Federal Housing Administration (FHA) programs offer various mortgage options designed to help different types of homebuyers. These programs are particularly useful for buyers who might not qualify for conventional loans. FHA programs usually come with more flexible credit requirements and potentially lower down payments.
The purpose of this guide is to give you a comprehensive overview of each FHA program available to homebuyers in Florida.
You'll find details on the unique benefits, ideal candidates, and qualification and eligibility criteria for each program. This guide aims to be a one-stop resource to help you make an informed decision about which FHA program best suits your needs.
All FHA programs share some universal benefits and requirements that make them accessible options for a variety of homebuyers.
Generally, FHA programs offer the advantage of lower down payments, often as low as 3.5%. They also come with more lenient credit qualifications, making them a good fit for those who might not meet the stricter standards of conventional loans.
Additionally, FHA programs can be used to purchase a range of property types, from single-family homes to multi-unit dwellings.
However, there are some universal requirements to keep in mind. These include the necessity to pay mortgage insurance premiums, adhere to program-specific loan limits which can vary by county, and ensure the property meets certain safety, security, and soundness standards through an appraisal.
Now, lets go each program one by one, and find which one is best suited for your unique situation.
Table of Contents
- CALCULATE Your Minimum Down Payment to Buy a House with an FHA Loan Program
- FHA Basic Home Mortgage Loan 203(b)
- FHA Home Mortgage Rehab Loan 203(k)
- HUD Good Neighbor Next Door Program
- FHA Energy Efficient Mortgage
- FHA Condo Loan Program
- FHA Cash Out Refinance Program
- FHA Adjustable Rate Mortgage Program
- FHA Manufactured Home Loan & Lot Program
- FHA Reverse Mortgage Program
- FHA Section 248 Indian Reservation Program
- FHA Streamline Refinance
- FHA Limited Refinance Program
- FHA Disaster Victims Mortgages 203(h) Program
- FHA Hawaiian Homelands Program
CALCULATE Your Minimum Down Payment to Buy a House with an FHA Loan
Use our custom calculator to see how much money you'd need to save for a down payment on a house. MakeFloridaYourHome helps you find the best down-payment-assistance program available and combine it with the perfect FHA loan program to save you as much money as possible.
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