FHA Loans

FHA Loans

The Federal Housing Administration (FHA) aims to improve the housing market by insuring home loans made by approved home lenders.  Home buyers are able to receive great rates and be able to qualify with less than ideal credit while lenders are protected from borrower default.  The FHA offers a number of different loan programs including options for refinances, purchases, and renovation projects.  The Alligator Mortgage Company offers some of the best rates on FHA loans in Gainesville,  Alachua County and throughout Florida.

Florida FHA loans are very popular amongst first time home buyers due to the low down payment and credit score requirements.  A first time home buyer could potentially qualify for an FHA loan with a credit score of 580 and a down payment of only 3.5%.  Applicants can receive capital from family members as a gift to cover the down payment.  Alligator Mortgage can also do FHA loans to borrowers in Florida with lower than a 580 score with a minimum of 10% down payment.

Streamline refinance options are available for homeowners who currently hold an FHA loan in Florida.    You may not need to verify income and may not need a new appraisal.  We just need to lower the interest rate or shorten the term.   You do not even need to still live in the house; if you have moved out and turned the home into a rental property we can still do the loan.

Cash out Refinance options are available to any homeowner even if your present mortgage is not FHA.   We can go up to 85% LTV on a cash out refinance.

Florida FHA Loan Requirements

  • Down Payment – 3.5% of the purchase is the minimum down payment available.  A higher down payment may be needed depending on borrower credit score.
  • Credit Score – A minimum credit score of 580 is needed to qualify for maximum financing.   Those with lower credit score may be qualified with higher down payment.
  • Debt to Income Requirements – A debt to income ratio of 43% is generally needed if your credit score is under 620.   A higher ratio of all the way up to 56.9% may be approved if the credit score is at least 620.
  • Property Requirements – All properties must meet certain security, safety, and structural integrity requirements.  We can do single family houses, mobile homes on land, townhouses and some condos.

Contact us today for more information on Florida FHA loans or to begin the pre-qualification process.

Getting started is easy. We offer very competitive rates, have great service, and always close on time.


Ernie English
NMLS #280696
Alligator Mortgage
NMLS #710933

Equal Housing Lender

Contact Us

Alligator Mortgage Company
2630-B NW 41st Street
Gainesville, FL 32606

(352) 264-0011

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