FHA Loans

Florida FHA Loans – Alligator Mortgage

Looking for a low down payment mortgage option in Florida? FHA loans continue to be one of the most accessible and flexible mortgage options in 2025, especially for first-time homebuyers and those with less-than-perfect credit. At Alligator Mortgage, we help Florida residents across dozens of counties take advantage of FHA financing to purchase, refinance, or renovate their homes.

Lower Barriers. Better Opportunities. Backed by the Government.

If you're dreaming of homeownership but think your credit score or savings aren’t good enough—think again. At Alligator Mortgage, we help clients across Florida use the FHA loan program to buy, refinance, or renovate their homes—even with credit scores as low as 500.

The Federal Housing Administration (FHA) is a government agency under HUD (U.S. Department of Housing and Urban Development) that insures mortgages issued by approved lenders like us. This backing gives lenders the confidence to approve loans with more lenient guidelines, which translates into more flexible options for homebuyers like you.

What Is an FHA Loan?

The Federal Housing Administration (FHA) insures home loans issued by approved lenders, allowing borrowers to qualify with lower credit scores, reduced down payments, and more flexible debt-to-income ratios. This government-backed loan protects lenders against defaults, making it a powerful tool for buyers who may not qualify for conventional financing.

What Makes FHA Loans So Attractive?

FHA loans are popular because they’re designed for real-world borrowers—those who may not qualify for conventional loans due to credit history, income complexity, or lack of a large down payment. Here’s why FHA might be the perfect solution for you:

• Low Down Payment: Just 3.5% down with a 580+ credit score
• Flexible Credit Requirements: Scores from 500–579 may qualify with 10% down
• Higher Debt Ratios Allowed: Qualify with more monthly obligations. Up to 56.9% with compensating factors.
• Gift Funds Accepted: Entire down payment can be gifted by family member (parent, child, sibling, grandparent, in-law, foster/adoptive family), employer, or close friend with a documented long-standing relationship
• Seller Concessions: Sellers can pay up to 6% toward your closing costs
• Lower Rate and MI than Conventional loans for credit scores below 760: means lower monthly payments.
• Down Payment Assistance Programs like S.H.I.P, H.O.P., Hometown Heros and many more. Income limits apply.
• Diverse Property Eligibility: FHA loans are available for single-family homes, townhouses, condos, and even manufactured (mobile) homes on land, including singlewide, doublewide, triplewide, and quadwide units built on or after June 15, 1976.

FHA Loan Limits in 2025

Loan limits are set by county and adjusted annually.

Standard 1-unit limit is $524,225, topping out at $967,150 in high-cost areas. Here’s a snapshot for key counties:

Call 352-264-0011 to confirm the FHA loan limits for your specific county.

FHA Property Requirements

To protect your investment and safety, the home must meet HUD’s Minimum Property Standards (MPS):

• The home must be structurally sound and free of health hazards
• All systems (electrical, plumbing, HVAC) must function properly
• No peeling paint on homes built before 1978 (due to lead risk)
• Roof, foundation, windows, and water systems must be in good condition

Alligator Mortgage uses lenders that don't require extra unneeded inspections.

FHA Loans Are Eligible For:

• Single-family homes
• Townhomes
• FHA-approved condos
• Manufactured homes (built on or after June 15, 1976) with land
  (Includes singlewide, doublewide, triplewide, and quadwide)

Note: Manufactured homes require a permanent foundation and engineering certification.

Why Choose Alligator Mortgage for Your FHA Loan?

We know FHA inside and out, and we specialize in helping real Floridians—not just perfect borrowers.

• We work with credit scores down to 500
• We walk you through gift funds and seller credits
• We help with high DTI approvals
• We finance rural, suburban, and manufactured homes
• We serve every Florida county, including:

Alachua , Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington.

FHA Refinance Options

You don’t need to buy a new home to benefit from FHA. Whether your current loan is FHA or not, you may qualify for powerful refinancing options:

FHA Streamline Refinance

If you already have an FHA loan and made at least 6 on-time payments, you may:

• Fast and Easy Process – Minimal hassle and quick closing times 14-days or less.
• Lower Monthly Payments – Reduce your interest rate and monthly mortgage cost.
• No Appraisal or Income Verification – A simple and streamlined process designed for
  FHA homeowners.
• Skip 2 Mortgage Payments – Enjoy immediate financial relief!
• Escrow Refund – Get current escrow account balance refunded when changing lender.
• Keep your home as a rental and still refinance

FHA Cash-Out Refinance

• Cash out up to 80% of your home’s current value
• Use the funds for to payoff high-interest credit card debt, make home improvements, or cover unexpected expenses
• Works even if your current mortgage is not FHA

Start Your FHA Loan Application Today

Call us today at 352-264-0011 or click the red Apply button above to start your application or request a Quick Quote.