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Florida FHA Home Loans

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Florida FHA Mortgage Lender

FHA Home Loans In Florida

Many people put off purchasing a home because obtaining a loan can be very difficult, mainly if you are not financially stable. As a result, many people choose to put off purchasing a home.

Are you worried that your credit score will possibly prevent you from obtaining a mortgage because of its low rating? Do you believe that you will be unable to afford the monthly payment? Have you ever been bankrupt or had your home foreclosed before?

FHA loans are an option if you have always aspired to be a homeowner but have been prevented from doing so due to the above circumstances.

What is an FHA Loan?

An FHA loan is a government-backed mortgage loan that allows you to purchase a home with less stringent financial requirements. The Federal Housing Administration, an entity that falls under the jurisdiction of the Department of Housing and Urban Development, is the agency that provides insurance and backing for FHA loans. 

Benefits of an FHA Home Loan

  • Easier Credit Qualifications

This type of government loan is popular among borrowers because the credit requirements are less stringent than those for a conventional loan. It’s one of the most lenient loans to obtain, especially if your credit is less than perfect.

FHA loans only require a mortgage FICO score of 580 to qualify for a 3.5% down payment. Borrowers with credit scores below 580 down to 500 may still be eligible with a 10% down payment, and certain restrictions will apply.

  • Higher Debt-to-Income Ratio Requirement

The difference between your debt and income is known as your debt-to-income (DTI) ratio. The standard DTI ratio for FHA loans is 43% but may go as high as 50% for some borrowers. Borrowers with compensating factors may even qualify with a 55% back-end ratio.

  • Low Down Payment

FHA requires a 3.5% down payment. Both first-time homeowners and those with limited funds prefer the FHA low down payment mortgage. It is acceptable to ask for assistance if you lack the funds for a down payment.

  • Lenient Gift Funds

When compared to conventional loans, FHA guidelines are more lenient. Family, close friends, an employer, a union, or government down-payment assistance programs can provide gift funds. On the other hand, Conventional loans accept gift funds from relatives. These include anyone related by blood, a spouse, a domestic partner, or a fiancé.

  • Affordable Mortgage Insurance

The FHA does not make loans or lend money. They provide mortgage insurance to lenders. This protects lenders against default and increases their willingness to approve loans and lend money. There would be fewer proud homeowners nationwide if not for this insurance.

Apply for an FHA Loan in Florida

Capital Home Mortgage Florida is a direct Florida mortgage lender and servicer that offers a complete line of Florida mortgage products to meet every need. We are an FHA-approved lender in Florida.

Whether you’ve lived in Florida your whole life or just moved here, our highly experienced home loan team will assist you in finding the best loan program to fit your budget and needs. Call us at (239) 310-5599 to speak with our FHA Loan Specialists.

Why Florida is Choosing Capital Home Mortgage
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Control of the Loan from the Application to Funding.

Great Florida Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Exceptional Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Florida FHA Mortgage Rates

Florida FHA Purchase Loan

FHA Home Loans are mortgage loans for 1st time home buyers, buyers with limited credit, buyers with less than perfect credit and buyers with higher debt to income ratios.  As the goal of FHA is to make homeownership more attainable, FHA underwriting guidelines are less strict than other mortgage loan programs.  This FHA flexibility allows for easier loan qualification making the barrier to homeownership less challenging.
  • Simple Qualifying
  • Small Down Payment
  • Seller Paid Closing Costs to 6%
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
    • 580 with 3.5% Down Payment
    • 500 with 10% Down Payment
  • Manufactured Housing OK (Subject to Restrictions)
FHA Purchase Home Lender
FHA Home Loans are mortgage loans for 1st time home buyers, buyers with limited credit, buyers with less than perfect credit and buyers with higher debt to income ratios.  As the goal of FHA is to make homeownership more attainable, FHA underwriting guidelines are less strict than other mortgage loan programs.  This FHA flexibility allows for easier loan qualification making the barrier to homeownership less challenging.
  • Simple Qualifying
  • Small Down Payment
  • Seller Paid Closing Costs to 6%
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
    • 580 with 3.5% Down Payment
    • 500 with 10% Down Payment
  • Manufactured Housing OK (Subject to Restrictions)

Florida FHA Refinance Loan

FHA offers a streamline refinances that simply reduces the interest rate and lowers the payment or shortens the term of the loan.  This rate and term option can be fully documented loans, or can be reduced documentation. The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property. (Not Allowed in Texas)

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates
FHA Home Refinance Lender

FHA offers a streamline refinances that simply reduces the interest rate and lowers the payment or shortens the term of the loan.  This rate and term option can be fully documented loans, or can be reduced documentation. The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property. (Not Allowed in Texas)

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

Florida FHA Renovation Loan

FHA offers a rehabilitation loan that can be used either with a purchase of a new home or as part of a refinance.  The FHA 203K Home loan is offered to allow homeowners to purchase less than perfect homes or to bring the current home up to date with improvements.

