Florida FHA loan

Florida FHA loans come with more lenient credit requirements, low down payment, making them a preferred option for first-time buyers.

Florida FHA loan requirements

Minimum 580 credit score
Minimum 3.5% downpayment
Primary residences only
Florida FHA loan

Benefits of FHA loans in Florida

3.5% down payment options
Flexible credit requirements
6% seller concessions
Lower rates for borrowers with low credit scores

Today’s Florida FHA rates

FHA 30-Year Fixed

Rates for Primary Home Purchase
Interest Rate




Loan Amount


Down Payment



30 Years

Monthly Principal & Interest Payment (Excludes taxes and hazard insurance)


Estimated Points


Disclosures, Assumptions & APR Information
Rates, terms, and fees as of May 12, 2023 1:07 pm and subject to change without notice.

All FHA loan have PMI for the life of the mortgage which is reflected in the APR. 30-day lock period.  Rates shown include 1.211 discount point. All loans are subject to borrower meeting FHA approval guidelines.

Rates and terms subject to change based on market conditions and borrower eligibility. The rates shown are based upon a variety of conditions and circumstances. These include a consumer credit score which may vary from your individual credit score. A loan’s interest rate depends upon the specific features of the loan transaction and the borrower’s credit profile up to the time of closing. The advertised rates for 30-year fixed FHA products are based on an assumed base loan amount of $386,000.00, $400,000.00 purchase transaction of primary residence, a 740 FICO score with a loan-to-value ratio of 96.5% maximum (3.5% Down-Payment) on a primary single family home. The annual percentage rate (APR), is the expense paid for credit over the loan term expressed as an annual rate. The Annual Percentage Rate (APR) displayed for the loan products shown here reflects interest rate and approximate cost of prepaid finance charges / discount points based on rate scenarios shown. The cost of prepaid finance charges are approximations which do not constitute and are not a substitute for the Loan Estimate of Closing Costs (LE) that a borrower receives once they apply for a loan. Mortgage insurance has been included the monthly payment and Annual Percentage Rate (APR) of the loan. For more information regarding our various loan products including no points or closing cost options, please contact us at (407) 584-4437
Please remember that we don’t have all your information. Therefore, the rate and payment result you see may not reflect your actual situation. Mortgage Expert, Inc. offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (407) 584-4437 to talk to a licensed loan originator.
Due to various federal, state and local requirements, certain products may not be available in all areas.
The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment.

These mortgage rates are based upon a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing. For more information, please contact us.

Interest Rate


Loan Amount

Down Payment


Monthly Principal & Interest Payment (Excludes taxes and hazard insurance)

Estimated Points

Disclosures, Assumptions & APR Information

Top 6 FHA loan do's and don'ts and must knows

Minimum Credit Score

Preferably a 620 credit score but FHA does go down to a 580 score. Do check your credit and dispute false accounts to boost your score.

Maximum FHA loan limits

For 2022, the FHA loan limit in Florida is $420,680. However, starting Jan 2023 the FHA loan limit increases to $472,030.

Minimum FHA Down-Payment

FHA loans require a minimum of 3.5% down-payment based on the home price. This can be from your own funds or gifted by family.

When to apply for FHA loan

Don't apply too early. Apply for a FHA loan when you are within 60 days of wanting to buy a home. Pulling your credit too early is pointless.

Credit card balances

Don't carry high balances. Make sure your card balances are less than 25% of the credit limits at least 30 days prior to applying for a FHA loan.

Student loans

Don't have your student loans deferred. You will qualify for a higher loan if your student loans show a minimum payment on your credit.
FHA mortgage requirements Florida
The basic FHA mortgage requirements in Florida are 580 middle score, minimum 3.5% down-payment, max 43% debt-to-income ratio, 2 years employment and income verification and finally must not be behind on any federal debt or child support.
Why are FHA loans for first-time home buyers?
FHA loans are the most common loans for first time home buyers in Florida because they only require 3.5% down-payment and allow for lower credit scores and recent derogatory events on credit history.
Does FHA reuire 2 years tax returns?
Yes. FHA requires 2 years complete tax returns and if you are self-employed they also require you 2 years corporate returns along with the personal tax returns. They will average out the two year income and do not allow for significant decline in income.
Can I get an FHA loan without 2 years employment?
You may be able to get an FHA loan with less than 2 years employment history. A simple example would be someone that just graduated and can provide college transcripts documenting that they were in school full-time.
Can all mortgage companies, such as banks, lenders and mortgage brokers offer a no closing costs mortgage?
No. Most mortgage companies set the backend yield on their rates so high that there is not enough credit available from the rate to offer a no closing costs mortgage. 

For example, the average closing costs and pre-paids associated with buying a home is about 3% of the purchase price. Since the rates typically yield no more than 5% on the backend of the loan there is not enough credit available to cover the closing costs if the lender has set to make 3-5% yield. Thus, only low priced mortgage companies which have set their yield at 2% or lower can do a no closing cost mortgage.
Is it hard getting an FHA loan?
FHA loans are not hard to get so long as you have 3.5% saved for down-payment, your income is verifiable and your credit score is at least 580 and your overall credit history shows some good tradelines and not consist of all collections and derogetory account.
Who can get a no closing cost home loans?
Qualified home buyers with a minimum of 640 credit score applying for an FHA loan or a minimum 680 score applying for a conventional loan.
What credit score do I need for FHA loan?
Most FHA lenders require a minimum of 580 credit score for an FHA loan. However, FHA does allow borrowers with credit scores as low as 500 if they meet manual underwriting guidelines and have at least 10% available to put towards down-payment.
Is Conventional or FHA better?
Conventional loans are better but depending on your credit score an FHA loan may offer you a lower effective rate than a conventional loan specially if you have a low credit score.
Can anyone qualify for a no closing cost mortgage?
No. Home buyers applying for a conventional mortgage typically need a minimum 740 credit score but, depending on market conditions, those same borrowers may be able to get a no closing costs mortgage with a 700 minimum credit score. 

Borrowers applying for an FHA loan preferably need a 680 credit score to qualify for a no closing cost loan. However, depending on market conditions, FHA borrowers may qualify with a 640 score.
What is a FHA no closing cost mortgage?
An FHA no closing cost mortgage allows a home buyer to purchase a home with only the required 3.5% down-payment out of pocket. HUD’s upfront funding fee is added to the loan amount and the closing costs are paid using lender credit based on the interest rate that the borrower qualifies for.
What is the FHA loan limit in Florida
Fha loan limits in Florida change annualy. For instance for 2022 the limit for FHA loans are $420,680 which is significantly higher than 2021. The loan limits typically go up to accommodate home price increases based on your county median home prices.
Who offers a no closing cost mortgage
Every mortgage broker that has set their compensation level to no more than a 2% yield can provide a no closing cost mortgage.
What are Current FHA mortgage rates?
Current FHA mortgage rates in Florida change daily and are different every 20 point increments in credit scores. For instance, a borrower with a 620 score gets a different rate than a borrower with 640 credit score. Higher the credit score the lower the FHA rates.

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