Criteria for an FHA Mortgage in Florida
Securing an FHA mortgage often proves easier than qualifying for other home loan types. Here's what you need to meet the basic requirements:

  • Demonstrate a stable employment history spanning at least the past two years.
  • Ensure a clear Credit Alert Verification Reporting System (CAIVRS) record.
  • Choose a property that serves as your primary residence and is constructed on a permanent foundation, with construction not predating June 15th, 1976.
  • Wait 12-24 months after bankruptcy or 3 years after foreclosure before applying for an FHA mortgage.

Turn Your Dream of Homeownership into Reality with an FHA Loan. Don't let homeownership remain a distant dream. Take the first step towards owning your own home with an FHA mortgage.

Helpful Links

www.floridahousing.org

Https://mysafeflhome.com  

Explore Your Options

At PPS we're committed to assisting and guiding you through every step of the process.

Can I use a gift from relatives for downpayment and closing cost assistance?

Yes, you can. The typical down payment for FHA is 3.5 %.