(954) 394-1959

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

As an experienced mortgage loan officer serving Sarasota and Sarasota County, I specialize in fha loans florida for local homebuyers. Whether you're considering homes in Siesta Key, Lido Key, Longboat Key, or other Sarasota neighborhoods, our loan programs are tailored to the local market.

Why Choose FHA loans in Sarasota?

Sarasota's real estate market in Sarasota County offers unique opportunities for homebuyers. With a median home price of $$465,000, 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 Sarasota neighborhoods like Siesta Key, Lido Key, Longboat Key, our team has the local expertise to guide you through the fha loans florida process.

FHA loans Requirements in Sarasota

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

Required Documents for Sarasota Homebuyers

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

Sarasota FHA Loan Timeline

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

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

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

Current FHA Rates in Sarasota

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.

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

Sarasota Real Estate Market Insights

Market Overview: - Median Home Price: $$465,000 - County: Sarasota County - Population: 54,842 - Popular Neighborhoods: Siesta Key, Lido Key, Longboat Key, St. Armands, Downtown Market Characteristics: Arts and culture hub with pristine beaches, luxury waterfront properties, and active retiree market.

Our local expertise in Sarasota and Sarasota 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 Sarasota, Sarasota 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 Sarasota?

Contact Louis Doherty today for expert mortgage guidance in Sarasota County.

Call (954) 394-1959 Apply Online Calculate Payment

Frequently Asked Questions About FHA loans Florida in Sarasota

You can qualify for an FHA loan in Sarasota 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 Sarasota County navigate FHA requirements.

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

FHA loan limits in Sarasota 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 Sarasota.

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