FHA Loans in Fort Lauderdale

Get the Best Rates for FHA Loans in Fort Lauderdale and other Florida Locations

For many years, FHA loans in Fort Lauderdale and other Florida neighborhoods have been the standard for both first-time and experienced home buyers. The little to no down payment feature of the loans is one reason why it continues to be a popular choice among buyers.

The loans are also favored as they are great for first-timers that have a tight or limited budget of their homes. For some, they offer a more effective financing solution than any other conventional loan does.

The loan also tends to have a high tolerance for low credit scores, allowing people to borrow a higher amount, with respect to their incomes. This is why FHA loans are referred to as first-time home buyer loans.

However, FHA loans may not be the most suitable option for every home buyer. There are various elements and financial details to be considered. Florida State Mortgage Group can help you figure out whether they are the best choice for you or not.

Our loan officers are well-versed in the requirements of FHA loans and can guide you through the application process. You can talk to them to discuss your options and determine your qualification for the loans.

FHA Loans

The FHA or the Federal Housing Administration is a U.S. agency and a division of the Housing and Urban Development, which is also known as HUD. FHA is the country’s largest residential mortgage insurer.

The residential mortgages insured by the agency are known as FHA loans. As the loans are backed by a government agency, it allows lenders to offer loans at easier qualification standards.

FHA loans are a popular choice among first-time home buyers. This is because lenders may offer down payments as little as 3.5% to borrowers with a low credit score of 580. They are also more lenient when considering the borrower’s debt to income ratio.

However, you do need to consider the entirety of the payment. The total payment also includes monthly mortgage insurance. The insurance premiums are how the agency is able to protect the lenders.

The product is designed so that the lender will be paid if a borrower defaults on their monthly mortgage payments. In extreme cases, if an FHA loan is foreclosed on, the FHA pays out the lender, transferring the ownership to HUD.

Also, the 3.5% lender credit can be utilized toward the borrower’s closing costs. This may end up in a higher interest rate, but it will simplify new home purchases, especially when there are no Seller Credits available.

What types of FHA loans are available to borrowers?

Besides traditional FHA loans, borrowers can apply for a 203K Rehab loan. These are suitable for borrowers who are purchasing a home that needs some improvements. It offers all the benefits of an FHA loan and can be used to cover repair costs.

However, this loan is not simple and takes longer to process. It also not recommended for first-time or inexperienced borrowers.

Who can qualify for an FHA loan in Fort Lauderdale?

Typically, FHA loans are favored among first-time home buyers and borrowers looking to finance their primary residence. This doesn’t mean that you have to be a first-time buyer to get qualified for an FHA loan.

The loan programs are designed to enable credit-qualified individuals to materialize the dream of owning a home. It does that especially for those individuals that don’t quite fit the requirements for conventional loans.

You can get approved for an FHA loan even if you have:

A low credit score

Adverse credits such as bankruptcy, short-sale/deed-in-lieu, and Foreclosure (the waiting periods are relatively shorter)

A lacking or limited credit history

A high debt to income ratio

Low down payments

Based on your financial evaluation, you can get qualified for:

30-year

fixed rate
FHA loans

15-year

fixed rate
FHA loans

5-year

ARM FHA
loans

3-year

ARM FHA
loans

What are the maximum loan limits for FHA loans in Florida?

FHA determines the loan limits for all loan products it offers across the country. Each year, these limits are revised. They are determined on the basis of the type of property the borrower is looking to purchase and their location. For instance, FHA loans in Fort Lauderdale and other locations in Florida all vary based on which county they are in.

In Fort Lauderdale, the maximum limit for a single-family home is $356,500 while the maximum for a four-plex home is $685,550. Meanwhile, in Monroe County, the limits are higher. The limits for a single-family home are $529,000 and $1,017,300 for a four-plex.

What Our Clients Are Saying

Lana Mihova
Lana Mihova
16:22 13 Feb 20
Stephen McWilliam was an amazing person to deal with. Our deal was pretty complicated on all aspects and he was so professional, he got it done !!! Thank you so much for all the hard work you put into this deal!!!
Brian Mosher
Brian Mosher
15:02 13 Jan 20
Steve did a wonderful job securing a mortgage for me based on the parameters I gave and seeing everything through to completion. No hiccups for me along the way in a process that can be very painful if not managed well.
Shannon Dameron
Shannon Dameron
01:34 12 Jan 20
Steve and the team at Florida State Mortgage Group are exceptional. I was looking for a townhouse for my family when Steve and his team were referred to me. Florida State Mortgage Group showed me I could easily afford a single family home. Steve handled everything from providing a list of homes, securing the home loan, insurance options and closing. I’ve referred Florida State Mortgage Group to friends and family. Each person has experienced the same level of knowledge and quality of service. 5 STARS
Florida Guy
Florida Guy
19:08 11 Jan 20
I was very pleased with Steve and the ease of the process. No hiccups or surprises. Highly recommended for mortgage services.
Peter Brines
Peter Brines
02:27 07 Dec 19
It was a real pleasure working with Steve. Extremely knowledgeable and professional. Would recommend this company all day long.
Olga Alderson
Olga Alderson
01:02 05 Dec 19
Steve McWilliam was a tremendous help in securing my mortgage a few years ago. He\'s also been a great source of knowledge in the time since. I highly recommend him as someone you can trust.
elizabeth mcbride
elizabeth mcbride
01:16 21 Oct 19
The smartest, most helpful and insightful mortgage loan person I’ve ever used. On our first attempt to buy he saved us from disaster. On our second attempt he was finished and ready to close before everyone else! Our loan was a VA so we expected it to take extra time...nope. For our next loan we won’t use anyone else.

Florida State Mortgage Group, Inc. specializes in all forms of conventional loans in Fort Lauderdale and other Florida locations.

Give us a call today at (954) 359-3000 to find out what options are available to you, or click the button below to get started.

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