(954) 394-1959

FHA Loans in Boca Raton, Florida - 3.5% Down Payment Home Financing

As an experienced mortgage loan officer serving Boca Raton and Palm Beach County, I specialize in fha loans florida for local homebuyers. Whether you're considering homes in East Boca, West Boca, Mizner Park, or other Boca Raton neighborhoods, our loan programs are tailored to the local market.

Why Choose FHA loans in Boca Raton?

Boca Raton's real estate market in Palm Beach County offers unique opportunities for homebuyers. With a median home price of $$575,000, our fha loans florida programs help make homeownership accessible.

  1. Low down payment - as little as 3.5% with 580+ credit score
  2. Flexible credit requirements - accepts lower credit scores
  3. Competitive interest rates comparable to conventional loans - interest rates comparable to conventional loans
  4. Assumable loans can make your home more attractive to future buyers - loans can make your home more attractive to future buyers
  5. Government-backed by FHA for added security - by FHA for added security
Whether you're looking in popular Boca Raton neighborhoods like East Boca, West Boca, Mizner Park, our team has the local expertise to guide you through the fha loans florida process.

FHA loans Requirements in Boca Raton

Understanding eligibility requirements helps Boca Raton homebuyers prepare for success. Here's what you need to qualify in Palm Beach County:

| Requirement | Details | |-------------|---------| | Min Credit Score | 580 for 3.5% down (500-579 requires 10% down) | | Down Payment | 3.5% minimum with qualifying credit | | Debt To Income | Typically 43% max (higher with compensating factors) | | Property Type | Primary residence only (1-4 units) | | Employment History | 2 years stable employment or self-employment |

These requirements apply to Boca Raton and throughout Palm Beach County. Your individual situation may qualify for exceptions or special programs.

Required Documents for Boca Raton Homebuyers

When applying for fha loans florida in Boca Raton, you'll need to provide:

  1. 2 years personal tax returns with all schedules
  2. 2 months recent bank statements (all accounts)
  3. 30 days recent pay stubs or 2 years business tax returns if self-employed
  4. W-2 forms for past 2 years
  5. Photo identification (driver's license or passport)
  6. Employment verification letter or contact information
  7. Homeowners insurance quote (post-contract)
  8. Purchase contract (if buying)
We help Boca Raton and Palm Beach County borrowers gather and organize all necessary documentation efficiently.

Boca Raton FHA Loan Timeline

Here's what to expect when getting fha loans florida in Boca Raton:

| Stage | Timeline | |-------|----------| | Pre Approval | 24-48 hours | | Processing | 7-14 days | | Underwriting | 3-7 days | | Closing | 30-45 days total |

Timeline may vary for Boca Raton properties based on market conditions in Palm Beach County. We work efficiently to meet your deadlines.

Current FHA Rates in Boca Raton

Typical Rate Range: 6.5% - 7.5% APR

Rates vary based on credit score, down payment, market conditions and other factors. This is not a commitment to lend. Subject to underwriting approval.

Boca Raton homebuyers should contact us for current rates specific to their situation in Palm Beach County. Rates change daily based on market conditions.

Boca Raton Real Estate Market Insights

Market Overview: - Median Home Price: $$575,000 - County: Palm Beach County - Population: 97,422 - Popular Neighborhoods: East Boca, West Boca, Mizner Park, Royal Palm, Broken Sound Market Characteristics: Affluent community with luxury homes, golf communities, and high-end shopping. Strong schools and family focus.

Our local expertise in Boca Raton and Palm Beach County helps you navigate the market and secure the best fha loans florida terms for your situation.

NMLS & Licensing Information

Louis Doherty NMLS #60093 | Edge Home Finance Corporation NMLS #891464

Licensed mortgage loan officer serving Boca Raton, Palm Beach County, and all of Florida. Equal Housing Opportunity Lender.

All loans subject to underwriting approval. Rates, fees, and programs subject to change. This is not a commitment to lend.

Ready to Get Started with FHA loans in Boca Raton?

Contact Louis Doherty today for expert mortgage guidance in Palm Beach County.

Call (954) 394-1959 Apply Online Calculate Payment

Frequently Asked Questions About FHA loans Florida in Boca Raton

You can qualify for an FHA loan in Boca Raton with a credit score as low as 580 for a 3.5% down payment. Scores between 500-579 may qualify with 10% down. We help borrowers throughout Palm Beach County navigate FHA requirements.

FHA loans require just 3.5% down payment with a 580+ credit score. For a $300,000 home in Boca Raton, that's only $10,500 down. Down payment can come from savings, gifts from family, or down payment assistance programs available in Florida.

Yes, you can purchase a condo with an FHA loan in Boca Raton, but the condominium project must be FHA-approved. We can verify if a specific condo building in Boca Raton or Palm Beach County qualifies before you make an offer.

FHA loans typically take 30-45 days to close from application to funding. The timeline can vary based on property appraisal scheduling in Boca Raton, document completion, and underwriting. We work efficiently to meet your closing deadline.

FHA loan limits in Palm Beach County are $766,550 for single-family homes in high-cost areas (Miami-Dade, Broward, Palm Beach) or $472,030 in standard-cost counties. Contact us to confirm the exact limit for Boca Raton.

No, FHA loans are available to both first-time and repeat homebuyers in Boca Raton and throughout Florida. However, you must use the property as your primary residence.

Related Resources

Fha Loans Florida New Home Purchases Mortgage Calculator The Home Finance Guide More Boca Raton Mortgage Options All Florida Cities