FHA Loans in Florida for Homebuyers and First-Time Buyers
Buying a home with a smaller down payment? Compare FHA loans in Florida for home purchases, first-time buyers and borrowers rebuilding credit with Greg Hayden, your local mortgage broker in Boynton Beach.
Mortgages Done Right works with 25+ wholesale lenders, so you can compare FHA requirements, estimated payments, mortgage insurance, closing costs and credit guidelines in one conversation. Serving Palm Beach County and buyers across Florida.
Questions first? Send Greg a message below — no application needed.
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What Is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration.
FHA financing is commonly used by eligible buyers who may benefit from
a lower down payment, flexible credit guidelines, or a financing option
designed primarily for owner-occupied homes.
FHA loans may be available for qualifying home purchases, rate-and-term
refinances, and certain FHA streamline refinance transactions. Final
approval depends on the borrower’s complete financial profile, the
property, automated underwriting findings, FHA requirements, and lender
guidelines.
Comparing multiple wholesale lenders can help determine which FHA loan
option may fit the borrower’s income, credit history, available assets,
debt obligations, property type, and financing goals.
Benefits of FHA Loans in Florida
FHA financing may offer useful options for qualified Florida
homebuyers, although requirements vary by borrower, lender, property,
and transaction.
Low Down Payment Options
Eligible borrowers may qualify with a down payment as low as 3.5%,
subject to FHA and lender requirements.
Flexible Credit Guidelines
FHA loans may provide more flexibility for certain borrowers than
some conventional mortgage programs.
First-Time Buyer Financing
FHA financing is frequently considered by first-time buyers seeking
manageable down payment and qualification options.
Seller Concessions
Seller-paid closing-cost assistance may be allowed within applicable
FHA and lender limits.
Purchase and Refinance Options
FHA loans may be used for eligible purchases, refinances, and certain
FHA streamline refinance transactions.
Fixed or Adjustable Rates
Depending on lender availability and borrower qualifications,
fixed-rate and adjustable-rate FHA options may be offered.
Florida FHA Loan Requirements
FHA loan requirements vary by lender, property type, occupancy,
automated underwriting findings, credit history, income documentation,
assets, reserves, and debt obligations.
A preapproval should review the complete loan scenario rather than
focusing only on a credit score or down-payment percentage.
Credit Profile
Credit score, payment history, recent credit activity, disputed
accounts, collections, and other credit events may be considered.
FHA options may be available with credit scores as low as 550, subject to lender guidelines and approval. A score of 580 or higher may provide more lender options and down payments as low as 3.5%. Below 580, at least 10% down is generally required. Higher scores may also help you qualify for better interest rates.
Income and Employment
Income generally must be stable, documentable, and likely to continue
under applicable underwriting guidelines.
Plan to gather:
- Recent pay stubs and W-2s, or tax returns and business records if you are self-employed
- Recent bank statements showing your down payment and closing funds
- Government-issued photo ID
Documentation varies by lender and borrower, particularly for self-employed borrowers.
Debt-to-Income Ratio
Your debt-to-income ratio compares your monthly housing payment and other debt obligations with qualifying income. Some FHA scenarios allow higher ratios, depending on automated underwriting results, compensating factors and lender guidelines. Greg will review your complete situation.
Down Payment and Assets
Required funds may include the down payment, closing costs, reserves,
and other transaction-specific expenses.
Negotiated seller contributions can help cover eligible closing costs and prepaid items, subject to FHA limits. They cannot replace the required down payment.
Property Eligibility
The appraisal, property condition, occupancy, title, insurance, and
project details must meet applicable FHA and lender standards.
FHA loans are for homes you will occupy as your primary residence. Eligible condos and owner-occupied two-to-four-unit properties may qualify when you live in one of the units. Recently resold properties can carry additional FHA requirements, so ask Greg before you make an offer.
Mortgage Insurance
FHA mortgage insurance requirements and costs should be reviewed when
comparing estimated monthly payments and long-term financing.
FHA loans carry an upfront premium of 1.75% of the base loan amount plus an annual premium paid monthly. For a typical purchase loan with a term over 15 years and a base loan of $726,200 or less, the annual premium is 0.55% with less than 5% down and 0.50% with 5% or more down. It lasts for the full loan term with less than 10% down, and for 11 years with 10% or more down. Other scenarios differ.
FHA Loan Limits and Down Payment Examples
FHA loan limits apply based on the date the FHA case number is assigned. The 2026 limits below apply to case numbers assigned in 2026. They are base loan limits, not purchase-price caps.
| Counties | 1 unit | 2 units | 3 units | 4 units |
|---|---|---|---|---|
| Palm Beach, Broward, Miami-Dade | $667,000 | $853,900 | $1,032,150 | $1,282,700 |
| Martin, St. Lucie | $603,750 | $772,900 | $934,250 | $1,161,050 |
Down Payment Example
On a $450,000 purchase, 3.5% down is $15,750, leaving a base loan of $434,250. With 10% down ($45,000), the base loan is $405,000. Both are below the $667,000 one-unit limit in Palm Beach and Broward counties.
