FHA Loan Lender – Miami Dade County

Florida FHA loans have been helping people become homeowners since 1934.  Florida FHA Loans are backed by the Federal Housing Administration (Also known as FHA).  FHA insures the loan, so your mortgage lender can offer more risky loan products.

For example: FHA loans typically have a lower down payment and better loan rates for borrowers with lower credit scores. So low in fact you often get an FHA loan with just a 3.5% down payment and credit scores as low as 600.
During the Florida Housing Boom years ago, FHA Home Loans weren’t as popular because of the ample supply of mortgage credit.

Anyone could essentially obtain 100% financing.  Conventional Fannie Mae Loans with 0% down payment and reduced loan documentation requirements.  After the housing market crash, as Fannie Mae and other Florida loan lenders retreated from these riskier loan products, FHA stepped in and Florida FHA Home Loans became the only option for borrowers with limited money for a down payment, or a credit score below 600.

So what are the guidelines for the Florida FHA Loan? 

• Florida FHA Mortgages are only available for a borrower’s Primary Residence.
• You cannot obtain a Florida FHA Home Loan on a 2^ndhome or investment property.
• An FHA Home Loan in Florida requires only a 3.5% down-payment.
• The maximum cash-out on an FHA Refinance is 85%
• Florida FHA Lenders are available for condos- but only if they are listed on the FHA Condo Approval List.  Contact us if you have questions regarding the eligibility of a particular Condominium Project.
• Low Credit Scores- Borrowers with credit scores as low as 600 can qualify for an FHA loan in Florida & borrowers with credit scores over 680 will often receive better interest rates through a Florida FHA mortgage than a conventional mortgage.
• Florida FHA Loans have no prepayment penalty.  You can pay the mortgage down or off at any time without penalty.
• A Florida FHA loan has mortgage insurance, but unlike conventional loans, the loan is not re-underwritten by the company providing the mortgage insurance.  Because of this, the underwriting process on an FHA loan in Florida is easier than a conventional mortgage that has mortgage insurance.

What are some negatives of the FHA loan? 

• The closing costs for an FHA Mortgage in Florida are higher than the closing costs on a Conventional Mortgage.  Why?  The government passes part of the cost of insuring the Florida FHA loans to the borrower.
• FHA Up-Front Funding Fee:  This is equal to 1% of the Loan Amount.  The Funding Fee is financed into the loan amount so it doesn’t come out of the borrower’s pocket at closing.
• The monthly mortgage insurance on an FHA Loan Lender in Florida can be more expensive than it is on a conventional mortgage with MI. When the down payment is only 3.5%, the monthly mortgage insurance costs would be 1.35%
• The Florida FHA County Loan Limit is often lower than it is on a conventional mortgage, meaning borrowers often can borrower less money than they would be able to on a conventional loan.

Florida FHA Renovation Loans:  What is a Florida FHA 203k Rehab Loan?

• A Florida 203k rehab loan is an FHA Mortgage Product for properties that need work and aren’t yet livable.
• The down-payment requirements on a FHA 203k loan is 3.5%
• In an FHA 203k Rehab Loan in Florida, the cost of the renovations are added to the base loan amount.
• The process for an FHA 203k Florida Loan takes longer than a traditional loan.  Prior to the initialization of the traditional FL FHA Loan process, the following is required:
• An FHA Approved FL Inspector who inspects the property and approves the renovations.
• An FHA Approved FL Contractor who determines the cost for completion of the repairs/renovations
• Contact one of our FHA Mortgage Brokers in Florida today for more information.

Florida Jumbo Mortgage Loan Limits

Serving all of South East Florida, including Miami, Broward, Dade, West Palm Beach, and The Keys.  Questions? We are ready to help 7 days a week.  For fast service, please submit the “Request Contact” form on this page.

FHA Loan Lender – Miami-Dade County, 2025