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.

Andressa Della
Andressa D.
18:32 25 Apr 21
Muito obrigada David pelo excelente serviço pra ajudar meu pais em sua nova casa de férias, terei imenso prazer em recomendar ao parentes e amigos
Jesus Hinojosa
Jesus H.
17:21 22 Apr 21
Claudia is one of the best loan officers in south Florida. I've had the privilege of working with her for over a year now and have been blown away by her professionalism and attention to detail. ... She's one of the best brokers in south Florida and shes consistently providing the best experience for her clients. If you want the best mortgage experience make sure to call Claudia!read more
tammy ryan
tammy R.
15:29 16 Apr 21
Claudia saved the day! Our sale was about to bust with another lender. She took it over and got it closed for us in record time! She worked very hard on our behalf. She is amazing!
Kaysser Kayyali
Kaysser K.
13:12 26 Mar 21
After reaching out to my personal bank and feeling like they were ignoring me, I reached out to LBM and spoke to Claudia.The difference was night and day.Not only did she guide me through every... step, she was always available, and went above and beyond to help my wife and I secure a mortgage to buy our first home.Rest assured that she will keep you on track, and keep your best interests in every decision you make during the home buying process.read more
Cathy Rincon
Cathy R.
23:44 23 Mar 21
I had the best experience buying my first home. The closing took less than 20 days ,and expectations were surpass since the beginning . They have a team extremely professional and organized ,... Claudia guided me step by step on the whole real estate and mortgage process. I am extremely satisfied and very happy with the results . I am sure I will enjoy my new home with my son . 🙏☀️🤩🏡🏡🏡🏡🏡🔑🔑🔑🔑🪑🪑👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻read more
Christopher Buckingham
Christopher B.
17:22 28 Feb 21
After a disaster of an experience with a major internet-driven mortgage company, I called Lending Bankers and spoke with David, who was refreshingly knowledgeable. I decided to work with himDavid... was able to tell me what he thought they could do, what would be required, how long it would take, and he and Gabriel were highly professional and responsive throughout the process.In the end, they delivered on exactly what they said they would, we closed quickly, and secured a rate that was better than what I had been quoted elsewhere. David got me out of a bind and delivered a great result.I am grateful and can't thank them enough. I would highly recommend Lending Bankers to anyone who wants to work with people who are trustworthy and competent.read more
Javier Lozada
Javier L.
14:18 11 Feb 21
As a self employed person, it’s not easy and straightforward to obtain a home mortgage but after being referred to Claudia at Lending Bankers, I found the right professional that guided me through... the process to find a suitable lender that would work with individuals with my employment profile. She and her team give you the facts and appropriate options to consider and therefore I felt at ease knowing I had an expert guiding me through the process. My family and I know have a dream home thanks to Lending Bankers. I highly recommend!read more
Alessandro Russo
Alessandro R.
20:50 06 Feb 21
As foreign national I’ve tried with another broker but after almost a year without getting nothing I’ve met Claudia Castano of Lending Bankers Mortgage and in 30 days I’ve got the cash out of my... property. She took care of everything. Very professional, efficient and quick. I highly recommend Claudia to anybody needs a mortgage.read more
Kasta Y Rodriguez-Varela
Kasta Y R.
03:01 05 Feb 21
Our law office, as Closing Agent, has handled several transactions for Claudia Castaño’s clients and all her clients have been extremely satisfied with her professional service and guidance. Her... extensive knowledge of the mortgage process and her constant communication throughout the transaction make her clients have a satisfying experience when refinancing or buying a property. We deal with several mortgage brokers in our office and Claudia is at the top of the list of the very best. We highly recommend her for all your mortgage needs.read more
Jorge del Castillo
Jorge del C.
20:21 11 Jan 21
It was great to have the opportunity of working with Claudia from the team, great experience, fast and sharp.
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