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.

José Manuel Herrerías
José Manuel H.
16:24 14 Oct 21
Excellent service from Lending Bankers. David and Gabriel were great. Very responsive, took the time to explain every detail of the Loan and helped us to choose the best option. Definitely I... recommend them.read more
Alon Ben-David
Alon B.
12:12 16 Sep 21
Working with Claudia was the most comfortable, smooth and pleasant experience, for the third time.She is professional, detailed, caring and available when ever you and/ or your project needs here... attention.read more
ARMET ING
ARMET I.
20:20 13 Sep 21
David and Gabriel did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much. FAUSTO
Karol Laakso
Karol L.
00:23 11 Sep 21
Good and easy to deal with David and Gabriel, excellent service, professional and efficient. Always maintained contact through calls or text message. I knew every detail what was occurring with my... clients loan and the process. Thank youread more
Orna Ben-David
Orna B.
15:18 10 Sep 21
Maria Lopez-Pulido
Maria L.
16:33 08 Sep 21
The Lending Bankers team saved my clients transaction. We reached out in a moment of crisis due to errors made by another bank and helped my clients get a great loan in record time. They were... responsive and walked my clients through the entire process.read more
Alfredo Ronco
Alfredo R.
23:19 31 Aug 21
Nos atendieron David y Gabriel, y ambos demostraron profesionalismo, respeto, cercanía y comprensión. Nos consiguieron una excelente tasa y un buen crédito. La operación fue muy accidentada por... culpa del vendedor y un Broker que nunca se preocupó por nosotros. Sin embargo David y Gabriel siempre se pusieron a nuestra disposición para allanar los caminos. Solo agradecerles!! Los recomiendo 100%.read more
William Maguire
William M.
15:52 25 Aug 21
5 stars. Responsive and professional!!!
Jessica Ricks
Jessica R.
04:36 25 Aug 21
These guys are incredible! They pulled off a jumbo loan for me in record time. I was working with another lender and getting bad vibes. A couple weeks before closing I decided to reach out to David... Otero and David Comisso and not only did they get me a lower rate, a better appraisal but they were incredibly transparent and responsive the whole time. A true team. I am SO grateful!!read more
Luiz Caldeira
Luiz C.
23:51 24 Aug 21
I totally recommend Lending Bankers Mortgage and in particular Claudia Castaño who was my loan agent. She was extremely professional, pro-active and helped me every step of the way. The approval... process went very smoothly and the closing was fast and accommodating to my busy schedule. I have refinanced before and this has been hands down my best experience. Thank you!!!read more
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