FHA loans open the door for buyers who don't have 20% saved, are rebuilding credit, or are buying their very first home. Backed by the Federal Housing Administration, it remains the single most-used loan program for Florida first-time buyers.
FHA doesn't lend money directly — it insures loans made by private lenders like CrossCountry Mortgage, which is what allows those lenders to offer more flexible credit and down payment terms than a typical conventional loan. In exchange for that flexibility, borrowers pay mortgage insurance (MIP): an upfront premium financeable into the loan, plus a monthly premium that in most cases lasts for the life of the loan when the down payment is under 10%.
Loan limits are set annually per county by HUD and vary significantly across Florida — coastal and metro counties generally carry higher limits than inland ones. Confirm the current limit for your target county directly, since it updates every year.
HUD's program minimum is 500 with 10% down, or 580 for the 3.5% down payment option. Most lenders prefer 580+.
Yes — the entire down payment can come from a family member, employer, or approved charitable organization with proper documentation.
FHA generally allows lower credit scores and down payments, but requires mortgage insurance for longer. Conventional PMI can be removed at 20% equity.
Yes, typically with two years of tax returns and documented income — self-employment alone doesn't disqualify a borrower.
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