FHA Loans —
built for real buyers.
Get into your new home with as little as 3.5% down.* FHA financing offers flexible credit requirements and gift fund acceptance — making it the most popular path for first-time buyers.
- ✓Are buying your first home
- ✓Have a credit score of 500 or higher (580+ unlocks 3.5% down)
- ✓Have limited savings and need a low down payment
- ✓Plan to use gift funds from a family member
- ✓Have had past credit challenges like a bankruptcy or short sale
- ✓Want predictable fixed-rate payments on a primary residence
- →You are an eligible veteran — VA loans offer 0% down* with no MIP
- →Your credit score is 700+ and you can put 5%+ down — Conventional may save you on MIP
- →You are buying an investment property — FHA is for primary residences only
- →Your purchase price exceeds the FHA county loan limit — Jumbo may be needed
Everything you need to
know about FHA.
Put down as little as 3.5% with a 580+ credit score. Borrowers with scores between 500–579 are required to put 10% down. The entire down payment can come from gift funds — making FHA highly accessible for buyers without large savings.
FHA loans require both an upfront MIP (1.75% of the loan amount, financed into the loan) and an annual MIP paid monthly. The annual rate ranges from 0.45% to 0.85% depending on your loan amount and term.
- Upfront MIP: 1.75% (typically financed)
- Annual MIP: 0.55% for most 30-year loans above $150k
- MIP for life of loan with less than 10% down*
- MIP drops after 11 years with 10%+ down
FHA is designed for primary residences only. The property must be in livable condition and meet HUD minimum property standards. An FHA appraisal is required to verify both value and condition.
- Primary residence only — no investment properties
- Single-family homes, 2–4 unit properties, condos (FHA-approved)
- Property must meet HUD minimum standards
- FHA appraisal required — may flag safety or habitability issues
FHA loan limits are set by county and updated annually by HUD. For 2026, the standard single-family limit is $541,287 in most counties, with higher ceilings in the highest-cost markets.
- 2026 standard limit: $541,287 (most counties)
- High-cost FL areas (e.g. Miami-Dade / Broward / Palm Beach): $667,000
- Monroe County, FL (Florida Keys): $990,150
- 2–4 unit properties carry higher limits
- Amounts above limits require Jumbo financing
Your FHA loan journey
with Smart Mortgage.
Submit your application online. We review your income, credit, and assets and issue a pre-approval letter — often the same day. No waiting a week to know where you stand.
Once you're under contract, we order the FHA appraisal quickly. Our team flags any potential property condition issues upfront so there are no last-minute surprises at closing.
Our in-house underwriting team reviews your file immediately after the appraisal clears. We target a clear to close in 10–12 days from application — typically ahead of industry timelines for comparable loans.*
We coordinate closely with the title company and your real estate agent to make closing day smooth. FHA loans at Smart Mortgage can close in as little as 14 days* — so you get in your home faster.
Common FHA
questions answered.
Ready to get pre-approved for your FHA loan?
Pre-approval often issued the same day. Close in as little as 14 days. No pressure, just honest answers.*