FHA Loans

FHA Loans

The banking crisis of the early 1930s prompted the establishment of the Federal Housing Administration (FHA) in 1934. The FHA aimed to improve the housing market and protect lenders from losses resulting from borrower default by insuring loans made by FHA approved lenders. Over 34 million mortgages have been insured by the FHA since its inception and there are roughly 4.8 million mortgages currently insured in the US. TheFloridaMortgageCenter.com offers FHA loans throughout Palm Coast, Flagler Beach, St. Augustine, and the surrounding Florida cities.

house-g79edc721e_1920FHA loans are available for many purposes including purchases, refinances, reverse mortgages, and even special renovation projects. First-time home buyers often favor FHA loans as they tend to be one of the easiest mortgages to qualify for. Those who currently have an FHA loan can take advantage of cash out refinance and streamline refinance loans. The FHA also offers the only federally insured reverse mortgage product, the Home Equity Conversion Mortgage (HECM).

Buyers opting to take on a renovation project can utilize the FHA 203k program which allows borrowers to consolidate the purchase of a home as well as renovation expenses into their mortgage. There is a streamline 203k program for smaller projects with less than $35,000 in repairs as well as a standard 203k loan for more complex renovations such as those requiring structural work.

Low down payment and relaxed credit requirements have led to the increasing popularity of FHA loans. Many borrowers can potentially qualify with a credit score as low as 600 and a down payment of only 3.5 percent. Family members are even able to gift the down payment if a buyer does not have the cash on hand.

Palm Coast FHA Loan Requirements


  • Credit Score – A credit score of at least 500 is generally required. You may still be able to qualify with a larger down payment if your credit score is lower. 
  • Income Requirements – A debt-to-income ratio of 43 percent or less is typically required. In special cases, a debt-to-income ratio of up to 50% percent could be approved.
  • Down Payment – A down payment of 3.5 percent of the purchase price is the minimum requirement. Credit scores under 580 require 10% down payment.
  • Property Requirements – The property being purchased must meet certain safety, security, and soundness (structural integrity) requirements determined by the FHA. 

Buyers who choose to go with an FHA loan will need to pay two mortgage insurance premiums (MIP). One premium must be paid up front while the other will be a recurring monthly premium. 

  • The premium required up front will be 1.75% of the purchase price. Buyers have the option of paying this at closing or rolling it into the mortgage itself. 
  • The monthly insurance premium is based on loan-to-value (LTV) ratio, loan amount, and length of the loan. This premium will be between .80% and 1.05%.    

The maximum loan amount available for an FHA loan is limited by county.

County Single-Family Duplex Triplex Fourplex
Flagler $271,050 $347,000 $419,425 $521,250
St. Johns $316,250 $404,850 $489,350 $608,150

Whether you are looking to purchase for your first home in Palm Coast, or want to refinance an existing FHA loan on a home in Flagler Beach or St. Augustine, TheFloridaMortgageCenter.com is here to assist you with all of your Florida FHA loan needs. Contact us today if you have any questions about FHA loans or to begin the qualification process.

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These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit http://www.hudclips.com

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Steve Verrier
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ANE Lending LLC.
NMLS #1999497

NMLS Consumer Access


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2019 All Rights Reserved. ANE Lending LLC. NMLS 1999497. Equal Housing Opportunity Mortgage Broker. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products and queries are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions may apply. To view our NMLS Filings, CLICK HERE