Purchase and Refinance

On Purchases, Max Loan is lesser of:

  • Adjusted As-is Value plus allowable financeable rehabilitation cost plus fees/reserves; or 110% of After-Improved Value (100% for condominiums)

On Refinances, Max Loan is lesser of:

  • Existing Debt plus financeable Rehabilitation Cost plus Prepaid and Closing Cost; or 97.75% multiplied by lesser of: As-is value plus rehabilitation cost; • 110% of After-Improved Value (100% for condominiums)

Eligible Properties

(Owner-Occupied Only):

  • PUDs (Planned Unit Developments)
  • 1 to 4 Units
  • Doublewide Manufactured Home
  • Condominium (in FHA Approved Projects)

Mixed Use Properties Allowed:

  • A minimum of 51% of the entire building’s square footage must be used for residential use.

FHA 203K Full Rehab

  • Full 203K – allows improvements to exceed the 35K cap on renovations.  The improvements are not limited cosmetic, but can be include major structural including an addition. This can be combined with a purchase or with a fully documented refinance. 

FHA 203K Streamline Rehab

  • Streamline 203K – allows for up to 35K of improvements to be financed into the loan.   This can be combined with a purchase or with a fully documented refinance. The improvements are typically cosmetic, but can be limited structural as long as the improvements are not for an addition.
FHA 203k Home Lender

FHA offers a rehabilitation loan that can be used either with a purchase of a new home or as part of a refinance.  The FHA 203K Home loan is offered to allow homeowners to purchase less than perfect homes or to bring the current home up to date with improvements.

Purchase and Refinance

On Purchases, Max Loan is lesser of:

  • Adjusted As-is Value plus allowable financeable rehabilitation cost plus fees/reserves; or 110% of After-Improved Value (100% for condominiums)

On Refinances, Max Loan is lesser of:

  • Existing Debt plus financeable Rehabilitation Cost plus Prepaid and Closing Cost; or 97.75% multiplied by lesser of: As-is value plus rehabilitation cost; • 110% of After-Improved Value (100% for condominiums)

Eligible Properties

(Owner-Occupied Only):

  • PUDs (Planned Unit Developments)
  • 1 to 4 Units
  • Doublewide Manufactured Home
  • Condominium (in FHA Approved Projects)

Mixed Use Properties Allowed:

  • A minimum of 51% of the entire building’s square footage must be used for residential use.

FHA 203K Full Rehab

  • Full 203K – allows improvements to exceed the 35K cap on renovations.  The improvements are not limited cosmetic, but can be include major structural including an addition. This can be combined with a purchase or with a fully documented refinance. 

FHA 203K Streamline Rehab

  • Streamline 203K – allows for up to 35K of improvements to be financed into the loan.   This can be combined with a purchase or with a fully documented refinance. The improvements are typically cosmetic, but can be limited structural as long as the improvements are not for an addition.
Not Sure? Take a Look at Other Florida Mortgage Programs

Florida Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Loan Officer
NMLS 882260

Kelly Cameron

Loan Officer
NMLS 178093

Dale Gremillion

Managing Director
NMLS 210325

Florida Mortgage Company Reviews

What is a Florida FHA Mortgage Loan?

FHA stands for “Federal Housing Administration” which is part of HUD ”Housing and Urban Development”.Established in 1934 and prompted by the great depression FHA had one goal: to make homeownership affordable. A great step in our nation’s history as the majority of Americans were renters, not having large down payments that traditional banks required.It is important to understand that FHA doesn’t lend money.  FHA instead provides lenders a guarantee that covers the lenders from loss in the event of a foreclosure. It simple terms FHA insures the portion of the loan that a buyer would have would normally had to put down to qualify for a traditional loan, allowing for small down payments to purchase.  All FHA loans require mortgage insurance.  The mortgage insurance comes in an upfront fee, which can be financed into the loan and a monthly fee made through the mortgage payment.  These installments from the payments support the guarantee fund and makes FHA loans possible.  This fee is fixed for the term of the loan and is the same regardless of credit.