Florida FHA Loans – Requirements and Loan Limits for 2024 – Florida FHA Lenders
Florida home buyers who need a small down payment or have poor credit scores may be able to purchase a home with an Florida FHA loan. There are many FHA lenders in Florida who offer FHA loans, but not all of them participate in all of the FHA loan options available.
An FHA loan is a mortgage insured by the Federal Housing Administration, offering Florida homebuyers low down payment options and flexible qualification criteria to facilitate homeownership.
With extensive experience, we have assisted thousands of Florida residents in obtaining FHA loans, offering expert guidance and support to make home financing more accessible
We will take you through the Florida FHA loan requirements, detail what is needed to qualify, then help you to get pre-qualified. If you already know that an FHA loan is right for you, then click to connect with an Florida FHA loan officer whether you live in Jacksonville, Miami, Tampa, St Petersburg, Orlando, or anywhere else.
Click to Get Pre-Approved for an FHA loan in Florida
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What is an FHA Loan?
FHA loans are government backed mortgages for primary residences that are provided by approved FHA lenders and are insured from default by HUD. The eligibility guidelines are set by the Federal Housing Administration. FHA loans are geared towards first-time home buyers, individuals with a small down payment, or homebuyers with poor credit.
Florida FHA Loan Benefits
These are the benefits of an FHA loan versus a conventional loan:
- Lower credit scores permitted
- Lower down payment requirement
- FHA interest rates are lower than conventional rates
- Gift funds allowed
- Seller closing cost contributions are allowed
- FHA loans are assumable
- Co-signers allowed
- Higher debt to income ratios permitted
FHA loans are helping first time home buyers to qualify for a mortgage when they cannot meet conventional loan requirements. You may also find the interest rate for FHA loans are often lower than conventional.
Florida FHA Loan Requirements for 2024
These are the basic FHA loan requirements for this year. All of these must be met to be approved for an FHA loan. If you are not positive on whether you meet these standards or have questions, just contact us and we will help.
- Down payment of 3.5% or 10% if your credit score is below 580
- 2-year employment history with some exceptions allowed
- Fully document your income for the past two years
- Minimum FICO score requirement of 500
- Mortgage Insurance Premium (MIP) is required for every FHA loan
- Maximum debt to income ratio of 43% with exceptions up to 56%
- The home must be your primary residence
- No bankruptcies or foreclosures in the past two years
Florida FHA Down Payment Requirements
The down payment requirements for an FHA loan is the same in every state. The minimum requirement for an FHA loan is 3.5% of the purchase price. However, if your credit score is below 580, then the down payment requirement will be 10%.
If you do not have the down payment needed, you can also use gift funds from a relative.
Florida FHA Down Payment Assistance
There are various down payment assistance programs in every state. Below is a list of just a few down payment assistance programs that may be available to you in Florida. Home buyers will need to contact, and arrange for these programs independently. Lenders will accept the funds from these programs for your down payment but they typically will not arrange for the down payment assistance. This is also where we can help.
Broward County Home Buyer Assistance Program
Escambia County Down Payment Assistance Program
Florida State Housing Initiatives Program
Hillsborough County Down Payment Assistance Program
Palm Bay County Down Payment Assistance Program
Orange County Down Payment Assistance Program
In addition to the two options above, we also have the ability to provide you with down payment assistance. With this option, we may offer the down payment assistance as part of their complete package. Contact us to discuss.
Florida FHA Loan Limits
Every county in the United States has specific maximum loan limits that are set for single family homes, as well as 2-4 unit properties. The limits are set based upon the average home sales value in that county. The base FHA loan limit for single family residences in Florida for most counties is $498,257. Use this FHA loan limit lookup tool to see what the FHA loan limits are in your county.
