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 Rates subject to change without notice

 Conforming Loan amounts up to $647,200 | FHA Loan Limits are specific to each Florida County
Check to See Florida FHA loan limits here

FHA 3.5% Down Payment Mortgage

FHA 3.5% Down Payment Program

What is an FHA loan?

An FHA mortgage is a government-backed home loan with more flexible lending requirements than those for conforming loans. Because of this, interest rates for FHA mortgages may be somewhat higher, and the buyer may need to pay monthly mortgage insurance premiums along with their monthly loan payments.

FHA loans are insured by the Federal Housing Administration (FHA) and may have an easier qualification process due to less stringent down-payment and credit requirements than conventional mortgages. Note: If you’re a current military member or veteran, you may be eligible for a VA home loan with little or no downpayment.

Benefits and considerations

Lower down payments
An FHA mortgage may require a down payment as low as 3.5 percent, although the interest rate may be somewhat higher than with a conventional mortgage.

Lower credit thresholds
One of the benefits of the FHA loan program is that home buyers may qualify even without a long credit history or outstanding credit.

Popular for refinancing
Many borrowers with newly adjusting ARMs look to refinance into fixed-rate FHA loans. 

FHA Minimum Property Requirements – see here

You can click on the button below or apply online; if you prefer to speak with one of our Home Buyer Experts, we would be happy to speak with you at 888-259-2257.


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KEY FEATURES AND BENEFITS

  • Down payments of 3.5%
  • Fixed or adjustable rate loans are available
  • Seller can assist with up to 6% of purchase price toward closing costs
  • All funds for your closing costs can be from a gift
  • Non-traditional credit considerations (on-time rent, utility and insurance payments)

 

COMPARE YOUR OPTIONS

 

CONFORMING

FHA

DOWN PAYMENT

3%

Must have available funds.

3.5%

All of the funds can be a gift from a family member

MINIMUM CREDIT SCORE

Varies by loan program

Varies by loan program

RATES

Rates are determined by the lender based on guidelines/credit criteria.

Rates are determined by the lender based on guidelines/credit criteria.

MORTGAGE INSURANCE

Private Mortgage Insurance is required with less than 20% down.

Upfront mortgage insurance premium can be added into the loan + monthly mortgage insurance premium.

PROPERTY

Can be primary, investment, or secondary residence

Primary residence only

SELLERS ASSISTANCE 

Seller can assist with closing cost up to 6%.

Seller can assist with closing cost up to 6%.

PROPERTY LOCATIONS

In all 50 states

In all 50 states

TERMS

10 – 30 years (5 year increments)

Up to 30 years

LOAN LIMITS

Up to $510,400 in 2020.

Loan limits vary based on # of units, county, etc.

PRODUCTS OFFERED

Fixed Conventional & 5/1 ARM (Adjustable Rate Mortgage)

Fixed & ARM Programs

 

FHA 3.5% DOWN PAYMENT

 

   


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