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FHA Loans

FHA Loans in Florida and Texas

Low down payment, flexible credit requirements, and affordable monthly payments. TrueVet Mortgage offers FHA loans for first-time homebuyers and beyond. Scott Carlin, NMLS# 2613509. Call 321-364-4461.

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What Is an FHA Loan?

An FHA loan is a mortgage insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to make homeownership more accessible by offering lower down payments and more flexible credit requirements.

FHA loans are one of the most popular loan programs for first-time homebuyers, but they are not limited to first-time buyers. Anyone who meets the eligibility requirements can use an FHA loan to purchase a primary residence in Florida or Texas.

While TrueVet Mortgage specializes in VA loans for veterans and military families, we also help buyers who are not VA-eligible, including military spouses purchasing on their own, civilian family members, and anyone looking for a low-down-payment path to homeownership. Scott Carlin is a 20-year Air Force veteran, mortgage loan originator (NMLS# 2613509), and founder of TrueVet Mortgage. Call 321-364-4461 to find out if an FHA loan is right for you.

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Benefits of an FHA Loan

FHA loans offer several advantages that make them a strong choice for homebuyers who may not qualify for conventional financing:

  • Down payment as low as 3.5%. With a qualifying credit score, you can purchase a home with just 3.5% down. That means on a $250,000 home, your down payment would be $8,750.
  • Flexible credit requirements. FHA guidelines are more forgiving than many conventional programs, which makes FHA loans one of the more accessible mortgage options available.
  • Gift funds allowed. Your entire down payment and closing costs can come from gift funds provided by a family member, employer, or approved down payment assistance program.
  • Seller contributions up to 6%. The seller can pay up to 6% of the purchase price toward your closing costs, reducing the amount of cash you need to bring to the table.
  • Flexible debt-to-income ratios. FHA guidelines allow debt-to-income ratios up to 50% in some cases, giving borrowers with existing debts more room to qualify.
  • Broad property eligibility. FHA loans can be used for single-family homes, condos (FHA-approved), townhomes, and multi-unit properties up to four units in Florida and Texas.
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How to Qualify for an FHA Loan

FHA loan requirements are more flexible than conventional loans, but you still need to meet basic guidelines:

  • Credit score. A score of 580 or higher qualifies for the 3.5% down payment. Borrowers with scores between 500 and 579 may still qualify with a 10% down payment.
  • Steady income and employment. Lenders typically require at least two years of consistent employment history. You will need to provide pay stubs, W-2s, and tax returns.
  • Debt-to-income ratio. Most cases require 43% or lower. Some lenders may allow up to 50% DTI with compensating factors like cash reserves or a strong payment history.
  • Primary residence. The home must be your primary residence. FHA loans cannot be used for investment properties or vacation homes.
  • Property standards. The home must meet FHA minimum property standards. An FHA-approved appraiser will inspect the home to ensure it meets safety, security, and soundness requirements.
  • Mortgage insurance. FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount (which can be rolled into the loan), plus an annual mortgage insurance premium paid monthly. On a 30-year FHA loan with less than 10% down, monthly mortgage insurance is required for the life of the loan.

Not sure if you qualify? Scott Carlin can review your situation and let you know your options. Call 321-364-4461 or visit our Schedule a Call page.

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FHA Loan vs. VA Loan: Which Should You Choose?

If you are a veteran or active-duty service member, you have access to both FHA and VA loans. Here is how they compare:

  • Down payment. VA loans require zero down. FHA loans require at least 3.5% down.
  • Mortgage insurance. VA loans have no monthly mortgage insurance. FHA loans require both upfront and monthly mortgage insurance for the life of the loan (if you put less than 10% down).
  • Funding fee. VA loans have a one-time funding fee (waived for disabled veterans). FHA loans have an upfront mortgage insurance premium of 1.75%.
  • Credit requirements. Both programs are flexible. VA loans generally have no minimum credit score set by the VA (lenders set their own minimums, typically 580 to 620). FHA requires 580 for 3.5% down.
  • Property types. VA loans are limited to primary residences. FHA loans are also limited to primary residences but may have more flexible property condition requirements for certain homes.

For most VA-eligible borrowers, a VA loan is the better choice because of zero down payment and no monthly mortgage insurance. However, an FHA loan may be the right option if you are not VA-eligible, if the property does not meet VA minimum property requirements, or if you are a military spouse purchasing a home independently.

Visit our VA Loan page to compare your options, or call Scott at 321-364-4461 for a side-by-side comparison based on your specific situation.

Not sure whether a VA loan or FHA loan is right for you? Read our full VA loan vs FHA loan comparison.

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Frequently Asked Questions About FHA Loans

What credit score do I need for an FHA loan?
You need a credit score of at least 580 to qualify for an FHA loan with 3.5% down. Borrowers with scores between 500 and 579 may qualify with a 10% down payment.

How much is the down payment on an FHA loan?
The minimum down payment is 3.5% of the purchase price with a credit score of 580 or higher. On a $250,000 home, that would be $8,750. Your down payment can come from savings, gift funds, or approved assistance programs.

Does an FHA loan have mortgage insurance?
Yes. FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount and a monthly mortgage insurance premium (MIP). If your down payment is less than 10%, MIP is required for the life of the loan. If you put 10% or more down, MIP drops off after 11 years.

Can I use an FHA loan to buy an investment property?
No. FHA loans can only be used to purchase a primary residence. If you need financing for an investment property or second home, a conventional loan may be a better option.

What is the maximum FHA loan amount in Florida and Texas?
FHA loan limits vary by county. For 2026, the standard floor limit is $541,287 for most counties. Higher-cost counties may have higher limits. Scott can help you determine the FHA loan limit for your specific area.

How long does it take to close an FHA loan?
Most FHA loans close in 21 to 30 days. The FHA appraisal process may add a few days compared to conventional loans, but Scott works to keep your closing on schedule.

Can a veteran use an FHA loan instead of a VA loan?
Yes, but in most cases a VA loan is the better option for eligible veterans because of zero down payment and no monthly mortgage insurance. However, an FHA loan may make sense in certain situations. Call Scott at 321-364-4461 to discuss which option works best for you.

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Ready to Explore FHA Loan Options? Call Scott Carlin at 321-364-4461 or visit our Schedule a Call page. Whether an FHA loan, VA loan, or conventional loan is the right fit, TrueVet Mortgage will help you find the best path to homeownership. Check out our FAQ here.

Start Your FHA Loan with TrueVet Mortgage

At TrueVet Mortgage, we make the process of securing an FHA loan simple and stress-free.

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