Florida FHA Home Loans: Low Down Payment Options for First-Time Home Buyers
Welcome to 1st Florida Mortgage – Your Trusted FHA Home Loan Experts! As an approved FHA lender in Florida, we proudly offer low rates, flexible credit requirements, and in-house underwriting. This combination allows us to provide quick approvals and fast closings, ensuring a smooth and efficient home-buying process. Whether you’re a first-time homebuyer or looking to refinance, we are here to guide you every step of the way.
First Time Buyers
FHA loans in Florida are great for helping first-time buyers with little money down and those with lower credit scores secure affordable and hassle free home financing.
Florida FHA Loans, Done Right!
We specialize in FHA home loans for first time home buyers and make getting an FHA home loan in Florida fast and hassle-free.
1st Florida Mortgage - Your Trusted FHA Lender
Headquartered in Tampa, FL, we are a local mortgage company specializing in FHA home loans in Florida. By offering competitive rates and utilizing in-house underwriting, we ensure a seamless process that makes FHA loans both accessible and affordable.
- Competitive Rates
- Direct Florida Lender
- FHA Lender
- Same Day Approvals
What is an FHA Home Loan?
FHA Loan Overview
What Are the Benefits of FHA Loans? A Florida FHA loan is a government-backed mortgage program designed to help individuals with lower credit scores and limited down payment funds achieve homeownership.
FHA Mortgage Qualifications
FHA home loans offer various with specific requirements based on the loan type. These loans generally have more flexible credit requirements compared to Conventional loans.
To be eligible for an FHA loan, you must meet the following criteria:
- Stable Employment and Income: A steady job and reliable income are required.
- Minimum Credit Score: A FICO score of at least 600 is necessary.
- Primary Residence: The home must be your primary place of residence.
- Debt-to-Income Ratio: Your debt-to-income ratio should not exceed 50%.
- Down Payment: A minimum down payment of 3.5% of the home’s purchase price is required.
- Upfront Mortgage Insurance Premium (UPMIP): You’ll need funds to cover the UPMIP.
These qualifications make FHA loans accessible to a wide range of homebuyers.
More About FHA Loans
FHA Loan Benefits
What are the Benefits of FHA Loans in Florida?
A Florida FHA loan is a government-backed mortgage designed to assist individuals with lower credit scores and limited funds for a down payment in purchasing a home. Here are the key benefits:
- Lower Down Payment: FHA loans allow down payments as low as 3.5%
- Flexible Credit Requirements: FHA loans with credit scores as low as 600.
- Competitive Interest Rates: FHA loans can have lower rates compared to other loan types.
- Assumable Loans: One unique feature of FHA loans is their assumability, meaning buyers can take over the existing loan under its original terms when purchasing the home—an appealing advantage for sellers.
FHA Refinance
Florida FHA Mortgage Refinance
* FHA Streamline Refinance (Rate and Term)
* No Appraisal / No Income * Full Doc Loans
* Rate and Term / CashOut
* Closing Costs can be rolled into loan
* Terms: Up to 30 Years
* Purchase financing: up to 96.5% LTV
* Refinance financing: up to 97% LT
Florida FHA mortgage refinancing offers homeowners a chance to lower their mortgage rates and adjust loan terms, potentially reducing monthly payments and achieving long-term savings. Backed by the Federal Housing Administration, this refinancing option is particularly advantageous for those with existing FHA loans or first-time refinancers. With more flexible credit requirements than conventional loans, it provides access to favorable terms. Additionally, FHA refinancing in Florida can be used to consolidate debt or tap into home equity, offering a versatile solution to enhance financial stability and manage housing costs effectively.
Your Florida FHA Lenders
Close on Time
In-house underwriting, processing and closing for fast approval & on time fundings.
Low Rates
Approved FHA Lender in Florida with Low Rates and in-house underwriting
Local Service
Your FHA Home loan experts with local Florida customer service. Read our reviews!
Discover the difference with 1st Florida Mortgage, your Florida FHA loan experts As a direct lender with in-house underwriting, we offer unparalleled control and flexibility, ensuring a seamless loan process and on-time closings. Our Florida-based underwriters are experts in state-specific FHA guidelines, providing you with a smooth and efficient home financing experience.
Shawn Dulac
Sr. Loan Officer
NMLS #1320463
James Hair
Sr. Loan Officer
NMLS #1680348
Roman Balley
Production Manager
NMLS #2267211
Ryan Collins
Branch Manager
Speak to a Florida FHA Loan Expert