The 1.75% upfront mortgage insurance premium on a $434,250 base loan is about $7,599, which can typically be added to the loan.
Limits Cap the Loan, Not the Price
A $700,000 home with 10% down ($70,000) leaves a $630,000 base loan, which is within the $667,000 limit. A larger down payment can bring a higher-priced home within the limit, because the limit applies to the loan amount.
Illustrative examples only, not a quote or loan offer. Actual costs depend on your loan, lender, property and approval.
Owner-occupancy, property and underwriting requirements apply. Other Florida counties have different limits. Source: HUD’s 2026 FHA county limits.
FHA Loan Options for Florida Borrowers
FHA Home Purchase Loans
FHA purchase financing may help eligible buyers purchase a primary
residence with flexible down payment and credit guidelines.
FHA Rate-and-Term Refinancing
Existing homeowners may review FHA refinance options when changing
their interest rate, payment structure, or loan terms.
FHA Streamline Refinancing
Eligible borrowers who already have an FHA loan may be able to review
an FHA streamline refinance with reduced documentation requirements.
First-Time Homebuyer Options
First-time buyers can compare FHA financing with conventional,
assistance, and other available home-loan programs.
Helpful FHA Resources for Florida Buyers
Explore detailed FHA guides covering qualification requirements, FHA versus conventional financing, credit and rate considerations, and first-time buyer programs in Florida.
Have a Question About FHA Financing?
Tell Greg what you’re planning. You don’t need to complete an application to ask a question.
Prefer to talk? Call 561-777-7622.
Related Florida Mortgage Programs
Another mortgage program may fit better depending on income,
documentation, occupancy, credit, property type, and loan amount.
Florida FHA Loan FAQs
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing
Administration. FHA loans may offer flexible credit and down payment
guidelines for eligible borrowers purchasing or refinancing an
owner-occupied home.
How much down payment is needed for an FHA loan?
Some qualified borrowers may purchase with a down payment as low as
3.5%. The required amount depends on credit, income, property
eligibility, lender requirements, and the complete loan approval.
Can FHA loans help first-time homebuyers?
Yes. FHA financing is often considered by first-time buyers because
it may provide flexible credit and down payment options compared
with some other mortgage programs.
Can seller concessions be used with an FHA loan?
Seller concessions may be permitted within FHA and lender limits.
The contract, appraisal, loan amount, and closing-cost structure
should be reviewed before determining the allowable amount.
Is an FHA loan better than a conventional loan?
The better option depends on the borrower. FHA financing may help
buyers who need flexible credit or down payment guidelines, while a
conventional loan may fit borrowers with stronger qualifications or
different property and mortgage-insurance goals.
Can an FHA loan be used for an investment property?
FHA financing is generally designed for eligible owner-occupied
properties rather than a standard non-owner-occupied investment
purchase. Occupancy and property requirements should be reviewed
before applying.
Can I refinance an existing FHA loan?
Eligible homeowners may review FHA rate-and-term or streamline
refinance options. The benefit depends on current rates, payment
savings, closing costs, mortgage insurance, and the borrower’s goals.
Can I buy a condo, duplex or fourplex with an FHA loan?
FHA loans are for homes you will occupy as your primary residence. Eligible condos and two-to-four-unit properties may qualify when you live in one of the units. Appraisal, occupancy and property standards apply, and condo projects need a separate review.
Can I qualify after a bankruptcy or foreclosure?
Possibly. A past bankruptcy or foreclosure does not automatically rule out an FHA loan, but waiting periods, re-established credit and documentation requirements apply. Greg can review your timeline and options, and our FHA requirements guide explains more.
Is down payment assistance available with an FHA loan?
Some programs may help eligible buyers with down payment or closing costs, and they can sometimes be combined with an FHA loan. Eligibility, funding availability and program rules vary, and assistance is not guaranteed. Greg can help you find out which programs may apply.
Speak With Greg Hayden About an FHA Loan
Get help comparing FHA financing for a Florida home purchase,
first-time-buyer scenario, credit profile, down payment, or refinance.
Mortgages Done Right Inc. — NMLS #1532755; Florida Mortgage Broker License MBR2092.
Gregory Hayden — NMLS #332209; Florida Mortgage Loan Originator License LO9608.
Equal Housing Opportunity. Not a government agency or affiliated with HUD or FHA. This is not a commitment to lend. Program availability and terms vary.