Low 3.5% down payment, flexible credit requirements, and competitive rates. FHA is one of the most popular ways first-time and repeat buyers get into a home across Cape Coral, Fort Myers, Lehigh Acres, Naples and the rest of SW Florida.
Buy with far less cash up front than most conventional options — gift funds are allowed for the down payment.
FHA is friendlier to credit scores in the 580–640 range, and Mike shops 100+ lenders to find the most forgiving guidelines.
Because it's government-insured, FHA often carries very competitive interest rates, even for buyers still building credit.
A parent or family member can co-sign to help you qualify, which is useful for younger SW Florida buyers.
Lee County — including Cape Coral, Fort Myers, and Lehigh Acres — uses Florida's standard FHA floor of $541,287 for a single-family home in 2026. Collier County (Naples and Marco Island) qualifies for a higher FHA limit of $764,750 because of its higher median home values. Two-to-four-unit properties have higher limits in both counties, which can be useful if you plan to house-hack a duplex and live in one side.
If your target price is above the FHA limit for your county, you're not stuck — Mike can compare an FHA loan against a conventional loan or, for higher price points, a jumbo loan.
Getting pre-approved for an FHA loan in SW Florida is usually a 24–48 hour process once your documents are in. Here's what Mike will typically ask for:
You can start your application any time at mikesteeleloans.my1003app.com and Mike will follow up to walk you through the rest.
For 2026, the FHA loan limit for a single-family home in Lee County (Cape Coral, Fort Myers, Lehigh Acres) is $541,287. Collier County (Naples, Marco Island) has a higher FHA limit of $764,750 because of its higher home values. These limits cover the large majority of purchase prices across Southwest Florida.
FHA requires as little as 3.5% down if your credit score is 580 or higher. On a $350,000 SW Florida home, that's about $12,250. Down payment funds can come from savings, a gift from family, or certain down payment assistance programs — Mike can help you identify which sources you qualify to use.
FHA officially allows scores as low as 500 (with 10% down) or 580 (with 3.5% down). In practice most lenders look for 580+. Mike works with 100+ lenders, so if one lender's overlay is too strict for your score, he can shop your file to a lender with more flexible FHA guidelines.
FHA loans carry an upfront mortgage insurance premium (1.75% of the loan, usually financed) plus an annual MIP paid monthly. On most 30-year FHA loans with the minimum down payment, annual MIP stays for the life of the loan. A common strategy is to refinance out of FHA into a conventional loan later once you have ~20% equity — Mike can map out that path for you.
Yes, but the condo project generally must be FHA-approved (or qualify for single-unit approval). In SW Florida this matters because Florida's condo reserve and structural-inspection laws have affected many associations' finances. Mike checks project approval and reviews the association's SIRS/reserve status before you get too far down the road.
It depends on your credit and down payment. FHA tends to win for lower credit scores and smaller down payments; conventional often wins if you have a 680+ score and can put down 5% or more, because you can cancel PMI later. Because Mike is a broker, he can price both side by side and show you the real monthly-payment difference for your situation.
Get a fast pre-approval and a side-by-side comparison of FHA vs. conventional for your SW Florida home. No obligation, no pressure — just straight answers from a local broker.