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Government-Backed

FHA Loans —
built for real buyers.

Get into your Florida 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 across the state.

Get Pre-Approved Call (561) 299-5825
3.5%*
Minimum Down Payment
500
Minimum Credit Score (580+ for 3.5% down*)
$541k
2026 Loan Limit (most FL counties · $667k South FL)
14 days*
Average Close Time*
Great if you…
FHA is likely your best fit
  • ✓Are buying your first home in Florida
  • ✓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
Consider alternatives if…
Other programs may serve you better
  • →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
Program Details

Everything you need to
know about FHA.

Down Payment Requirements

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.

  • 3.5% down* with 580+ credit score
  • 10% down* with 500–579 credit score
  • Gift funds accepted from family, employer, or non-profit
  • Down payment assistance programs compatible with FHA
Mortgage Insurance (MIP)

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
Property Requirements

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
Loan Limits

FHA loan limits are set by county and updated annually by HUD. For 2026, most Florida counties have a standard single-family limit of $541,287, with higher ceilings in the state's highest-cost markets.

  • 2026 standard limit: $541,287 (most FL counties)
  • Miami-Dade / Broward / Palm Beach: $667,000
  • Monroe (Florida Keys): $990,150
  • 2–4 unit properties carry higher limits
  • Amounts above limits require Jumbo financing
How It Works

Your FHA loan journey
with Smart Mortgage.

01
Pre-Approval Often Issued Same Day

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.

02
Property & Appraisal

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.

03
Fast Underwriting

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.*

04
Close & Get Your Keys

We coordinate closely with the title company and your real estate agent to make closing day smooth. Average FHA close time at Smart Mortgage is 14 days* — so you get in your home faster.

FAQ

Common FHA
questions answered.

Yes. FHA loans allow 100% of the down payment and closing costs to come from gift funds provided by a family member, employer, or non-profit organization. A gift letter documenting that the funds are not a loan is required.
With a down payment below 10%, FHA MIP is required for the life of the loan. If you put 10% or more down, MIP falls off after 11 years. Many borrowers refinance into a conventional loan once they reach 20% equity to eliminate MIP entirely.
Yes, but the condo project must be on the FHA-approved condominium list or go through a spot approval process. We work with Florida condo buyers regularly and can quickly assess whether your target building qualifies.
FHA's minimum credit score is 500. Borrowers with scores between 500 and 579 may still qualify for an FHA loan but are required to make a 10% down payment. A score of 580 or higher is what unlocks the 3.5% down payment tier. Scores below 500 do not qualify for FHA financing, and we offer credit improvement guidance to help borderline borrowers reach the 580 threshold.
Client Story

Real results for
real borrowers.

★★★★★
5.0 ★ · Consistent 5-star reviews on Google
Read all reviews →

Ready to get pre-approved for your FHA loan?

Pre-approval often issued the same day. 14-day average close. No pressure, just honest answers.*

Start My Application Call (561) 299-5825
Related Programs

Explore other loan options.

Conventional Loans

Competitive pricing for qualified buyers. No upfront MIP and PMI cancels at 20% equity. Great for strong credit profiles.

Learn more →
VA Loans

Zero down payment and no monthly mortgage insurance for eligible veterans and active-duty service members.

Learn more →
2nd Mortgages

Pair a second mortgage with your FHA loan to cover down payment and closing costs and reduce your cash-to-close.

Learn more →