| County Name | Single Family | 2 Units | 3 Units | 4 Units |
|---|---|---|---|---|
| ALACHUA | $498,257 | $637,950 | $771,125 | $958,350 |
| BAKER | $564,650 | $722,850 | $873,750 | $1,085,900 |
| BAY | $498,257 | $637,950 | $771,125 | $958,350 |
| BRADFORD | $498,257 | $637,950 | $771,125 | $958,350 |
| BREVARD | $498,257 | $637,950 | $771,125 | $958,350 |
| BROWARD | $621,000 | $795,000 | $960,950 | $1,194,250 |
| CALHOUN | $498,257 | $637,950 | $771,125 | $958,350 |
| CHARLOTTE | $498,257 | $637,950 | $771,125 | $958,350 |
| CITRUS | $498,257 | $637,950 | $771,125 | $958,350 |
| CLAY | $564,650 | $722,850 | $873,750 | $1,085,900 |
| COLLIER | $730,250 | $934,850 | $1,130,000 | $1,404,350 |
| COLUMBIA | $498,257 | $637,950 | $771,125 | $958,350 |
| DESOTO | $498,257 | $637,950 | $771,125 | $958,350 |
| DIXIE | $498,257 | $637,950 | $771,125 | $958,350 |
| DUVAL | $564,650 | $722,850 | $873,750 | $1,085,900 |
| ESCAMBIA | $498,257 | $637,950 | $771,125 | $958,350 |
| FLAGLER | $498,257 | $637,950 | $771,125 | $958,350 |
| FRANKLIN | $498,257 | $637,950 | $771,125 | $958,350 |
| GADSDEN | $498,257 | $637,950 | $771,125 | $958,350 |
| GILCHRIST | $498,257 | $637,950 | $771,125 | $958,350 |
| GLADES | $498,257 | $637,950 | $771,125 | $958,350 |
| GULF | $498,257 | $637,950 | $771,125 | $958,350 |
| HAMILTON | $498,257 | $637,950 | $771,125 | $958,350 |
| HARDEE | $498,257 | $637,950 | $771,125 | $958,350 |
| HENDRY | $498,257 | $637,950 | $771,125 | $958,350 |
| HERNANDO | $498,257 | $637,950 | $771,125 | $958,350 |
| HIGHLANDS | $498,257 | $637,950 | $771,125 | $958,350 |
| HILLSBOROUGH | $498,257 | $637,950 | $771,125 | $958,350 |
| HOLMES | $498,257 | $637,950 | $771,125 | $958,350 |
| INDIAN RIVER | $498,257 | $637,950 | $771,125 | $958,350 |
| JACKSON | $498,257 | $637,950 | $771,125 | $958,350 |
| JEFFERSON | $498,257 | $637,950 | $771,125 | $958,350 |
| LAFAYETTE | $498,257 | $637,950 | $771,125 | $958,350 |
| LAKE | $498,257 | $637,950 | $771,125 | $958,350 |
| LEE | $498,257 | $637,950 | $771,125 | $958,350 |
| LEON | $498,257 | $637,950 | $771,125 | $958,350 |
| LEVY | $498,257 | $637,950 | $771,125 | $958,350 |
| LIBERTY | $498,257 | $637,950 | $771,125 | $958,350 |
| MADISON | $498,257 | $637,950 | $771,125 | $958,350 |
| MANATEE | $547,400 | $700,750 | $847,050 | $1,052,700 |
| MARION | $498,257 | $637,950 | $771,125 | $958,350 |
| MARTIN | $546,250 | $699,300 | $845,300 | $1,050,500 |
| MIAMI-DADE | $621,000 | $795,000 | $960,950 | $1,194,250 |
| MONROE | $929,200 | $1,189,550 | $1,437,900 | $1,786,950 |
| NASSAU | $564,650 | $722,850 | $873,750 | $1,085,900 |
| OKALOOSA | $603,750 | $772,900 | $934,250 | $1,161,050 |
| OKEECHOBEE | $498,257 | $637,950 | $771,125 | $958,350 |
| ORANGE | $498,257 | $637,950 | $771,125 | $958,350 |
| OSCEOLA | $498,257 | $637,950 | $771,125 | $958,350 |
| PALM BEACH | $621,000 | $795,000 | $960,950 | $1,194,250 |
| PASCO | $498,257 | $637,950 | $771,125 | $958,350 |
| PINELLAS | $498,257 | $637,950 | $771,125 | $958,350 |
| POLK | $498,257 | $637,950 | $771,125 | $958,350 |
| PUTNAM | $498,257 | $637,950 | $771,125 | $958,350 |
| SANTA ROSA | $498,257 | $637,950 | $771,125 | $958,350 |
| SARASOTA | $547,400 | $700,750 | $847,050 | $1,052,700 |
| SEMINOLE | $498,257 | $637,950 | $771,125 | $958,350 |
| ST. JOHNS | $564,650 | $722,850 | $873,750 | $1,085,900 |
| ST. LUCIE | $546,250 | $699,300 | $845,300 | $1,050,500 |
| SUMTER | $498,257 | $637,950 | $771,125 | $958,350 |
| SUWANNEE | $498,257 | $637,950 | $771,125 | $958,350 |
| TAYLOR | $498,257 | $637,950 | $771,125 | $958,350 |
| UNION | $498,257 | $637,950 | $771,125 | $958,350 |
| VOLUSIA | $498,257 | $637,950 | $771,125 | $958,350 |
| WAKULLA | $498,257 | $637,950 | $771,125 | $958,350 |
| WALTON | $603,750 | $772,900 | $934,250 | $1,161,050 |
| WASHINGTON | $498,257 | $637,950 | $771,125 | $958,350 |
Types of FHA Loans in Florida
There are various types of FHA loans available in the state of Florida for both purchases and also refinances. Each of these are for a specific situation that a home buyer or current homeowner may encounter. Although these programs are available, not every lender offers them and the ones who do may have their own unique requirements.
