FHA loans limit how much you can borrow. The limits can vary by county, and the Federal Housing Administration (FHA) updates those limits every year.

That means FHA loans in Florida for 2020 have different borrowing limits than they did in 2019.

The standard cap for a single-family home is $331,760.

But Florida limits work a little differently. Because borrowing caps are based on 115% of median home prices, Florida’s limits are below the standard in some areas.

That’s why it pays to go with a lender familiar with FHA guidelines.

Here at the Wendy Thompson Lending Team, we’ve got you covered.

To know how much you might be eligible to borrow, let’s dive into the 2020 FHA loan limits in Florida.

FHA LOAN LIMITS FLORIDA BY COUNTY

Florida FHA loan limits vary by county. If you look at Florida’s 67 counties, you’ll find that 42 have limits that fall below the standard amount.

Fortunately, caps are based on home prices in the area. A lower cap generally means you’ll be able to find a home with a lower price tag.

But here’s the thing.

Some areas in Florida are known for their high-priced housing.

For instance, you know the gorgeous Florida Keys? If you’re house shopping there, you’d be buying in Monroe County where FHA loan limits go up to $529,000.

So, location really matters.

Here’s what Florida FHA loan limits look like by county:

florida FHA Loan Limits

Overview:

Of the 67 Florida counties, 42 have FHA loan caps of $356,362. Yes, that’s below the standard in most places in the U.S. 

But in Miami-Dade and Palm Beach counties, Florida FHA loan limits are $402,500. 

And the gorgeous Florida Keys? You can buy a house up to $608,350 with an FHA loan.

FHA Loan Limits In Florida: 

  • Lowest: $356,362
  • Highest: $608,350
  • Website

FHA Loan Limits florida

  • 2021

  • 2020

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Pasco County, FL

$356,362

Pinellas County, FL

$356,362

Polk County, FL

$356,362

Putnam County, FL

$356,362

St. Johns County, FL

$388,700

St. Lucie County, FL

$356,362

Santa Rosa County, FL

$356,362

Sarasota County, FL

$356,362

Seminole County, FL

$356,362

Sumter County, FL

$356,362

Suwannee County, FL

$356,362

Taylor County, FL

$356,362

Union County, FL

$356,362

Volusia County, FL

$356,362

Wakulla County, FL

$356,362

Walton County, FL

$356,362

Washington County, FL

$356,362

Alachua County, FL

$356,362

Bay County, FL

$356,362

Bradford County, FL

$356,362

Brevard County, FL

$356,362

FHA LOAN REQUIREMENTS FLORIDA

FHA loan requirements in Florida aren’t much different than what you’d find in other states.

It’s helpful to know what you need to qualify, so you know what to expect.

Here’s a quick look at the FHA loan Florida requirements:

  • Steady income
  • Good credit score
  • 3.5% down payment

Fico score

APR

Mo. Payment

700+

3.375 %

$1,508.00

660 - 699

3.5 %

$1,525.00

640 - 659

3.625 %

$1,542.00

620 - 639

Currently Unavailable

N/A

600 - 619

Currently Unavailable

N/A

*Updated 6/1/2021 - Rates are based on a $250,000 home with a 3.5% down payment, and includes principal, interest, taxes and insurance.  Rates change often and differ based on your state, down payment, and loan amount.  Click here for correct rates based on your situation.  

We recommend a minimum credit score of 640 to take advantage of the 3.5% down payment option.

If your credit history worries you, take steps to improve your score now. Make sure to pay your bills on time and keep credit balances low. 

Paying down debt and checking your credit report to dispute inaccuracies can give your credit score a quick boost.

What about income requirements?

Don’t worry.

Florida FHA Loan Requirements

FHA loans in Florida don’t have income requirements. 

As long as you earn enough to make the monthly payments, there are no other income guidelines.

Your lender may ask for documentation for proof of income, such as pay stubs, W-2s, or tax returns. They usually ask for your bank statements, too. It’s so they can verify your earnings and confirm you have enough funds to cover the down payment.

But there’s a catch:

While the Federal Housing Administration sets some requirements, others are left up to the individual lender.

That’s why picking a lender is so important.

You could face an uphill battle if the lender isn’t up to date on 2020 Florida FHA loan requirements.

