Buying a home or condo in South Florida with low credit or no credit score: the real minimums for FHA, conventional and Florida Housing loans

October 31, 2026 · Zach Curtis, REALTOR®, Realty Hub

Short answer: a low score doesn't automatically rule you out. FHA allows maximum financing at a 580 score and up to 90% financing from 500 to 579, and borrowers with no score can still be underwritten by hand using rent and utility history. Conventional and Florida Housing loans generally need more, and condos add their own hurdles. The table below is the place to start, then talk to a lender about your actual file.

Credit score minimums by loan type

Sources: HUD Mortgagee Letter 2026-11, Fannie Mae Selling Guide B3-5.1-01, Florida Housing homebuyer programs. Lenders can set stricter requirements than these minimums.

FHA: the most common path with a lower score

HUD's 3.5% minimum down payment is the reason most buyers with a lower score start with FHA (HUD: FHA loans). The score bands come straight from FHA policy: at or above 580 you're eligible for maximum financing, between 500 and 579 the loan is limited to 90% of the value, and below 500 the loan isn't eligible for FHA insurance (ML 2026-11).

On a $250,000 condo, that's the difference between $8,750 down at 3.5% and $25,000 down at 10%, before closing costs. If you're at 560 and could reach 580 in a few months, waiting might be cheaper than saving the extra $16,250. See how much down payment you need for a condo and buyer closing costs in Broward.

No credit score at all

If you've never borrowed, you may have no score, and that's different from a low score. FHA lets borrowers with non-traditional or insufficient credit histories qualify for maximum financing, but the loan must be underwritten manually, and housing and total debt payments can't exceed 31% and 43% of income (ML 2026-11). In practice, a lender will ask for proof of on-time rent, utilities, phone, insurance and similar payments, so start collecting 12 months of statements and receipts now.

What changes for FHA on January 1, 2027

HUD's Mortgagee Letter 2026-11, dated October 8, 2026, adopts two newer scoring models, FICO 10T and VantageScore 4.0, alongside Classic FICO, for FHA case numbers assigned on or after January 1, 2027. HUD says the new models use trended data and non-traditional credit such as rent and utilities (ML 2026-11). That may help some renters with thin files, but it's new; ask your lender how they'll apply it before you count on a different score.

Condos add a second set of hurdles

Many first purchases in Hallandale Beach, Hollywood and Aventura are condos, and a low-score loan has to fit the building as well as you:

• FHA needs an approved building (or a single-unit approval). Check the project on HUD's FHA condo search; our guide on checking if a condo is FHA-approved walks through it.
• The association may have to approve you. Many Florida condo documents give the association an approval process for buyers; see can a condo association deny a buyer.
• Dues count in your debt ratio. A lower score often means tighter ratios, and monthly dues are part of the housing payment. See why condo fees are so high.

Down payment help with a 640 score

Florida Housing's homebuyer loan program requires a minimum 640 credit score, a participating lender, approved homebuyer education, and purchase price and income below the county limits. You must also be a first-time buyer under the IRS definition, meaning you haven't owned and lived in your primary residence in the three years before the purchase (Florida Housing). If you're at 600 today, getting to 640 could open down payment help, which our first-time buyer guide covers.

A practical plan for the next 90 days

1. Pull your free reports from all three bureaus at AnnualCreditReport.com and dispute any errors.
2. Talk to a lender before you shop. Ask which score model they use, your current middle score, and exactly what would move you into the next band.
3. Pay every bill on time and keep card balances low; ask the lender which changes help most for your file.
4. Gather rent and utility payment records, especially if you have a thin file.
5. Consider a HUD-approved housing counselor, which you can find through the CFPB counselor search.
6. Use the affordability calculator and mortgage calculator with condo dues included, then look at Hallandale Beach, Hollywood, West Park and Dania Beach listings in your range.

When your financing is lined up, start at Ready to buy and I'll match your loan type to buildings that can accept it.

Zach Curtis, Realtor, Realty Hub, license SL3664129. General information, not legal, tax, insurance or lending advice. Loan approval, terms and pricing are set by your lender. Equal Housing Opportunity.

Published October 31, 2026 by Zach Curtis, REALTOR®, Realty Hub, license SL3664129. General information for South Florida, not legal, tax, insurance or lending advice. Laws, programs and prices change; check the official sources above, and ask a Florida attorney, CPA, insurance agent or lender about your situation. Listing numbers are asking prices and rents from BeachesMLS on the date shown. Equal Housing Opportunity. Zach Curtis and Realty Hub follow federal, Florida and Broward County fair housing law. Every listing is open to everyone. We never steer anyone by race, color, religion, sex, national origin, disability, familial status, age, sexual orientation, gender identity, or any other protected class.