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

As an experienced mortgage loan officer serving Miami and Miami-Dade County, I specialize in fha loans florida for local homebuyers. Whether you're considering homes in Brickell, Coral Gables, Coconut Grove, or other Miami neighborhoods, our loan programs are tailored to the local market.

Why Choose FHA loans in Miami?

Miami's real estate market in Miami-Dade County offers unique opportunities for homebuyers. With a median home price of $$595,000, 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 Miami neighborhoods like Brickell, Coral Gables, Coconut Grove, our team has the local expertise to guide you through the fha loans florida process.

FHA loans Requirements in Miami

Understanding eligibility requirements helps Miami homebuyers prepare for success. Here's what you need to qualify in Miami-Dade 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 Miami and throughout Miami-Dade County. Your individual situation may qualify for exceptions or special programs.

Required Documents for Miami Homebuyers

When applying for fha loans florida in Miami, 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 Miami and Miami-Dade County borrowers gather and organize all necessary documentation efficiently.

Miami FHA Loan Timeline

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

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

Timeline may vary for Miami properties based on market conditions in Miami-Dade County. We work efficiently to meet your deadlines.

Current FHA Rates in Miami

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.

Miami homebuyers should contact us for current rates specific to their situation in Miami-Dade County. Rates change daily based on market conditions.

Miami Real Estate Market Insights

Market Overview: - Median Home Price: $$595,000 - County: Miami-Dade County - Population: 442,241 - Popular Neighborhoods: Brickell, Coral Gables, Coconut Grove, Wynwood, Miami Beach Market Characteristics: Vibrant urban market with luxury condos, waterfront properties, and diverse international buyers.

Our local expertise in Miami and Miami-Dade 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 Miami, Miami-Dade 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 Miami?

Contact Louis Doherty today for expert mortgage guidance in Miami-Dade County.

Call (954) 394-1959 Apply Online Calculate Payment

Frequently Asked Questions About FHA loans Florida in Miami

You can qualify for an FHA loan in Miami 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 Miami-Dade County navigate FHA requirements.

FHA loans require just 3.5% down payment with a 580+ credit score. For a $300,000 home in Miami, 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 Miami, but the condominium project must be FHA-approved. We can verify if a specific condo building in Miami or Miami-Dade 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 Miami, document completion, and underwriting. We work efficiently to meet your closing deadline.

FHA loan limits in Miami-Dade 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 Miami.

No, FHA loans are available to both first-time and repeat homebuyers in Miami 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 Miami Mortgage Options All Florida Cities