Buying a House in Florida


Buying a house in Florida - Government loans


Are you interested in buying a house in Florida? 

There are several types of government loan programs that you may qualify for. Each program has different down payment, credit score, property type and loan-to-value requirements

FHA loans require a minimum credit score of 500. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow.

  • 203(b) program provides mortgages for home buyers  to purchase a principal residence with a low down payment and with lower credit standards.
  • 203(k) program is for the rehabilitation and repair of single family properties. Providing both the financing to purchase a property and the financing to make repair. The program offers an important tool for expanding homeownership opportunities.
  • HUD $100 down payment program for borrowers purchasing single-family HUD Real Estate Owned (REO). The program is limited to owner-occupant buyers who have not purchased a HUD REO property within the last 24 months.

HUD's mission is to support the nation’s housing market.

VA Direct Home Loan programs basic intention is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.

  • VA loans require a minimum credit score 500.

USDA Home Loan program primarily used to help low-income individuals or households purchase homes in rural areas.The Office of Rural Development (RD) is an agency with the United States Department of Agriculture which runs programs intended to improve the economy and quality of life in rural America by offering 100% financing.


Buying a house in Florida - Conventional vs FHA


There are several types of conventional loan programs that you may qualify for. Each program has different down payment, credit score, property type and loan-to-value requirements.

Fannie Mae and Freddie Mac have several programs for first time home buyers with a low down payment.

  • My Community program requires a minimum down payment of 3%. The borrower’s income cannot exceed 100% of the annual HUD Area Median Income for the subject property’s location.
  • Home Possible® program requires a minimum down payment of 3%. First Time Home Buyers must participate in a home ownership education program. 40-year fixed rate Home Possible® mortgage.
  • Community Solution loans provide additional flexibilities for teachers/educational institution employees, firefighters, police, healthcare workers and military personnel.
  • HomeChoice loans offer borrowers with a disability or who have a family member with a disability who may need greater underwriting flexibilities, including non-occupying co-borrowers.
  • HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.
  • Conforming loans that promote home ownership for first time home buyers with programs that offer a low down payment.
  • Conforming High Balance are mortgages originated using higher maximum loan limits that are permitted in designated high-cost areas.

Fannie Mae and Freddie Mac require a minimum credit score of 620 to buy a home. Their mission is to help ensure that home buyers and home owners have access to mortgage financing.


Buying a house in Florida

Apply Now!

Call us 888.958.5382


We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.


We look forward to working with you.

Apply Now

Call us 888-958-5382


www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


We look forward to working with you.

LOGO
Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Credit Score Requirements for FHA 2024

    Mar 18, 24 09:08 AM

    FHA-LOAN-3
    Credit Score Requirements for FHA 2024. For individuals applying for an FHA loan, it's important to note that there is a minimum FICO score requirement of 500.

    Read More

  2. FHA Loan Requirements 2024 - FHA Loan Programs 2024

    Mar 15, 24 01:12 PM

    FHA loan requirements 2024. FHA loan guidelines for minimum credit score, minimum down payment and closing costs.

    Read More

  3. Minimum Credit Score FHA Loan 2024 FL

    Feb 26, 24 08:56 AM

    blog.png
    Minimum credit score FHA loan 2024. Minimum credit score is 500. Credit score above 580 require a 3.5% down payment. Credit scores below 580 10% down payment.

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

What's the minimum credit score needed to buy a house in Florida


Apply Now!

Call 888.958.5382

E-mail Us!


FHA loan

Requires a minimum credit score of 500 to buy a home

FHA minimum

credit score 500


VA loan

Requires a minimum credit score of 500 to buy a home

VA minimum

credit score 500


Fannie Mae

Requires a minimum credit score of 620 to buy a home

Fannie Mae minimum

credit score 620


Freddie Mac

Requires a minimum credit score of 620 to buy a home

Freddie Mac minimum

credit score 620


Call Now, Our Staff is Available

888-958-5382


Apply Now!