Compare FHA financing with the other home loans available to you. Bennett Capital Partners Mortgage Brokers helps you understand the down payment, full monthly cost and property review before you choose a loan.
Opens our mortgage quote form. Tell us your purchase or refinance goal; we will review FHA and other eligible options with you.
An FHA loan is a mortgage made by an approved lender and insured by the Federal Housing Administration. It can be worth comparing when you want a smaller down payment or need more credit flexibility. FHA is available to eligible repeat buyers as well as first-time buyers.
FHA's standard purchase framework may allow 3.5% down with a minimum decision credit score of 580 or higher (the score used for FHA eligibility). A score from 500 to 579 generally limits financing to 90%. Lenders can set stricter standards.
Eligible properties can include a house, approved condo or two-to-four-unit home where you live in one unit. A vacation home or a rental you do not occupy needs a different financing route.
FHA includes upfront and annual mortgage insurance. A lower down payment or interest rate alone does not establish that FHA will cost less than a conventional loan.
These are general program rules, not Bennett Capital Partners approval terms. Review HUD's current FHA handbook and our detailed FHA eligibility guide for the complete borrower and property requirements.
Ask for both options when you are eligible. Keep the purchase price, loan term, rate-lock timing and assumptions for taxes and insurance consistent.
| Decision | FHA | Conventional |
|---|---|---|
| Credit and available cash | May fit a borrower who needs FHA's credit flexibility. Confirm the required contribution and lender overlays. | Compare any eligible low-down-payment option before assuming FHA requires less cash. |
| Mortgage insurance | Upfront and annual premiums apply. Annual FHA insurance does not cancel as equity builds; its duration follows the original loan-to-value rules explained below. | Borrower-paid PMI can generally be removed as equity builds, subject to federal rules, payment history and other applicable conditions. |
| Property and occupancy | Primary-residence financing with FHA property and, for condos, project or unit eligibility review. | Separate programs may cover primary homes, second homes or investment properties, with their own standards. |
| How long you keep the loan | Include financed upfront insurance, ongoing premiums and any future refinance costs. | Compare rate, fees, PMI and its possible cancellation over the same ownership period. |
Use our conventional mortgage overview to compare program fit. The CFPB explains borrower-paid PMI cancellation conditions. Neither route is automatically the better deal.
Before choosing a program, establish three things: the cash you can use without exhausting your reserves, a complete housing payment you can sustain, and whether the property fits the loan. The lender makes the final underwriting decision; Bennett Capital Partners arranges financing as your mortgage broker.
A qualifying credit score is only one part of the file. Income, recurring debts, credit history and the source of funds also matter. For the specific rules, use our FHA purchase requirements guide. For help organizing the application, follow the Miami FHA application preparation guide.
Budget for the down payment plus closing charges, prepaid expenses and initial escrow deposits. Deduct only documented deposits and credits that the transaction permits. Keep money available for moving, repairs and reserves.
Assume the appraised value supports the price, the borrower qualifies for 3.5% down, and upfront mortgage insurance is financed. This educational example uses HUD's minimum down payment framework. It is not an offer of credit, a quote or an estimate of Florida closing costs.
The $4,000 deposit is still your money paid toward the purchase: total borrower cash in this example is $17,750. The seller credit does not replace the required down payment.
Actual charges, credits, appraisal results and reserve requirements vary. Review your Loan Estimate and Closing Disclosure. If relatives will contribute, read the FHA gift documentation guide; for a negotiated credit, see FHA seller contribution rules.
Assistance must be approved separately. It can carry a second lien, repayment terms, income limits or funding restrictions. Our FHA down payment assistance guide explains that structure. Assistance toward the down payment does not automatically cover every closing expense.
FHA loan limits apply by county, unit count and applicable year. The limit is not a purchase-price ceiling: your down payment and the treatment of financed upfront mortgage insurance affect the calculation.
Use our Florida FHA loan limits by county and property size, then confirm the address and transaction against HUD's mortgage limit lookup. A one-unit limit cannot be reused for a duplex, triplex or fourplex.
For a typical new FHA purchase loan, the upfront mortgage insurance premium is 1.75% of the base loan amount. It can generally be financed, which increases the amount you repay and the interest charged on that balance. Annual mortgage insurance is generally collected in monthly installments; its rate depends on the loan amount, term and loan-to-value ratio.
For a typical new loan under current rules, an original loan-to-value ratio above 90% means annual mortgage insurance lasts for the mortgage term. At 90% or less, it generally lasts 11 years. Reaching 20% equity later does not create the same cancellation right as conventional borrower-paid PMI. See HUD's mortgage insurance schedule.
Compare principal and interest, mortgage insurance, property taxes, homeowners and any required flood insurance, and association charges. A refinance intended to remove FHA insurance requires a new qualification review and has costs of its own.
Estimate an FHA payment breakdown before your conversation. For rate-shopping, use our Florida mortgage rate comparison page and request current, scenario-specific terms.
