FHA (The Federal Housing Administration) which is part of the U.S. Department of Housing and Urban Development (HUD), provides different mortgage programs that help make homeownership easier for Florida home buyers to purchase with limited credit, down payment and resources.
Everyone knows that South Florida real estate is expensive and many buyers have trouble saving the 10% + down payment required by conventional loans. The FHA program is widely used throughout Miami, Dade and Monroe County in 2025. With financing up to 96.5%, home buying is suddenly in reach for many Florida homebuyers.
In addition to reduced down payments, eligible buyers can use down payment assistance for 100% financing. Florida residents now have many down payment assistance programs available, like the Florida Hometown Heroes program, etc.
Some Benefits of the FHA Loan:
- Lower credit scores are acceptable
- Owner-occupied properties only
- Up to 30 year fixed rate term
- Down payment as low as 3.5%. 100% with approved DPA.
- Refinance permitted with NO equity or appraisal
- 100% gift funds may be used for down payment and closing costs
- Seller can pay buyer’s closing costs – up to 6 percent.
- No pre-payment penalties, or early termination fees.
- Non-occupant co-borrowers or co-signers allowed.
- High FHA loan amount limits: $621,000 in Miami, Dade, and $967,150 in Monroe County for a 1-unit property.
FHA loans offer Florida residents some of the lowest fixed rates available today. Loan pre-approvals take only minutes, please contact us today by submitting the Info Request Form on this page.
Serving all of Miami-Dade, Big Pine, Islamorada, Key Colony Beach, Key Largo, Key West, Layton, Marathon, Sugarloaf Key, Tavernier.