What is an FHA LOAN?

An FHA Loan is a mortgage that’s insured by the Federal Housing Administration, They allow borrowers to finance homes with down payments as low as 3.5% 

To qualify, borrowers must have: 

  • Use the home as the primary residence

  • Have a debt-to-come ratio of <43%

  • Borrower must have a steady income and provide Proof of employment

  • Have a credit escore of at least 580 to put down 3.5% or with a score between500-579 put down 10%

  • purchase mortgage insurance premium (MIP)

And starting on 2022 the new FHA Loan limit are: Miami-Dade / Brodward / Palm Beach = $460,000 

Martin /St Luciéndotelos = $431,250 

FHA loan are a good option for first-time homebuyers who May not have saved enoughfor a large down payment. Even borrowers who have suffered form bankruptcy or foreclosures may qualify for an FHA-backed mortgage.

Contact us today and find out if an FHA Loan is right for you.

Juan FigueroaAquaBluRealty Groupreal state miami, florida, new home