Review cash to close on page 2 and the five-year comparison on page 3 of each Loan Estimate. Compare loan costs, points or credits and the full housing expense. An artificially low tax or insurance assumption does not make a loan cheaper. The CFPB's Loan Estimate comparison guide shows which figures to examine.
An FHA preapproval does not approve a particular home. The lender still reviews value, condition and eligibility. The appraisal is not a substitute for your own home inspection.
Get property-specific homeowners and, where required, flood insurance estimates. Review association dues and assessments. A sale can reset assessed value the following January. Do not budget using the seller's homestead exemption or Save Our Homes benefit. Ask the county property appraiser about your own exemptions and any eligible portability; the Florida property tax guide for buyers explains why the bill can change.
A condo may need FHA project approval or an eligible Single-Unit Approval. For two to four units, you generally occupy one; three- and four-unit properties also face a self-sufficiency test. For a Florida condo, ask the association which milestone inspection and structural integrity reserve study requirements apply. Request its latest reports and reserve funding plan.
Identify condition issues early and ask when required repairs must be completed. If the purchase includes substantial rehabilitation, review the separate FHA 203(k) route before assuming a standard purchase loan will work.
Follow the guide that matches the property: FHA condo approval, FHA two-to-four-unit financing, the three-to-four-unit self-sufficiency test, or FHA 203(k) renovation financing.
Review the payment history, seasoning, net tangible benefit and costs of an FHA streamline refinance. Streamline does not mean every homeowner qualifies.
An FHA cash-out refinance has its own equity and underwriting requirements. Compare the new balance and total cost with the cash you receive.
Using FHA again is different from holding two FHA loans at the same time. See using FHA more than once and the relocation and rental-income rules.
For the first conversation, have your target price, county, occupancy plan, estimated credit range and available closing funds. A property address is helpful if you have one.
After the initial discussion, we will identify the records needed for your application and explain how to provide them securely.
Review My FHA OptionsWe discuss the home, your cash budget, income documentation and any qualification concerns.
We compare available lending sources because lender requirements can differ. Review FHA and other eligible options with us, including mortgage insurance, cash needs and property conditions.
We coordinate the application, document requests and closing process. The lender makes the final credit and property decision.
Bring the purchase price, county and the question that matters most to you: qualifying, cash to close, monthly cost or the property itself.
Philip Bennett, MBAFounder, Bennett Capital Partners Mortgage BrokersUse the previous and next review buttons, swipe, or use the left and right arrow keys to browse reviews. Home goes to the first review; End goes to the last.
“He was very responsive and followed the deal all the way through closing.”
“Clear communication, strong execution, and real expertise.”
“Phil Bennett of Bennett Capital Partners Mortgage went the extra mile when approving my loan.”
“What truly stood out was their deep knowledge of the Miami real estate market, particularly in condominium financing.”
“He is professional, has the right resources to make things happen quickly.”
“I highly recommend using Phillip and his team if you have an investment property you need financed or refinanced.”
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No. Eligible repeat buyers and homeowners may also use FHA financing. Occupancy, borrower, property and transaction requirements still apply.
The applicable requirements depend on FHA rules, the lender and the complete file. Request a scenario-specific review and a cash-to-close estimate rather than relying only on a minimum score or percentage.
Yes. Limits depend on the county, number of units and applicable year. Confirm the property’s details using HUD’s current mortgage limit lookup.
No. FHA premiums and their duration follow FHA rules. Conventional PMI has different cancellation requirements. Compare both the initial and ongoing costs.
An eligible condo may qualify, but the unit and project must meet applicable FHA requirements. Conventional warrantability alone does not establish FHA eligibility.
Eligible one-to-four-unit primary-residence transactions may be considered. Owner occupancy and additional property or rental-income requirements can apply.
An eligible combination may be available through the appropriate participating channel. The borrower, property and financing must satisfy both programs, and assistance funding must be available.
No. The appraisal serves the lender’s valuation and property review. A separate inspection can help you understand the home’s condition and repair needs.
Bennett Capital Partners Mortgage Brokers, NMLS 2046862. Not a commitment to lend. All loans are subject to credit and property approval. Programs, terms, and eligibility are subject to change and borrower and property qualification.
For detailed answers on eligibility, documentation and special situations, visit our FHA question reference and the guides below.
Review occupancy and property considerations for a small multifamily home.
Read guide
Understand the separate review of the condo project or unit.
Read guide
Prepare the donor, transfer and documentation questions for closing.
Read guideEligible primary homes, second homes and investment properties with conventional income and asset documentation.
View the briefReview Florida homebuyer assistance, eligibility and the costs or repayment terms attached to each option.
View the briefA Fannie Mae conventional program with address-based income limits and other requirements.
View the briefCompare owner-occupied and investment financing for two-to-four-unit residential properties.
View the briefBrowse financing by the property, income documentation and transaction.
Open the directoryPLAN YOUR SCENARIO
Explore an estimate before your financing review. Calculator results are planning tools, not loan approvals.
Share the property, income profile and available closing funds.
