Florida FHA Loans - Loan Limits & Requirements
The FHA loan program is one of the most common mortgage loans in the country and is ideally suited for borrowers with either (1) a lower down payment, (2) credit scores in the 560-699 range or (3) previous recent foreclosures or bankruptcies.
In this article we will focus specifically on FHA Loans in Florida, particularly the FHA max loan amount, FHA Loan Requirements and FHA Loan Limits in Florida. Whether you're a first time home buyer in Florida, or you're looking for information on the FHA loan, you've found the right place!
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Maximum FHA Loan Amount in Florida
The max loan amount on an FHA loan varies based on housing type and county. Single family homes have a lower max loan amount while multi-family homes have higher max loan amounts.
In 2019 the FHA has recently raised the max loan amount for homes in Florida. Previously the FHA max loan amount for a single-family home in Florida had been set at $294,515 in 2018, but as of January 1st that has been increased to a max loan amount of $314,827 for 2019.
Further down in this article we’ve provided a breakdown each county in Florida and the max loan amount allowed in each county based on property type.
FHA Loan in Florida
The FHA loan for Florida residents doesn’t differ much than for other states. The only real significant different is the max loan amount and the FHA loan limits.
Benefits of an FHA Loan
- Lower rates – the FHA loan is a government-backed loan meaning there is more security for lenders. Because of this, the FHA loan often has lower rates than a Conventional Mortgage or the Conventional first-time buyer loans.
- Low Down Payment – the FHA loan requires a 3.5% minimum down payment based on the purchase price of the home. For borrowers with lower credit (under 580), it may be necessary to put 10% or more down to qualify. The 3.5% down payment applies to 1-4 unit properties.
- Credit Score Flexibility – conventional mortgages require a minimum FICO of 620 to qualify, whereas the FHA loan has a minimum credit score of 520. It can be tough for borrowers in the low-to-high 500’s to qualify though and in many instances, you will need 10% and possibly even 20% down to have a chance at getting your loan approved.
- Cheaper Mortgage Insurance - the FHA sets the mortgage insurance premium cost, so regardless of credit score a borrower with 600 credit will get the same MIP rate as a borrower with 740 credit. The FHA loan insurance premium runs .85% of the loan amount per year and then is divided by 12 and added to your monthly payment. Conventional loans have Private Mortgage Insurance (PMI) and can often be more expensive as it’s based on credit score and how much money you put down.
Once you're ready to see if you can qualify, you can apply for an FHA loan online or over the phone by giving our team a call.
FHA Loan Requirements
The requirements for FHA loans are similar across the country but here a few every borrower must meet:
- Primary Residence – the FHA loan requires that the home you’re purchasing, or refinancing be your primary residence. If you’re looking to buy or refinance an investment property or 2nd home, your only option is a Conventional loan.
- Credit Score and History – most lenders throughout the country will require a minimum credit score of 580 on an FHA loan. Here at United Fidelity Funding, we do offer FHA loans to borrowers with lower credit but a larger down payment will likely be required. In addition to credit score, credit history also comes into play. Too many recent late payments or significant past credit issues such as a foreclosure or bankruptcy may hinder your ability to get approved.
- Income and job history – the FHA loan requires lenders verify the borrower can repay the loan. The FHA has a 57% debt-to-income (DTI) ratio requirement and a 47% housing ratio requirement. What this means is that the mortgage payment, including taxes, homeowner’s insurance and mortgage insurance, does need exceed 47% of your gross monthly income. Additionally, the 57% requirement refers to the mortgage payment PLUS all your other outstanding minimum monthly debt payments such as credit cards, auto loans, student loans, child support, etc.
- Assets – another significant requirement is the ability to cover the down payment and closing costs. Lenders require 2 months of bank statements and any large non-payroll deposits will be sourced and verified where the money came from. The FHA loan down payment and closing costs can come from your checking account or savings account. In order to get the funds to cover these requirements, many borrowers will either save up over time, take a loan or withdrawal from a 401(k) or IRA, or get a gift from an eligible gift source (such as a family member, employer or qualified government agency).
- Property Requirements – the FHA loan does have minimum property requirements. What that means is ultimately they don’t want to lend on a home that has safety concerns or imminent costly repairs the buyer would have to incur after purchasing the home. Things like peeling paint on the exterior of the home, older roofs needing replaced or homes without handrails going down steps are often items flagged by the FHA appraiser and required to be repaired before closing on the home.
If you’re in the beginning stages of preparing to buy a home or want to learn more about the FHA loan, check out our articles on getting pre-approved for a mortgage, determining if you’re ready to buy, and our complete FHA Mortgage overview.
FHA Loan Limits in Florida
The FHA max loan limits in Florida vary by county and the number of units in the home.
| Alachua County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Baker County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $358,800 |
$459,300 |
$555,200 |
$690,000 |
| Bay County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Bradford County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Brevard County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Broward County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $356,500 |
$456,350 |
$551,650 |
$685,550 |
| Calhoun County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Charlotte County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Citrus County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Clay County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $358,800 |
$459,300 |
$555,200 |
$690,000 |
| Collier County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $450,800 |
$577,100 |
$697,600 |
$866,950 |
| Columbia County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Desoto County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Dixie County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Duval County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $358,800 |
$459,300 |
$555,200 |
$690,000 |
| Escambia County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Flagler County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Franklin County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Gadsden County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Gilchrist County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Glades County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Gulf County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Hamilton County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Hardee County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Hendry County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Hernando County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Highlands County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Hillsborough County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Holmes County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Indian River County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Jackson County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Jefferson County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Lafayette Countys |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Lake County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Lee County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Levy County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Madison County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Mantee County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $320,850 |
$410,750 |
$496,500 |
$617,000 |
| Marion County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Martin County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $327,750 |
$419,550 |
$507,150 |
$630,300 |
| Miami-Dade County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $356,500 |
$456,350 |
$551,650 |
$685,550 |
| Monroe County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $529,000 |
$677,200 |
$818,600 |
$1,017,300 |
| Nassau County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $358,800 |
$459,300 |
$555,200 |
$690,000 |
| Okaloosa County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $370,300 |
$474,050 |
$573,000 |
$712,100 |
| Okeechobee County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Orange County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Osceola County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Pasco County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Pinellas County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Polk County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Putnam County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Santa Rosa County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Sarasota County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $320,850 |
$410,750 |
$496,500 |
$617,000 |
| Seminole County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| St. Johns County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $358,800 |
$459,300 |
$555,200 |
$690,000 |
| St. Lucie County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $327,750 |
$419,550 |
$507,150 |
$630,300 |
| Sumter County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Suwannee County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Taylor County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Volusia County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Wakulla County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
| Walton County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $370,300 |
$474,050 |
$573,000 |
$712,100 |
| Washington County |
| Single Family |
Duplex |
3-Unit |
4-Unit |
| $314,827 |
$403,125 |
$487,250 |
$605,525 |
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