An FHA loan is a mortgage insured by the Federal Housing Administration. It’s designed to help borrowers with lower credit scores and smaller down payments qualify for financing. FHA loans offer more flexible underwriting guidelines than conventional loans, making homeownership accessible to many.
To qualify for an FHA loan, you generally need to:
Have a steady source of income
Use the home as your primary residence
Meet minimum credit score requirements (usually 580 or higher for 3.5% down)
Stay within FHA loan limits for your area
Credit scores of 580 or above typically qualify for the lowest down payment of 3.5%
Scores between 500 and 579 may qualify but require a 10% down payment
Note: Individual lenders may have stricter credit requirements. We at Cornerstone can provide FHA loans with 500 score. Call for details.
With an FHA loan, the minimum down payment can be as low as 3.5% of the purchase price, making it an ideal option for buyers with limited savings.
No! FHA loans are available to anyone purchasing a primary residence, regardless of whether it’s their first home or not.
Loan limits vary by county and are adjusted yearly. For example, counties in Florida like Miami-Dade and Broward have higher limits due to local home prices. Check current FHA loan limits on the HUD website or ask a trusted loan officer.
Yes. FHA loans require two types of mortgage insurance:
Upfront Mortgage Insurance Premium (UFMIP): About 1.75% of the loan amount, paid at closing or rolled into the loan
Monthly Mortgage Insurance Premium (MIP): Added to your monthly payment, typically for the life of the loan
Absolutely. FHA guidelines allow gift funds from family members, employers, or approved organizations to be used for your down payment and closing costs—provided the gift is properly documented.
You can use an FHA loan to finance:
Single-family homes
2-4 unit properties (with owner occupancy)
FHA-approved condominiums
Manufactured homes (meeting FHA criteria)
Yes. Lenders will review your debt-to-income (DTI) ratio, including student loan payments, to ensure you can afford the mortgage. FHA guidelines are often more flexible than conventional loans, making it easier for borrowers with existing debt to qualify.
If you’re looking for a reliable FHA loan lender in Florida’s Miami-Dade, Broward, Orange, Polk, or Lake Counties, I’m here to help. Contact me today to get pre-qualified and start your journey to homeownership
Lourdes "Lulu" Cuervo NMLS # 254780
email: LCuervo@cfmtg.com
Ph: 305-790-4222
Cornerstone First Mortgage
4500 Biscayne Blvd. # 320
Miami, FL 33137