What Is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (HUD). Because the government insures these loans, lenders can offer more lenient qualification requirements, making homeownership accessible to a broader range of borrowers.
FHA loans are especially popular among first-time homebuyers in Florida because of their low down payment requirement and flexible credit guidelines. Even if you've had credit challenges in the past, an FHA loan may still be within reach.
With access to 299+ wholesale lenders, I can find you the most competitive FHA rate available — often significantly lower than what a single bank can offer.
Key Benefits & Features
Just 3.5% down with a 580+ credit score. For a $300,000 home, that's only $10,500 out of pocket.
Minimum 580 credit score for 3.5% down. Scores between 500-579 can qualify with 10% down.
Your entire down payment can come from a gift from a family member, employer, or approved down payment assistance program.
Sellers can contribute up to 6% of the purchase price toward your closing costs, reducing your cash to close significantly.
FHA allows debt-to-income ratios up to 57% in some cases, making it easier to qualify even with existing debts.
FHA loans are assumable, meaning a future buyer could take over your mortgage and its favorable terms.
Who Qualifies for an FHA Loan?
FHA loans are designed to help a wide range of borrowers achieve homeownership. Here are the standard qualification guidelines:
| Requirement | Details |
|---|---|
| Credit Score | 580+ for 3.5% down; 500-579 with 10% down |
| Down Payment | 3.5% minimum (gift funds permitted) |
| Debt-to-Income Ratio | Up to 57% with compensating factors |
| Mortgage Insurance | 1.75% upfront MIP + annual MIP (0.55% for most loans) |
| Property Types | Single-family, condos (FHA-approved), 2-4 unit properties |
| Occupancy | Primary residence only |
| Employment | 2 years of employment history (gaps may be acceptable with explanation) |
| Waiting Periods | 2 years after bankruptcy; 3 years after foreclosure |
Why Work with Jason & NEXA Mortgage?
FHA loans are offered by virtually every lender — but rates and fees vary dramatically. As a mortgage broker, I compare FHA pricing across 299+ wholesale lenders to make sure you're getting the absolute best deal. I've helped hundreds of first-time buyers navigate the FHA process, and I'll guide you every step of the way.
From checking your eligibility through closing day, I'm your single point of contact. No call centers, no runaround — just personalized service from a 25-year industry veteran who genuinely cares about getting you into your home.