Can I get an FHA loan on a second home?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
No. FHA loans are only for primary residences you'll occupy, so you can't use one to buy a vacation or second home. FHA is designed to promote owner-occupied homeownership.
For a Florida second home, a conventional second-home loan with about 10% down is the right tool. If you'll rent it out, an investment or DSCR loan fits instead. We'll point you to the correct program.
FHA is for primary homes
No, FHA loans are for primary residences only. You must live in the home as your main residence, so a vacation home or second home does not qualify for FHA financing.
The rule exists because FHA aims to help people own the home they live in, not to fund extra properties.
Your options for a second home
To buy a second home in Florida, look at a conventional loan, which allows second-home financing with a larger down payment, usually 10% or more.
If your plans changed and you need to move, some FHA exceptions apply. Reach out and we will find the right loan for your second Florida property.