FHA Home Loans: How to Buy a Home in Florida with a Low Down Payment

Are you worried that a big down payment is the only thing standing between you and homeownership? You’re not alone. Many first-time buyers—and even seasoned homeowners—find saving for a new home challenging. The good news? An FHA loan could be your ticket to buying a home with as little as 3.5% down!

What is an FHA Loan?

An FHA loan is a mortgage option backed by the U.S. Federal Housing Administration. These loans are designed to help people buy homes with flexible credit requirements and low down payments. With an FHA loan, you could buy your dream home in Florida without waiting years to save up 20% for a down payment.

Key benefits of FHA loans:

Down payments as low as 3.5%

Easier qualification for buyers with lower credit scores

Fixed and adjustable rate options

No pre-payment penalties—pay off your loan anytime!

How is an FHA Loan Different from a Conventional Loan?

With a conventional loan, a down payment under 20% usually means you’ll pay for private mortgage insurance (PMI) until you reach 20% equity. FHA loans, on the other hand, are government-insured, so you don’t need PMI—instead, you pay a mortgage insurance premium (MIP), which is often more affordable and easier to qualify for.

What Do You Need to Qualify for an FHA Loan?

Most of the paperwork is similar to any other mortgage:

• Proof of steady employment

• Recent pay stubs and tax returns

• Appraisal of the home you want to buy

• Reasonable debt-to-income ratio

FHA-specific requirements:

Minimum 3.5% down payment (10% if credit score <580)

The home must be your primary residence (no investment properties)

Flexible on past credit issues if you can show responsible financial habits

FHA Loan Terms & Flexibility

• Choose from 30, 25, 20, or 15-year fixed rates

• 5-year adjustable-rate mortgages (ARMs) available

• No pre-payment penalties—pay off your mortgage early if you want

Why Work with a Local FHA Loan Expert?

Florida’s real estate and lending markets are unique. As a local loan officer and realtor, I help buyers:

• Navigate the FHA approval process with less stress

• Improve their credit score if needed (I have access to credit simulators and repair specialists)

• Find down payment assistance programs and grants

• Understand every step, from pre-approval to closing

Ready to See if You Qualify for an FHA Loan?

Don’t let a big down payment keep you from owning a home in Florida.

Call or text me at 786-657-6458 or email Kerby@juliesrealty.net for a free, no-pressure FHA loan consultation.