FHA Loans
Flexible guidelines that open the door to homeownership.
What is an FHA loan?
FHA loans are insured by the Federal Housing Administration, which lets approved lenders offer more flexible credit and down payment guidelines than many conventional loans. They are a popular choice for first time buyers and for buyers rebuilding credit.
Highlights
- Flexible credit score and debt to income guidelines
- Low down payment options, and gift funds from family are allowed
- Available for one to four unit primary residences
- FHA loans are assumable, which can be a selling point later
- FHA Streamline refinance options for current FHA borrowers
Mortgage insurance
FHA loans include an upfront mortgage insurance premium and an annual premium paid monthly. Curtis will compare FHA against conventional options for your scenario, since for some buyers with stronger credit a conventional loan costs less overall.
Condos in Florida
To use FHA for a condo, the building usually needs FHA approval or must qualify for single unit approval. Florida’s newer condo safety and reserve laws can also affect financing. Talk to Curtis before you write an offer on a condo so he can check the project first.
Frequently asked questions
Can I use FHA if I am not a first time buyer?
Yes. FHA is not limited to first time buyers. It must be your primary residence.
Can family help with the down payment?
Yes. FHA allows documented gift funds from eligible donors such as family members.
What is an FHA 203k loan?
It is an FHA loan that also finances repairs or renovations. See the 203k renovation loan page.
This page is general information, not a commitment to lend or an offer of credit. Program availability, eligibility and terms depend on your credit, income, property and lender guidelines and are subject to change. Contact Curtis for options specific to you.
Not sure which loan fits?
That’s Curtis’s job. Answer a few quick questions and he’ll compare your options across 60+ lenders.