The FHA mortgage program has been a lifesaver for many Americans since its inception. The loan is insured by the Federal Housing Administration (FHA) and offered by mortgage lenders. Its popularity is fueled by its affordability coupled with relaxed qualification standards. If you’re in Florida and thinking of buying a home it should be among your mortgage considerations. Moreira Team can help you apply for a Florida FHA loan and ensure that you qualify for it.
Qualifying for a Florida FHA loan can be pretty. Generally, you’ll need to make a down payment of 3.5% of the total loan amount and have a credit score of at least 640. Ideally you want your scores at 660 or higher so you can qualify for the best rate and the lowest payment. But that will depend on your credit history and other outstanding factors..
Purchase Affordability Calculator
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What are the FHA Mortgage Rates in Florida?
Other than a good credit score and down payment requirements, Florida FHA loans also have fairly low-interest rates. In fact, the current market is more buyer-friendly than it has been in a long time. Plus the FHA allows sellers to pay up to 6% of the closing costs. Other loans have a maximum of 3%, so depending on how you negotiate with the seller, you can reduce the costs of your loan significantly.
Today's Florida Mortgage Rates
30 Yr. Fixed5.875%APR 6.363%
15 Yr. Fixed5.000%APR 5.501%
30 Yr. Fixed FHA5.125%APR 6.084%
30 Yr. Fixed VA5.125%APR 5.525%
Mortgage Rates as of September, 12 2024 See All Rates | See Rate Assumptions
Conventional Rates shown assume a purchase transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 95%; a minimum FICO score of 760, lock days at 30.
Term
Loan Amount
LTV
Points
30yr Fixed
$351,000
95.0%
1
15yr Fixed
$351,000
95.0%
1
30yr Jumbo
$750,000
75.0%
1
30yr FHA
$275,000
96.5%
1
30yr VA
$300,000
100.0%
1
Rates may be higher for loan amounts under $351,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply. Ask for details.
Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
Rates shown assume a refinance transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $300,000 for conforming loans.
Rates may be higher for loan amounts under $275,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.
Moreira Team | MortgageRight is an Equal Opportunity Lender
In Florida, the base maximum limit for FHA loans is $766,550 in all counties.
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No matter what county you are in, if you need help applying for a Florida FHA loan Moreira Team can help. Give us a call or apply today.
