Toll Free: 855-927-7434

2020 FHA Requirements in Florida

2020 FHA Requirements in Florida
June 15, 2020 warshfg
FHA Loans Floirda

Maximum loan amount fluctuates by county for traditional FHA loans. The current base FHA loan limit in most of Florida counties for a single-family home is set at $331,760. For county specific limits, call us directly

 

What is the minimum down payment for FHA loan?

In 2020 borrower’s minimum required investment is 3.5% of the purchase price or adjusted value of the property. The source must be from borrower’s own funds or as a gift from an acceptable donor.

 

FHA guidelines for Employment history and loan income requirements?

A two-year employment and income history is required for both employees and self-employed borrowers shown by pay stubs, tax returns and W2s or 1099s. Borrowers who have a court ordered alimony and child support must document receipt of the income for a minimum of three (3) months and proof that it will continue for at least three (3) years.

 

What is the minimum credit score required for FHA loans and first-time home buyers?

A middle credit score of at least 620. Depending on overall credit, sometimes borrowers may qualify with middle scores as low as 580. In some cases, where a co-borrower does not have any credit score, FHA will consider approval as long as the primary borrower meets the minimum credit score requirements and has excess of 50% of the qualifying income with a minimum of 3 tradelines active for last 24 months.

Call Now
Directions