FHA Loans in Fort Myers, Florida

Why an FHA loan? Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.


Our FHA Loan Rates Are Low & Our Process is Quick & Painless

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). The federal government essentially insures loans for FHA-approved lenders to reduce their risk of loss if a borrower defaults on their mortgage payments.

The FHA program was created in response to the rash of foreclosures and defaults that happened in the 1930s, to provide mortgage lenders with adequate insurance and to help stimulate the housing market by making loans accessible and affordable.

We’re here to make the FHA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE FHA Loan Qualifier.

We’ll help you clearly see the differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time homebuyer or a seasoned investor.

How Do I Qualify for an FHA Loan in Fort Myers, Florida?

For many people, especially first-time home buyers, the biggest obstacle to purchasing a home is putting together the 20% down payment required of most traditional mortgage products. The federal government, under the umbrella of the Federal Housing Administration (FHA), identified the issue, understood its impact on the economy and communities, and came up with a solution: the FHA home loan.

To meet the FHA loan requirements in Fort Myers, FL, a buyer must:

  • Have verifiable income and steady employment
  • Have a back-end debt-to-income ratio of less than 43%, although sometimes you can go much higher. This includes the mortgage debt plus any other personal debt such as auto loans, personal loans, student loans, child support, and credit cards.
  • Put down 3.5% of the total loan amount with a FICO score of 580, or 10% down payment with a score of 500-579.
  • Reside there as their primary residence.

What Are the FHA Home Loan Limits in Fort Myers, Florida?

Another caveat of FHA loan products is that there is a mortgage limit determined by:

  • County of residence
  • Number of units in property

As a municipality in Lee County, Florida, the FHA loan limits for Fort Myers are:

  • 1 unit (single family residence) = $356,362
  • 2 units (duplex) = $456,275
  • 3 units (triplex) = $551,500
  • 4 units (fourplex) = $685,400

How Does a House Qualify for FHA Financing? 

When it comes to property requirements, HUD, the Department of Housing and Urban Development, trends toward generalities when it comes to their property requirements. When considering CDBG (Community Development Block Grant funds) a house must be “decent, safe, and sanitary.” For a house to qualify for FHA financing, it must be “safe, sound, and secure.”

So what does that mean? The FHA definitions are:

  • Safe: The home should protect the health and safety of the occupants
  • Sound: The property should not have physical deficiencies or conditions affecting its structural integrity
  • Secure: The home should protect the security of the property

To qualify for an FHA loan, a Uniform Residential Appraisal must be performed by a HUD-approved inspector/appraiser. Examples of defects that FHA requires to be corrected before approval are:

  • Electrical issues like frayed wiring
  • Roofs having more than three layers of shingles
  • The presence of asbestos
  • Inadequate bathroom facilities

Contact Fort Myers Mortgage Experts in Fort Myers, FL for your Free Quote

The time to buy is now, and with the DiGregorio Difference, we can make it happen. We don’t say “No,” we say “When?” Contact us today to discuss loan options, or to determine where you are in the home buying process. Together, we can make a better Fort Myers, FL.

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