FHA Loan Limits florida

  • 2021

  • 2020

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Calhoun County, FL

$356,362

Charlotte County, FL

$356,362

Citrus County, FL

$356,362

Columbia County, FL

$356,362

Desoto County, FL

$356,362

Dixie County, FL

$356,362

Escambia County, FL

$356,362

Flagler County, FL

$356,362

Franklin County, FL

$356,362

Gadsden County, FL

$356,362

Gilchrist County, FL

$356,362

Glades County, FL

$356,362

Gulf County, FL

$356,362

Hamilton County, FL

$356,362

Hardee County, FL

$356,362

Hendry County, FL

$356,362

Hernando County, FL

$356,362

Highlands County, FL

$356,362

Hillsborough County, FL

$356,362

Holmes County, FL

$356,362

Indian River County, FL

$356,362

Jackson County, FL

$356,362

Jefferson County, FL

$356,362

Lafayette County, FL

$356,362

Lake County, FL

$356,362

HOW TO APPLY FOR FHA LOAN IN FLORIDA

Applying for an FHA loan in Florida is as easy as 1-2-3:

  1. Find an experienced FHA lender to submit your application
  2. Work with a reputable real estate agent to find a home
  3. Deliver documentation to your lender for final loan approval

Sounds easy, right?

And, it is – with a little pre-planning.

Florida FHA Loan Requirements

First, secure a pre-qualification from your FHA lender. 

Here’s why that matters.

When you’re shopping for a home, you’re dreaming big. You want the best house you can afford!

But how do you know what you can afford?

That’s where pre-qualification comes in.

When a lender pre-qualifies you for a loan, you get a realistic idea of how much you can borrow to purchase a house.

A pre-qualification letter can help you and your realtor pick out the perfect home.

Plus, it can give you an advantage when you’re house shopping.

That’s because some sellers require you to submit proof of pre-qualification with your offer.

And if you get that done now? You’re one step ahead.

FHA Loan Limits florida

  • 2021

  • 2020

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Lee County, FL

$356,362

Leon County, FL

$356,362

Levy County, FL

$356,362

Liberty County, FL

$356,362

Madison County, FL

$356,362

Manatee County, FL

$356,362

Marion County, FL

$356,362

Okeechobee County, FL

$356,362

Orange County, FL

$356,362

Osceola County, FL

$356,362

Martin County, FL

$388,700

Baker County, FL

$388,700

Broward County, FL

$388,700

Clay County, FL

$388,700

Duval County, FL

$388,700

Miami-Dade County, FL

$402,500

Nassau County, FL

$388,700

Palm Beach County, FL

$402,500

Baker County, FL

$388,700

Okaloosa County, FL

$441,600

Collier County, FL

$460,000

Monroe County, FL

$608,350

FHA LOAN RATES FLORIDA

FHA loans are known for their low down payments and flexible credit requirements.

But there’s a wild card you need to watch for:

Interest rates.

Interest is the fee you pay to the bank to borrow money. It changes daily based on market conditions, but you have some influence over the rate you get.

For instance, one major factor that impacts your rate is your credit score. Other variables include the length of the loan term, how much your down payment is, and your home’s location and sales price.

But here’s the kicker…

Because lenders set their own interest rates, you could pay a higher rate depending on where you get your loan.

That’s important because even the smallest difference matters.

Let’s compare a rate of 3.5% to 3.0% on a $250,000 house with a 30-year mortgage:

3.5% - Expect to pay $154,140.22 in interest over the life of the loan

3.0% - Expect to pay $129,443.63 in interest over the life of the loan

If you can drop your rate by just half a percentage point, you’d save over $24,000. 

And that’s a big chunk of change.

WE WANT TO HELP YOU BUY A HOME!

Now that you know the FHA loan requirements in Florida, it’s time to get out there and get your new home!

But don’t go with any ol’ lender.

You need a trusted lender with experience in the FHA loan program.

The FHA loan experts at the Wendy Thompson Lending Team are here to walk you through the lending process.

We want to help you buy your dream home. Call us today!

The Tactical FHA Loan Blueprint

Deciding on the right FHA lender is the most important decision you will make. Choosing the wrong lender can result in you losing your dream home or costing you hundreds of thousands of dollars in more interest over the life of your mortgage.  

Don’t make that mistake, contact the Wendy Thompson Lending Team today!  

You can start the process by clicking the yellow 'See if I'm Eligible' button on the right side bar under the 'Start your quote for a Home Loan'  or call Wendy’s Team directly at (901) 250-2294, to get started on living the American Dream in the home of your Dreams!