FHA loan

3.5% down.Credit-flexible.First-home friendly.

The FHA program is a federally insured mortgage built for buyers who want lower down payments and more forgiving credit underwriting. Most North Florida first-time buyers fit here.

Get Pre-Approved (904) 389-4635

What an FHA loan is

The Federal Housing Administration insures mortgages issued by approved lenders. Because the loan is federally insured, lenders accept lower down payments and more flexible credit profiles than conventional loans. You still pay back the bank; the FHA just makes the bank more willing to issue the loan.

Who qualifies

Eligibility at a glance

The numbers underwriting actually checks.

3.5%

Min down payment

With credit score of 580 or higher. 10% down required for 500-579.

580

Min credit score

For the lowest down payment tier. 500 floor for higher-down options.

2 yrs

Employment history

Steady, with documentable income. Self-employed handled differently.

The other big eligibility check is the property itself. FHA requires the home to be your primary residence and to pass an FHA appraisal that confirms structural soundness, working systems, and basic livability. Investors and second homes don't qualify under FHA.

When FHA is the right call

First-time homebuyer who hasn't built up a 20% down payment yet
Credit history with past hiccups but no recent open issues
Buyer in a market where 3.5% down meaningfully expands the price range
Lower middle-class income with steady employment

When it isn't

High income + 740+ credit + 20% down: a conventional loan is usually cheaper long-term because of FHA's mortgage insurance premium (MIP)
Investment property or vacation home: not allowed under FHA
Property that needs major repair: FHA appraisal will likely flag it

FHA questions

What people ask before applying.

What's the difference between MIP and PMI?

MIP is mortgage insurance for FHA loans, paid both up-front (1.75% of the loan amount, often financed) and monthly. PMI is private mortgage insurance for conventional loans with less than 20% down. PMI typically drops once you reach 80% loan-to-value; MIP often stays for the life of the FHA loan unless you refinance into a conventional loan.

Can I use FHA on a duplex or fourplex?

Yes, on 2-4 unit properties as long as you live in one of the units as your primary residence. Rental income from the other units may help you qualify.

How does the FHA loan limit work in Duval County?

FHA loan limits are set annually by HUD per county. Duval County's limit for one-unit single-family homes is in line with most of Northeast Florida; we'll confirm the current limit when we run your file.

Can I refinance an FHA loan?

Yes. The FHA Streamline Refinance is a fast-track program that doesn't require an appraisal or income verification when you already have an FHA loan. Or you can refinance into a conventional loan once you have 20% equity to drop the MIP entirely.

Ready to apply

Get a real FHA quote today.

One conversation, nine wholesale lenders, an honest read on whether FHA is the right fit for your file.

Get Pre-Approved (904) 389-4635