FHA Loans in Miami

Homebuyers looking for a flexible loan with easy credit requirements and a low down payment can apply for an FHA loan in Miami. While FHA loans are the top choice of many first-time homebuyers, you do not need to be a first-time homebuyer to qualify. All you need to do is meet the basic criteria.

What Are the Benefits of FHA Loans in Miami?

When you take out an FHA loan, the Federal Housing Administration (FHA) insures your mortgage. If you were to default, the loan is covered by the government, so it represents a lower risk for your lender. This means that the lender can be more flexible with regard to your credit score and can reduce the required down payment.

Miami FHA loans offer these advantages:

Down payments as low as 3.5%

Flexible credit score requirements

Interest rates which are competitive

Low closing costs, or in some cases, no closing costs

FHA loans are very versatile. They can be used to purchase an existing property or to build a new one. There are also FHA loans for refinancing, debt consolidation, or home renovation. Homebuyers can choose loan terms which fit their needs, and can decide for themselves whether to go with a fixed or adjustable rate.

Miami FHA Loan Requirements

Whether you are a first-time or returning homebuyer, you need to meet these basic qualifications to apply successfully for an FHA loan:

  • The minimum credit score to receive an FHA loan is 500. For scores ranging from 500 to 579, a 10% down payment is required. Those who have credit scores of 580 and above can put just 3.5% down on their loan.
  • Lenders are generally flexible when it comes to your debt-to-income ratio, but it is easiest to qualify if it is 43-45% or lower.
  • Applicants for FHA loans should provide paperwork to prove steady employment over a period of two years minimum.
  • FHA loans are only available for purchasing a home which will serve as a primary residence.
  • Bankruptcy does not disqualify you from receiving an FHA loan, but it must be two years or more in the past.
  • There must be no black marks on your credit alert interactive voice response system (CAIVRS) report.

Lending Bankers Mortgage Is Your FHA Mortgage Broker in Miami

If you are ready to make Miami your home and move into a beautiful property with flexible, competitive mortgage rates and terms, get in contact with Lending Bankers Mortgage.

We can take a look at your financial history, credit score, debt-to-income ratio, and the property you want to buy and let you know whether you are likely to qualify for an FHA loan. If you meet the criteria, we can expedite your application. We have helped numerous homebuyers throughout South Florida move into their dream homes quickly and affordably, and would love to do the same for you.

Please call (786) 220-1100 to get started on your FHA loan application today.

ARMET ING
ARMET I.
23:09 15 Jul 21
David and Ricardo did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much.
Jessica Michels
Jessica M.
01:24 15 Jul 21
Claudia helped us all the way thru the process on buying our home. We couldn’t have chosen a better professional for this job. She was always available and responding to our questions without any... delayed. I will recommend Claudia as a excellent mortgage broker.read more
Ana Paula Hensel
Ana Paula H.
19:47 22 Jun 21
David is an extremely competent and committed person, he conducted the entire process with great competence. Helped a lot in all situations, with a lot of patience and promptness.
Sergio Garin
Sergio G.
18:50 22 Jun 21
Realmente muy contento con todo el asesoramiento, de David C, que me entrego durante todo el proceso ,Disponibilidad las 24 hrs del día . Es la segunda Hipoteca que tomamos y lo volvimos a elegir... por la confianza y eficiencia que ha demostrado amplios conocimientos profesionales y gentileza en todo momento para resolver las dudas que se me presentaban, a cualquier hora del dia . Recomiendo de todas maneras su asesoramiento para comprar una tercera propiedad. fueron tiempos muy dificiles en la pandemia , porque tuvimos que cerrar en Paris y Chile, porque mi hijo se encontraba en diferentes lugares logrando los objetivos en un 100 porcientoread more
Rodolfo Villafuerte
Rodolfo V.
14:46 22 Jun 21
We had great advised and conditions with our condo mortgage. The mortgage has approved with a high percentage of financing rate.
Landon Scott
Landon S.
15:35 21 Jun 21
David Comisso is the lender you want to work with, he's very knowledgeable and is a master at compiling a file. No matter how complicated the case, David makes it happen.
Angel Bracho
Angel B.
01:41 19 Jun 21
Excellent service provided by David C. My client was able to close within 30 days. Looking forward to work with him for my next transaction.
Francisco Raddatz
Francisco R.
21:12 18 Jun 21
Thanks David and team for all the support to get my mortgage in the US. I was able to do everything remotelly and quickly. I always counted with a transparent profesional guidance that made me feel... confident all time.read more
Lia Souza
Lia S.
00:11 17 Jun 21
Claudia just helped me buy my first property in Miami without delays.She made the whole process really easy, and walked me through everything.She was always available to answer my questions.... Everything was easy and very professional.I recommend lending bankers mortgage and Claudia to anyone wanting to purchase a property here.read more
Talía Brigneti
Talía B.
23:50 15 Jun 21
I recently closed my first property with the immense help and guidance of David C— from the first day I reached out until the day we closed he was extremely responsive to every one of my of intricate... questions and took as much time as was necessary to thoroughly explain each step in the process. Even when matters got complicated with the deal, David worked out alternatives to solve the different issues and make sure we stayed on track with our closing timelines (and we closed even sooner than what we anticipated!). Highly recommend anyone to work with David if you have the opportunity!read more
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