Mortgage Guidelines in Florida
& Resource Hub
We've written out the FHA, VA, Conventional and Non-QM underwriting rules in plain terms. Pick a category below to see the exact rules for your loan type.
FHA Loan Guidelines
Minimum Credit Score
The exact 500 and 580 credit score rules and DTI limits for FHA approvals.
Borrower Eligibility
Rules regarding lawful residency, DACA, and SSN requirements.
Waiting Periods
Exact timelines for qualifying after bankruptcy, foreclosure, and short sales.
Collections & Judgments
How unpaid medical bills and judgments impact your FHA approval.
Student Loans & Co-Signed Debt
The 0.5% calculation rule and exceptions for co-signed liabilities.
Employment & Income
Qualifying with W-2 income, gaps in employment, overtime, and bonuses.
Down Payment & Gift Funds
Rules for 100% gifted down payments and acceptable seller concessions.
Minimum Property Requirements
What fails an FHA appraisal, including peeling paint, roof life, and safety issues.
Multi-Unit Properties
How to qualify using projected rental income on 2-4 unit residential homes.
Self-Employed Income
Tax return analysis, the 1-year exception, and P&L statement requirements.
Non-Taxable Income
The "grossing-up" rule for child support, alimony, and social security income.
90-Day Flip Rule
Timelines and specific exemptions for purchasing recently flipped homes.
Condominium Approvals
Understanding Single-Unit (Spot) Approvals and FHA HOA financial requirements.
203(k) Renovation Loans
Finance the purchase and repairs of a fixer-upper property in a single loan.
Mortgage Insurance (MIP)
The 11-year vs. life-of-loan rules for dropping FHA mortgage insurance premiums.
VA Loan Guidelines
Eligibility & COE
Bonus entitlement math and securing your Certificate of Eligibility (COE).
Funding Fee & Exemptions
Fee exemptions for disabled veterans and exact percentage tables based on usage.
Residual Income
How the VA approves debt-to-income ratios over 50% when enough income is left over each month.
Derogatory Credit
The forgiving 2-year waiting period after a foreclosure or bankruptcy.
Appraisal & Tidewater
Pest inspections, VA MPRs, and how to fight a low appraisal using the Tidewater initiative.
Closing Costs & Fees
The 4% seller concession rule and the list of lender fees a veteran can't be charged.
Conventional Loans
3% Down & Eligibility
HomeReady, Home Possible, and qualifying with DTI ratios up to 50%.
Cash-Out Refinance
Borrow up to 90% of your home's value through a limited-availability program to pay off high-interest debt.
Waiting Periods
Fannie Mae's strict rules for buying a home after a bankruptcy or foreclosure.
PMI Cancellation
How to drop Private Mortgage Insurance (PMI) early using a new home appraisal.
Income & Employment
The 1-year tax return exception and qualifying for a loan using future offer letters.
Second Homes & Investment
Down payment differences between a vacation home and a pure rental property.
Jumbo Loans
Non-QM & Self-Employed Loans
DSCR Investment Loans
Qualify for rental properties based entirely on the cash flow of the home. No personal tax returns or employment verification needed.
Bank Statement Loans
A primary residence loan built for self-employed buyers, with income based on 12 to 24 months of bank deposits.
P&L Only Loans
Bypass messy bank statements entirely. Secure your mortgage based strictly on a Profit & Loss statement prepared by your CPA.
Asset Utilization (Depletion)
For high-net-worth individuals and retirees. Qualify for a mortgage by converting liquid assets and stock portfolios into monthly income.
1099-Only Loans
Designed for freelancers, independent contractors, and real estate agents to qualify based purely on gross 1099 earnings.
International & ITIN Loans
Foreign National Mortgages
How international buyers can finance US real estate without a US Social Security Number or established US FICO credit score.
ITIN Mortgage Loans
Guidance for taxpayers using an ITIN instead of an SSN. Learn about alternative credit verifications and flexible underwriting.
Frequently Asked Questions
What are mortgage underwriting guidelines?
Mortgage underwriting guidelines are the specific rules set by agencies like Fannie Mae, Freddie Mac, the FHA, and the VA that determine whether a borrower qualifies for a home loan. They dictate the minimum credit score, maximum debt-to-income ratio, and required down payment for each loan type.
How do I know which mortgage program is best for me?
The best mortgage program depends on your credit profile, down payment, and income type. FHA loans are great for lower credit scores, VA loans are exclusively for veterans with zero down payment, Conventional loans are ideal for strong credit, and Non-QM loans are best for self-employed buyers or investors.
Can I get a mortgage if I am self-employed and write off my income?
Yes. If standard Conventional or FHA guidelines deny you because of tax write-offs, you can use Non-QM (Non-Qualified Mortgage) guidelines. Programs like Bank Statement loans or 1099-Only loans bypass tax returns entirely and qualify you based on your gross cash flow.
What is the minimum credit score for a Florida mortgage?
The minimum credit score varies by program. FHA loans allow scores as low as 500 (with 10% down) or 580 (with 3.5% down). Most lenders start Conventional loans at 620 (and so do we), while many Non-QM and Jumbo programs look for scores of 680 to 720 or higher.
Find the Right Loan Program
You don't need to be a mortgage expert to get approved. Tell us your goals, and we'll structure the ideal financing for your situation.
Apply NowAAA Capital Funding, Inc. NMLS #374739
The guideline is only the starting point.
Guidelines are written for the typical borrower. What gets approved depends on how the loan is structured and presented to the underwriter, and that takes experience. We've been structuring Florida loans since 1997, including plenty that other lenders couldn't get through.
Call 888-601-8344 and we'll go over your real numbers with you. Under ten minutes, straight answers, 24/7. No application, no credit pull.
Text 954-816-8820 if that's easier.
AAA Capital Funding, Inc. · NMLS #374739 · Jason J. Sarji, NMLS #374700