FHA LOANS
Own Sooner with 3.5% Down.
Flexible credit guidelines and low down payment options designed to help more buyers become homeowners in Florida.
Why FHA with Rockstar
- As low as 3.5% down
- Flexible credit guidelines
- Competitive wholesale rates from 50+ lenders
- Fast, dedicated processing—average closing in 20 days
Who It’s For
- First-time and repeat buyers seeking affordable down payments
- Borrowers building or re-establishing credit
- Primary residences throughout Florida
FHA Loan Guide: Rules, Benefits, and How to Qualify in Florida
The Federal Housing Administration (FHA) program helps buyers become homeowners with flexible credit guidelines and down payments as low as 3.5%. As an independent broker in Central Florida, we shop 50+ lenders to secure you the best FHA pricing and a smooth closing—often in about 20 days.
Below is a practical overview of FHA loans in Florida, including eligibility, mortgage insurance, loan limits, documentation, and the exact steps to get approved. If you’re purchasing in Orlando, Windermere, Winter Park, or Tampa Bay, this guide is built for you.
Who Qualifies for an FHA Loan?
- Minimum down payment of 3.5% with generally 580+ qualifying credit; higher down payments may allow lower scores.
- Primary residence only (1–4 units if you live in one unit).
- Reasonable debt‑to‑income ratio with stable income and employment history.
- Property must meet FHA safety and livability standards (appraisal required).
Mortgage Insurance (MIP) Explained
FHA loans include a one‑time Upfront MIP (often financed into the loan) and an annual MIP paid monthly. The annual cost depends on loan amount, term, and down payment. We’ll compare lender options to minimize lifetime MI expense and plan the cleanest path to remove MIP when you refinance or reach sufficient equity.
Florida FHA Loan Limits
FHA limits vary by county and property type. We’ll confirm your county’s current limit and build your offer strategy around it. For buyers near the limit, our lender network may reveal alternatives (Conventional or specialized programs) that better fit your price point.
Documents Checklist
- Government ID and Social Security card
- 30 days of pay stubs and last 2 years of W‑2s (self‑employed: 2 years federal returns)
- 2 months of bank statements and proof of funds to close
- Gift letter and sourcing if funds are gifted
Our 5‑Step FHA Process
- 24‑Hour Pre‑Check: verify income, assets, and credit to set a strong budget.
- File Build: collect docs once—our team organizes everything for underwriting.
- Lender Match: compare wholesale FHA pricing across 50+ lenders.
- Appraisal & Processing: keep you and your agent updated with exact milestones.
- Close in ~20 Days: clear to close, final numbers, and keys.
FHA vs. Conventional—Which Wins?
If your credit profile or down payment is limited, FHA’s structure can be the cheapest way to the closing table. If you have 5–10% down and strong credit, a Conventional loan may reduce ongoing mortgage insurance. We’ll run both scenarios through our calculator and pricing engine so you know the exact monthly payment and total cost.
FHA FAQs
Can I use gift funds for the down payment? Yes—FHA allows family gift funds with a standard gift letter and paper trail.
Is there a prepayment penalty? No. You can prepay or refinance any time if a cheaper option appears.
Can I buy a duplex or 4‑plex? Yes—FHA allows 1–4 unit properties if you occupy one unit as your primary residence.
What credit score is required? Lender overlays vary. We place your file with the lender best aligned to your profile to maximize approval and pricing.
Documents & Next Steps
We’ll guide you through a simple checklist—ID, income, assets—and get you a confident pre-check in 24 hours.
Talk to HenrySubject to borrower approval and program guidelines. NMLS #1922524.