FHA loans
FHA Loan Requirements in Florida
FHA loans are Florida's most popular low down payment mortgage — and one of the most misunderstood. Here is exactly what lenders look for in 2026, from credit scores and down payments to mortgage insurance and property rules, with local guidance from V&M Mortgage Group with SecurityNational Mortgage Company in Fort Myers.
What you need for an FHA loan in Florida
Credit score: 580+ for the low down payment
A 580 FICO or higher qualifies for the 3.5% minimum down payment. Scores from 500-579 can still work with 10% down. FHA weighs your whole file — a lower score with strong income, savings and on-time rent history can still be approved.
Down payment: 3.5% minimum
3.5% of the purchase price with a 580+ score. It can come from savings, a family gift, or down payment assistance programs. The seller may contribute up to 6% toward your closing costs.
Debt-to-income ratio
FHA guidelines typically allow a back-end DTI up to the mid-40% range, and flexible automated approvals can go higher with compensating factors like extra savings or a long work history.
Steady income and employment
Two years of stable employment or income history is the standard. Part-time income, overtime and self-employment all count with proper documentation — our team tells you exactly what to gather.
Mortgage insurance (UFMIP + MIP)
An upfront premium of 1.75% of the loan amount (usually financed in) plus a monthly premium. With less than 10% down, MIP lasts for the life of the loan — many owners refinance to conventional later to remove it.
FHA appraisal and property standards
The home must pass an FHA appraisal checking basic safety, soundness and security. 1-4 unit owner-occupied homes, approved condos and new construction all qualify; investment properties do not.
Why Florida buyers choose FHA
- Lower entry cost. 3.5% down on a $350,000 Fort Myers home is about $12,250 — far less than the 20% many buyers assume they need.
- Flexible credit rules. FHA accepts shorter credit histories and past credit events that many conventional programs decline.
- Gift and assistance funds allowed. Family gifts and Florida down payment assistance programs can cover your entire down payment.
- Competitive rates. Because FHA loans are government-insured, rates are often lower than conventional rates at the same credit score.
Where we lend
- Fort Myers, FL
- Cape Coral, FL
- Naples, FL
- Bonita Springs, FL
- Estero, FL
- Lehigh Acres, FL
- Punta Gorda, FL
- Port Charlotte, FL
- North Carolina
Talk to an FHA specialist
George Villalobos, Branch Manager & Loan Officer
8191 College Pkwy Suite 302, Fort Myers, FL 33919
Phone: 239-895-7766
Email: george.v@snmc.com
Find out what you qualify for
Free FHA pre-qualification, same-day answers, English or Spanish.