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

Scott Mason
Scott Mason
02:17 22 Oct 22
Steve and his team did a fantastic job with my loan and I would highly recommend! They are extremely knowledgeable and professional and will certainly use them again! I have had a few other friends use Steve and they all have positive things to say. 5 stars!
Katrina Bissette
Katrina Bissette
05:50 19 Oct 22
Steve went above and beyond to help me with my home loan! He made the loan happen with all the hiccups encountered and in record time. I recommend him to anyone looking for a home loan. I will definitely be recommending him to my friends and family!
Isabel Echeverry
Isabel Echeverry
13:54 08 Oct 22
Stephen and Betty over delivered not only my needs in securing a loan to purchase my dream house but we’re profferesional and courteous every step of the way. I am blessed to have had met them. Thank you GOD
Patty Britton
Patty Britton
17:48 13 Apr 22
Steve is very professional, knowledgeable, trustworthy, and straight forward. Our family is blessed to have him for our first home buying experience. Steve is amazing, and the knowledge I have gained from him as well as the time he spent with me throughout the entire home buying process, words cannot express the appreciation I have for him. Thank you Steve for everything! It is an honor to be able to give everyone your contact information with confidence. I appreciate you and look forward to always doing business with you. You are truly the best! New Homeowners - Anthony & Patty
James Basile
James Basile
03:11 20 Nov 21
From my first call to Steve Mc William to the second we closed, it was the best service ever. I felt as if I were their only customer. Everything was top notch and professional.
Stephen Brathwaite
Stephen Brathwaite
15:59 19 Nov 21
J C
J C
21:36 13 Nov 21
Mr McWilliam was extremely thorough and informative. He even provided excellent advice on some other non related mortgage questions I had. He listened carefully to my goals and provided me with the best product for my financial situation. I have never met any one so thorough. Thank you.
Crystal Torres
Crystal Torres
14:04 12 Nov 21
angelo cedeno
angelo cedeno
21:26 08 Nov 21
Linda Rosen
Linda Rosen
19:27 18 Jan 21
Steve did a great job on our refi. Thanks for making it happen.
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!!!
Erica Bethe Levin
Erica Bethe Levin
16:21 22 Jan 20
Working with Steve and Florida State Mortgage Group was singlehandedly the best and most seamless part of buying our home. I could not recommend them more highly.
Charlie Crusher
Charlie Crusher
14:45 14 Jan 20
Stephen went above and beyond to help me in my situation. Thank You 👍
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.
Michelle Vantine
Michelle Vantine
17:20 08 Jul 19
I worked with Betty to buy my first house here in South Florida and I could not be happier! She was amazing. She was always available to answer my questions and she was very patient. She was extremely knowledgeable, even getting me approved for a HUGE tax exemption I will receive annually . She always had all the paper work ready on time and explained everything in detail. I could not image a better agent. I'm SO glad we made the decision to work with her. Thanks Betty!
Justin Pyka
Justin Pyka
16:01 08 Jul 19
Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!
Ganel Appolon
Ganel Appolon
00:59 26 Feb 19
you guys are doing a great job keep it up.
Mike Heller
Mike Heller
17:15 20 Feb 19
Natalie Rodriguez
Natalie Rodriguez
20:59 12 Feb 19
We had a great experience with Florida State Mortgage Group. Would recommend them and will use them again in the future.
Sean Zamora
Sean Zamora
18:28 05 Feb 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.
Scott Yankton
Scott Yankton
17:42 04 Feb 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.
Mike McGraw
Mike McGraw
03:25 03 Feb 19
Knowledgeable, Professional and results oriented!!
Hugh Bruder
Hugh Bruder
19:22 02 Feb 19
If your looking for a highly professional, easy to work with and lightning fast mortgage team, then Florida State Mortgage is for you.I wouldn’t go anywhere else for my mortgage needs.Hugh B.Davie, Florida
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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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