Florida FHA Loan Programs and Loan Limits

FHA Loans Florida

florida fha loan

FHA loan mortgage lending limits in FLORIDA vary based on the different housing types and the costs of local Florida housing. FHA home loans are designed for borrowers who are unable to make large down payments. FHA loans are also typically an attractive option for first-time home buyers.

  • The maximum Florida FHA loan lending limit for a one family (and condominium) residential home is 271,050 in most Florida counties, however, there are some counties that exceed the FHA limit. The Florida counties of Baker, Broward, Clay, Collier, Duval, Lake, Manatee, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Orange, Osceola, Palm, Beach, Sarasota, Seminole, St. Johns, St. Lucie and Walton are considered high cost counties and have a higher FHA loan limit.
  • The minimum down payment for a Florida FHA loan is only 3.5%.
  • The FHA home loan is a very popular loan program for Florida home buyers and homeowners who are seeking an affordable refinance mortgage because of the flexible underwriting guidelines and reduced credit score requirement. Monthly mortgage insurance is required for both purchase and refinance loans, however, the monthly premium is very affordable.

 

Apply for FHA Loan in Florida

 

What exactly is the FHA?

The Federal Housing Administration (FHA) was founded during the Great Depression to support the housing industry. It was originally designed to stabilize the housing industry. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. The FHA remains committed to help homeowners that do not satisfy typical financing needs, have a low credit score or have an inconsistent income history. Borrowers that meet this criteria should also look into the HUD Homes program by visiting the HUDHomestore

 

What is the maximum loan amount/limit 2017?

Maximum loan amount vary by county for your traditional FHA loans in Florida. The current base FHA loan limit in most of Florida counties for a one-family home is set at $275,665.00.

 

Florida First-Time Home Buyer Loan:

The Florida FHA loan program was designed and created to help increase homeownership. The Florida FHA loan program makes buying a home easier and less expensive than any other types of real estate mortgage home loan programs.

 

Are there income limits with a Florida FHA loan?

No.

 

Do I need to be a first time home buyer?

No you absolutely do not. A Florida FHA loan is available for first time home buyers as well as seasoned homeowners

 

Is the the seller permitted to pay my closing costs or incentives?

Yes they can absolutely help with that. The Federal Housing Administration (FHA) will allow the home seller to pay as much as 6% of the purchase price toward the buyer’s settlement costs.

 

Do I need to have perfect credit for a Florida FHA loan?

The FHA credit score guidelines are the same in Florida as they are anywhere else in the United States. You can even qualify for a Florida FHA loan with less than perfect credit.

 

Florida FHA Loan Calculator

 

Lending Limits for FHA Loans in FLORIDA Counties

1 – FAMILY is a single family home or condominium
2 – FAMILY is two separate living units
3 – FAMILY three separate living units
4 – FAMILY four separate living units

Florida Counties One-Family Two-Family Three-Family Four-Family
ALACHUA $271,050 $347,000 $419,425 $521,250
BAKER $309,350 $396,000 $478,700 $594,900
BAY $271,050 $347,000 $419,425 $521,250
BRADFORD $271,050 $347,000 $419,425 $521,250
BREVARD $271,050 $347,000 $419,425 $521,250
BROWARD $345,000 $441,650 $533,850 $663,450
CALHOUN $271,050 $347,000 $419,425 $521,250
CHARLOTTE $271,050 $347,000 $419,425 $521,250
CITRUS $271,050 $347,000 $419,425 $521,250
CLAY $309,350 $396,000 $478,700 $594,900
COLLIER $448,500 $574,150 $694,000 $862,500
COLUMBIA $271,050 $347,000 $419,425 $521,250
DESOTO $271,050 $347,000 $419,425 $521,250
DIXIE $271,050 $347,000 $419,425 $521,250
DUVAL $309,350 $396,000 $478,700 $594,900
ESCAMBIA $271,050 $347,000 $419,425 $521,250
FLAGLER $271,050 $347,000 $419,425 $521,250
FRANKLIN $271,050 $347,000 $419,425 $521,250
GADSDEN $271,050 $347,000 $419,425 $521,250
GILCHRIST $271,050 $347,000 $419,425 $521,250
GLADES $271,050 $347,000 $419,425 $521,250
GULF $271,050 $347,000 $419,425 $521,250
HAMILTON $271,050 $347,000 $419,425 $521,250
HARDEE $271,050 $347,000 $419,425 $521,250
HENDRY $271,050 $347,000 $419,425 $521,250
HERNANDO $271,050 $347,000 $419,425 $521,250
HIGHLANDS $271,050 $347,000 $419,425 $521,250
HILLSBOROUGH $271,050 $347,000 $419,425 $521,250
HOLMES $271,050 $347,000 $419,425 $521,250
INDIAN RIVER $271,050 $347,000 $419,425 $521,250
JACKSON $271,050 $347,000 $419,425 $521,250
JEFFERSON $271,050 $347,000 $419,425 $521,250
LAFAYETTE $271,050 $347,000 $419,425 $521,250
LAKE $274,850 $351,850 $425,300 $528,550
LEE $271,050 $347,000 $419,425 $521,250
LEON $271,050 $347,000 $419,425 $521,250
LEVY $271,050 $347,000 $419,425 $521,250
LIBERTY $271,050 $347,000 $419,425 $521,250
MADISON $271,050 $347,000 $419,425 $521,250
MANATEE $285,200 $365,100 $441,300 $548,450
MARION $271,050 $347,000 $419,425 $521,250
MARTIN $316,250 $404,850 $489,350 $608,150
MIAMI-DADE $345,000 $441,650 $533,850 $663,450
MONROE $529,000 $677,200 $818,600 $1,017,300
NASSAU $309,350 $396,000 $478,700 $594,900
OKALOOSA $325,450 $416,600 $503,600 $625,850
OKEECHOBEE $271,050 $347,000 $419,425 $521,250
ORANGE $274,850 $351,850 $425,300 $528,550
OSCEOLA $274,850 $351,850 $425,300 $528,550
PALM BEACH $345,000 $441,650 $533,850 $663,450
PASCO $271,050 $347,000 $419,425 $521,250
PINELLAS $271,050 $347,000.00 $419,425 $521,250.00
POLK $271,050 $347,000 $419,425 $521,250
PUTNAM $271,050 $347,000.00 $419,425 $521,250.00
SANTA ROSA $271,050 $347,000 $419,425 $521,250
SARASOTA $285,200 $365,100 $441,300 $548,450
SEMINOLE $274,850 $351,850.00 $425,300 $528,550.00
ST. JOHNS $309,350 $396,000.00 $478,700 $594,900.00
ST. LUCIE $316,250 $404,850 $489,350 $608,150
SUMTER $276,000 $353,300 $427,100 $530,750
SUWANNEE $271,050 $347,000 $419,425 $521,250
TAYLOR $271,050 $347,000 $419,425 $521,250
UNION $271,050 $347,000 $419,425 $521,250
VOLUSIA $271,050 $347,000 $419,425 $521,250
WAKULLA $271,050 $347,000 $419,425 $521,250
WALTON $325,450 $416,600 $503,600 $625,850
WASHINGTON $271,050 $347,000 $419,425 $521,250