Florida FHA Loans for Purchase or Refinance
FHA Financing for Your Next Step
Buying a home or exploring a new mortgage can feel like a big undertaking. An FHA loan may offer a path forward with flexible credit requirements and down payment options for eligible borrowers.
FHA loans are insured by the Federal Housing Administration and aren’t limited to first time buyers. They can help eligible buyers purchase a primary home or allow homeowners to refinance an existing mortgage. FHA financing includes mortgage insurance, which we’ll explain alongside your estimated payments and closing costs.
At Select Home Loans, we take time to understand your situation and compare available options through our lending partners. Whether you’re preparing to buy or considering a refinance, we’re here to help you understand your choices and feel comfortable with your next step.
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Why choose Select Home Loans?
- Diverse mortgage options: Conventional, FHA, VA, Reverse Mortgages, Jumbo, Non-QM Loans, HELOC, Second Mortgages, and DSCR Loans.
- Trusted reputation: A+ Rated and accredited by the Better Business Bureau.
- Customized service: Solutions crafted to meet your specific requirements.
- Established credibility: A reputation built on trust and experience.
Exploring Your FHA Loan Options in Florida
For a home purchase, we help you review your budget, credit, and available savings, then explore preapproval options. FHA loan limits vary by county and property size, and the home must meet applicable property requirements. We’ll help you understand what that means for the Florida property you have in mind.
If you’re refinancing, options may include changing your rate or loan term, or accessing available equity through an FHA cash out refinance. Already have an FHA mortgage? An FHA Streamline refinance may offer reduced documentation and may not require an appraisal. Eligibility depends on factors including your mortgage payment history and the required benefit from refinancing.
We’ll compare the costs and potential benefits with your goals in mind, including mortgage insurance and total borrowing costs. From gathering documents through closing, you’ll have someone to answer your questions and keep you informed.
Frequently Asked Questions
Should I choose an FHA loan or a conventional loan?
The right fit depends on your credit, available savings, and plans for the home. FHA financing may offer more flexibility in some situations, while conventional financing may have lower overall costs in others. We’ll compare payments, mortgage insurance, and closing costs side by side so you can understand your choices.
Can I qualify for an FHA loan after a bankruptcy or foreclosure?
Yes, a past financial setback doesn’t have to end your homeownership plans. FHA offers paths forward depending on your circumstances.
Chapter 7 bankruptcy: The standard waiting period is two years after discharge. In certain documented circumstances beyond your control, consideration may be possible after at least 12 months.
Chapter 13 bankruptcy: You may qualify while still in your repayment plan after at least 12 months of satisfactory payments, with all required payments made on time and written permission from the bankruptcy court.
Foreclosure: The standard waiting period is three years after ownership transfers out of your name. Exceptions may be considered for documented circumstances beyond your control and reestablished good credit.
These timelines are generally measured at FHA case number assignment, and other qualification requirements still apply.
Not quite at the FHA timeline? We also offer other mortgage programs that may allow shorter waiting periods, with different rates, costs, and qualification requirements. We’ll review your situation together and help you explore your options.
Can I use gift funds toward my FHA home purchase?
Yes. FHA allows eligible gift funds from acceptable sources, such as certain family members, to help with your down payment and closing costs. The funds must be a genuine gift without an expectation of repayment. We’ll explain the documentation so you and your gift provider know what to prepare.
How long will I pay FHA mortgage insurance?
For a new FHA loan, annual mortgage insurance generally lasts either 11 years or the full loan term, depending on the original loan amount relative to the property’s value. It doesn’t automatically disappear as you build equity. We’ll explain the timeline for your financing and help you understand how mortgage insurance affects the overall cost.
Can I refinance into an FHA loan if my current mortgage isn’t FHA?
Yes. Eligible homeowners may refinance a conventional or other qualifying mortgage into an FHA loan. Depending on your situation, options may include changing your rate or term, or accessing equity through a cash out refinance. FHA Streamline refinancing is reserved for existing FHA loans. We’ll help you compare the available paths and decide whether the costs and benefits fit your goals.