Buy a Home
FHA Loan
Government-insured, built for flexibility on credit and debt.
Down payment
3.5% with 580+ score
Credit benchmark
580+ (500–579 needs 10% down)
Mortgage insurance
1.75% upfront + annual MIP
Seller help
Up to 6% toward costs
Common program benchmarks for education only — not an offer or approval. Lender overlays apply.
How it works
FHA loans are insured by HUD, which lets lenders accept lower credit scores and higher debt ratios than many conventional loans. In exchange, FHA charges an upfront mortgage insurance premium (usually financed into the loan) plus a monthly premium. With less than 10% down, the monthly premium typically stays for the life of the loan, so many borrowers refinance later once they have equity.
A good fit for
- Buyers rebuilding credit or with limited credit history
- Higher debt-to-income situations
- Buyers using gift funds or down payment assistance
What to watch for
- Monthly mortgage insurance usually does not come off with under 10% down
- The property must meet FHA condition standards at appraisal
- Condos must be FHA-approved or qualify for single-unit approval
What to prepare
- Two years of employment history
- Paystubs, W-2s, and bank statements
- Gift letter if family is helping
- Explanation for past credit events
Helpful tools
Ready for answers made for your numbers?
Estimates are a starting point. Let's review your actual income, credit, and goals together.
Compare other programs
Conventional Loan
The most widely used loan — flexible, and mortgage insurance can come off.
VA Loan
$0 down and no monthly mortgage insurance for those who served.
USDA Loan
$0 down for eligible rural and suburban Florida areas.
Jumbo Loan
For loan amounts above the county conforming limit.
3% Down Conventional (HomeReady / Home Possible / 97%)
Conventional financing with just 3% down for qualifying buyers.
Down Payment Assistance
Help with down payment or closing costs through Florida and local programs.
DSCR Loan
Qualify an investment property on its rent — not your tax returns.
Bank Statement Loan
Self-employed? Qualify on deposits instead of tax returns.
1099, P&L, Asset Utilization & ITIN
Alternative documentation paths for unique income situations.
New Construction Purchase
Buying from a builder — compare the incentive, not just the rate.
Construction-to-Permanent & Renovation
Build or renovate with one loan.
Rate-and-Term & Cash-Out
Change your rate or term, or turn equity into cash.
FHA Streamline, VA IRRRL & USDA Streamline
Faster, lighter-document refinances for existing government loans.
About the Author
Tanesha Tomlinson
Florida Mortgage Loan Advisor, Hometown Financial Group, LLC DBA Modus Mortgage
NMLS #1540854 · Company NMLS #1028232
Tanesha Tomlinson is a 24-year Florida mortgage industry expert who has originated over $100,000,000 in mortgages. She works with homebuyers, homeowners, and Realtor partners across South Florida, Broward County, Central Florida, and the Orlando area. Her focus is qualification, income calculation, loan programs, down payment assistance, and cash to close — explained plainly, with the numbers in front of you. As a licensed Florida Realtor® with United Realty Group, she also understands the property and contract side of the same purchase.
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Hometown Financial Group, LLC DBA Modus Mortgage · Company NMLS #1028232 · Tanesha Tomlinson NMLS #1540854 · Florida Real Estate License #SL3524613 (United Realty Group) · Equal Housing Lender. Licenses can be verified on NMLS Consumer Access and the Florida DBPR license portal. Content is educational only and is not a commitment to lend.
Tanesha Tomlinson · Mortgage Loan Advisor | Realtor® · Hometown Financial Group, LLC DBA Modus Mortgage · NMLS #1540854 · Company NMLS #1028232 · 140 S. Arthur St. #600, Spokane, WA 99202 · United Realty Group · FL Real Estate License SL3524613
Information and tools on this website are educational only and should not be considered individualized financial, legal, or tax advice. Estimates are not a pre-approval, loan approval, or commitment to lend. Mortgage approval, rates, APRs, payments, taxes, insurance, closing costs, and loan terms are subject to borrower qualifications, property information, applicable loan-program requirements, and underwriting. This website disclaimer does not replace Modus Mortgage's official disclosures.
