Buying Real Estate in Florida

Florida minimum credit score to buy a house is 500. FHA requires a minimum credit score of 500 to buy a house in the Sunshine State. Borrowers with a credit score above 500 are eligible for an FHA loan.

New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA 3.5% down payment. New borrowers with less than a 580 credit score will be required to put at least 10% down payment.

FHA has taken the following step:

  • Florida minimum credit score to buy a house possible FHA loan
  • FHA has updated the combination of credit score and down payments for new borrowers
  • You will now need a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
  • If you have less than a 580 credit score you will need 10% down payment for an FHA loan


FHA after bankruptcy

FHA after foreclosure

FHA after short sale


Closing cost - FHA allows the seller to pay up to 6% of your closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."

If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.

By allowing the seller to pay for your closing cost you will decrease the amount of money required to buy a home. Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays up to $6,000.00 for your closing cost you will only need around $4,000.00 to buy a $100,000.00 in Florida.

FHA Back to Work Program - New borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.

Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.


Florida FHA loans


Collection accounts - New the FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

  • If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio

Debt-to-income ratio - FHA loan loan requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the lender and FHA can calculate the borrower's debt-to-income ratio.

  • Most lenders will limit maximum debt-to-income to under 50%
  • FHA maximum debt to income ratio is 54.99%
  • Manual underwriting maximum debt to income ratio is 43%

Florida mortgages FHA minimum credit score for FHA loans.

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Florida minimum credit score needed to purchase a home


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FHA loan

Requires a minimum credit score of 500 to buy a home with a low down payment

FHA minimum

credit score 500


VA loan

Requires a minimum credit score of 500 to buy a home with zero down payment

VA minimum

credit score 500


Fannie Mae

Requires a minimum credit score of 620 to buy a home with a low down payment

Fannie Mae minimum

credit score 620


Freddie Mac

Requires a minimum credit score of 620 to buy a home
with a low down payment

Freddie Mac minimum

credit score 620


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