- Standard Purchase
- Standard Refinance
- FHA 203k Rehab (when buying or refinancing)
- FHA Streamline Refinance
- FHA One Time Close Construction Loan
- FHA Cash Out Refinance
- FHA Energy Efficient Mortgage
We will review some of these government backed FHA programs below and will provide additional information.
FHA 203k Loans in Florida
FHA 203k loans are a great program which will allow you to borrow the money needed to purchase the home plus additional funds needed to rehabilitate or remodel the home. This program is also available in your state and we have loan officers who can help with your FHA 203k loan.
If you would like to fully understand how this program works, we suggest reading our article on FHA 203k loans.
FHA Streamline Refinance in Florida
The FHA streamline refinance program is available to existing homeowners who would like to refinance for a lower rate while eliminating some of the refinance costs such as an appraisal. You may also get a discount on the mortgage insurance premium which is another advantage.
For more information, please read our article on the FHA streamline refinance.
FHA Construction Loans in Florida
You may be interested in building your home in Florida rather than purchasing a pre-existing home. You may qualify for the FHA One Time Close Construction Loan which will allow you to purchase a lot and also build your dream home all with just 3.5% down.
The loan will cover the cost of the lot, your architect and engineering, permits and the complete cost of the build. If you already own your lot, the equity can be used towards the down payment.
This is one of the most affordable ways to build your dream home. Although FHA guidelines permit credit scores down to 500, you can expect the requirements for the construction loan to be much higher.
The first step is to see how much you can get approved for. Then, you will need to find a builder and possibly an architect if you are looking for a custom home. Be prepared for a lot of work for you as the Florida homebuyer.
To start the process, contact us here to see how much you can get approved for and also to answer any of your questions.
Florida FHA Loan Pre-Approval Process
If you are looking for an FHA loan, there is an optimal process you should follow to get pre-approved.
- The first step is to make sure you have the minimum down payment needed to qualify
- Check your credit and try to cleanup anything that is pulling down your scores
- Get a copy of your tax returns for the past two years
- Get copies of your pay stubs for the past month
- Get copies of your last two months’ bank statements
- Speak to an FHA lender about your loan scenario
Speak to a us early in the process because they can identify opportunities to help with your FHA approval. This should be done months before you start looking for a home. Read more about how to get pre-approved for an FHA loan.
What to Look for in an FHA Lender
We ask that you take a few things into consideration before you make a decision on a lender. Some of these also may be, or should be very important to you as you continue shopping for an FHA loan.
A good FHA lender will:
- Allow for credit scores as low as 500
- Provide FHA 203k loans
- Offer competitive rates and fees
- Have a great processing and underwriting team
- Work closely with you throughout the loan process
- Communicate well and will provide you with updates along the way
Although lenders who offer FHA loans are insured against default, you will find they may still have a conservative implementation of the FHA loan requirements. This means they may not allow for low credit scores, gaps in employment, or a high debt-to-income ratio.
The points referenced above is where we excel. That plus our decades of experience is why we believe to be the right choice for you. We can help you with all of those scenarios with personal service nights and weekends.
Let us help you to secure a mortgage to purchase or refinance a home in your area by completing this FHA loan scenario form with some basic loan scenario information.
Florida FHA Loan Calculator
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Frequently Asked FHA Questions
Can I get an FHA loan with a bankruptcy?
In general, you will need to wait two years before applying for an FHA loan after a bankruptcy. However, there are some exceptions which may allow you to apply sooner. Read our article on the bankruptcy waiting period.
Are all FHA lenders the same?
Not all lenders who offer FHA loans are the same. They all do not offer all of the FHA programs and their rates and fees may also vary. Most importantly, the individuals who help to process and underwrite your loan will have a huge impact on your FHA loan experience.
Can I use gift funds for an FHA loan?
FHA loans do allow for gift funds to cover your down payment as well as your closing costs. The gift funds must come from a relative or a close friend as approved by the lender. You will need to provide us with a gift letter that is signed by the donor.
Do I need an appraisal for an FHA loan?
The FHA does require an appraisal and inspection before your loan can be approved. The FHA inspection has clear guidelines on what needs to be repaired before your loan can close. They want to make sure home buyers are moving into a home that is safe and operational.
Can I get an FHA loan for an investment property?
FHA loans are for primary residences only and if your goal is to purchase an investment property, you cannot use FHA insured financing for that purchase. However, if you are currently living in a home that is financed with an FHA loan, you can move to a new home and keep the current home as an investment.
