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.