Why Choose an FHA Refinance in Florida
An FHA refinance gives homeowners a flexible and affordable way to improve their mortgage terms. Whether you want to lower your interest rate, reduce monthly payments, or access home equity, FHA refinance programs make the process straightforward—especially for borrowers who may not qualify for conventional refinancing.
The FHA Streamline program, known for its ease and speed, requires minimal documentation and often no appraisal, making it one of the simplest refinance options available. For those looking to take cash out, FHA Cash-Out refinancing provides an opportunity to convert equity into usable funds for repairs, bills, or financial planning.
At Select Home Loans, we guide Florida homeowners through every step to ensure your refinance aligns with your financial goals and creates long-term savings.
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FHA loans are insured by the Federal Housing Administration and offer some of the most accessible underwriting in the market. Lower minimum credit scores, low down payments (3.5%), and flexible debt-to-income guidelines make FHA the right choice for many first-time buyers and households recovering from credit events.
Florida home prices vary widely — from coastal markets like Daytona Beach, Tampa, and Miami to inland areas with much lower price points. FHA loan limits are set by county and are generally generous enough to cover the median home price in most Florida markets.
We process FHA purchases and refinances in-house, including FHA Streamline refinances that don't require an appraisal or income documentation. If you're not sure whether FHA, conventional, or VA is the better fit, we'll run all three side by side at no cost.
FHA officially allows scores as low as 500, but most lenders require 580 for the 3.5% down option. Below 580, expect 10% down and additional overlays.
There's an upfront premium (1.75% of the loan, financed) and a monthly premium (typically 0.55% annualized). Unlike conventional MI, FHA MI generally stays for the life of the loan unless you put 10%+ down.
Yes — once your home has appreciated and you have 20%+ equity, refinancing into a conventional loan eliminates the FHA mortgage insurance. We run the math at no cost.
Many are — the project must be on the FHA-approved list (or eligible for single-unit approval). We check eligibility before you write an offer to avoid surprises.
FHA is owner-occupant only. For investment properties, we have DSCR, conventional investor, and Non-QM programs.
