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.

Florida FHA Loan Requirements

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 $314,827. 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 $356,500. 

And the gorgeous Florida Keys? You can buy a house up to $529,000 with an FHA loan.

FHA Loan Limits In Florida: 

  • Lowest: $314,827
  • Highest: $529,000
  • Website

FHA Loan Limits florida

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Pasco County, FL

$314,827

Pinellas County, FL

$314,827

Polk County, FL

$314,827

Putnam County, FL

$314,827

St. Johns County, FL

$314,827

St. Lucie County, FL

$314,827

Santa Rosa County, FL

$314,827

Sarasota County, FL

$314,827

Seminole County, FL

$314,827

Sumter County, FL

$314,827

Suwannee County, FL

$314,827

Taylor County, FL

$314,827

Union County, FL

$314,827

Volusia County, FL

$314,827

Wakulla County, FL

$314,827

Walton County, FL

$314,827

Washington County, FL

$314,827

Alachua County, FL

$331,760

Bay County, FL

$331,760

Bradford County, FL

$331,760

Brevard County, FL

$331,760

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 4/22/20 - 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

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Calhoun County, FL

$331,760

Charlotte County, FL

$331,760

Citrus County, FL

$331,760

Columbia County, FL

$331,760

Desoto County, FL

$331,760

Dixie County, FL

$331,760

Escambia County, FL

$331,760

Flagler County, FL

$331,760

Franklin County, FL

$331,760

Gadsden County, FL

$331,760

Gilchrist County, FL

$331,760

Glades County, FL

$331,760

Gulf County, FL

$331,760

Hamilton County, FL

$331,760

Hardee County, FL

$331,760

Hendry County, FL

$331,760

Hernando County, FL

$331,760

Highlands County, FL

$331,760

Hillsborough County, FL

$331,760

Holmes County, FL

$331,760

Indian River County, FL

$331,760

Jackson County, FL

$331,760

Jefferson County, FL

$331,760

Lafayette County, FL

$331,760

Lake County, FL

$331,760

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

COUNTIES

MAX FHA LOAN LIMIT FOR A SINGLE UNIT

Lee County, FL

$331,760

Leon County, FL

$331,760

Levy County, FL

$331,760

Liberty County, FL

$331,760

Madison County, FL

$331,760

Manatee County, FL

$331,760

Marion County, FL

$331,760

Okeechobee County, FL

$331,760

Orange County, FL

$331,760

Osceola County, FL

$331,760

Martin County, FL

$350,750

Baker County, FL

$350,750

Broward County, FL

$350,750

Clay County, FL

$350,750

Duval County, FL

$350,750

Miami-Dade County, FL

$350,750

Nassau County, FL

$350,750

Palm Beach County, FL

$350,750

Baker County, FL

$373,750

Okaloosa County, FL

$391,000

Collier County, FL

$450,800

Monroe County, FL

$552,000

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!