The down payment is your out-of-pocket cash amount required You need a 10% down payment if your score is below 580 but at least 500. Get an appraisal to confirm the home meets minimum HUD standards.įHA loans require a minimum down payment of 3.5% of the purchase price for borrowers with a minimum credit score of 580. The property must conform with FHA home appraisal and inspection requirements. The Federal Housing Administration (FHA) may ask for pay stubs, W-2s, and tax returns to ensure you can handle the loan's cost. And your mortgage payment-to-income (PTI) ratio must not exceed 40%.Ī documented two-year employment history. Your debt-to-income ratio (DTI) must not exceed 43% (or 50% with some lenders).
If there is more than one borrower, at least one of you must move into the home within 60 days of closing. If buying a multi-family dwelling, you must live in one of the units for a year. Buyers must stay there for at least one year. You must purchase the home to use as your primary residence. To qualify for a 3.5% down payment, you'll need a score of 580 o more. If you contribute 10% or more to the down payment, lenders might accept a score between 500 and 579. You must put down at least 3.5% of the home price to qualify for a Florida FHA loan.Īt least a credit score of 500. Review some standard FHA loan requirements for Florida home buyers:Ī down payment of 3.5% or more.
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🏡 Start house hunting: Try Clever Real Estate’s free agent matching service, compare top local agents, and start searching for your dream home today! Get started.Ĭredit score and down-payment requirements for FHA loans are more lenient than most conventional loans.
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