Whether youre a first-time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.580 Credit Score- and only -3.5% Down RELATED ARTICLES
FHA loan limits were established to define how much you can borrow for a HUD-backed mortgage. Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan.
For , the FHA floor was set at $498,257 for single-family home loans. This minimum lending amount covers most U.S. counties. The FHA ceiling represents the maximum loan amount and is illustrated in the table below.
Also for 2024, the FHA ceiling was set at $1,149,825 for single-family home loans. This represents the highest amount that a borrower can get through the FHA loan program. It applies to high cost areas in the United States and is illustrated in the table below.
Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down payment assistance in the form of grants or second mortgages.
The dream of homeownership is within reach for many Floridians thanks to the flexibility of FHA loans. These government-backed mortgages feature low down payments and flexible credit requirements. However, FHA does cap the maximum loan amount you can borrow based on median home prices in your county. It’s important to understand these FHA loan limits when buying a home in Florida.
This comprehensive guide examines the ins and outs of FHA loan limits across the Sunshine State. Read on to learn how maximum insurable loan amounts are determined and how to confirm your chosen property falls within your county’s thresholds.
How FHA Loan Limits Are Calculated
The Federal Housing Administration sets county-level limits on the maximum mortgage amount they will insure based on the following criteria:
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Median home values – The limit aims to be 115% of a county’s median home sales price from the prior year, The FHA analyzes regional sales data to determine the median,
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Statutory ceilings – Regardless of median prices, loan limits cannot exceed a maximum ceiling set by Congress. For 2023, the ceiling is $970,800 for a single-family home.
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Floor – There is also a minimum floor to ensure affordable loans in lower-cost areas. The 2023 floor is $420,680.
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Unit number – You can borrow more for a 2-4 unit home than a single-family residence. Limits for multiple units are a percentage of the base limit.
The FHA recalculates limits annually, so they keep pace with fluctuating real estate values. There are also special exceptions for high-cost locales like Alaska and Hawaii.
FHA Loan Limits for Florida Counties
Based on median prices and statutory ranges, here are the 2023 FHA loan limits for single-family homes in select Florida counties:
| County | Limit |
|---|---|
| Miami-Dade County | $970,800 |
| Broward County | $970,800 |
| Palm Beach County | $970,800 |
| Hillsborough County | $517,000 |
| Orange County | $517,000 |
| Pinellas County | $517,000 |
| Duval County | $517,000 |
| Polk County | $517,000 |
| Lee County | $517,000 |
| Pasco County | $517,000 |
As expected, South Florida counties with pricier real estate have higher limits approaching the national maximum. More affordable areas like Polk County have lower thresholds.
You can lookup exact limits by specific address using FHA loan limit tools. This also provides limits for 2-4 unit dwellings which are higher.
Why FHA Loan Limits Matter
It’s essential to pay attention to FHA’s maximum insurable loan amounts when considering an FHA mortgage. If you attempt to borrow above your county’s designated limit, your loan will not be eligible for FHA insurance.
This insurance from the Federal Housing Administration protects lenders from losses if you were to default on the mortgage. So loans that exceed FHA limits are riskier for lenders.
That’s why most lenders will not approve FHA loans above the local limit. The home’s purchase price or appraisal value must fall under the maximum to qualify.
Alternatives if Above FHA Loan Limits
You have a few options if your dream home exceeds your area’s FHA loan limit:
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Conventional loan – Private mortgages outside FHA guidelines may allow higher loan amounts. You’ll likely need a down payment above 3.5% and meet stricter credit score requirements.
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Jumbo loan – Some lenders offer pricier “jumbo” mortgages that exceed conforming limits. However, you’ll pay a higher interest rate and fees.
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VA or USDA loans – No strict loan limits on mortgages backed by the VA or USDA Rural Housing program. But you must meet their eligibility rules.
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Less expensive home – The simplest solution is opting for a lower priced property that falls under your county’s FHA limit.
The Bottom Line
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Whether youre a first-time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.580 Credit Score- and only -3.5% Down RELATED ARTICLES
FHA loan limits were established to define how much you can borrow for a HUD-backed mortgage. Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan.
For , the FHA floor was set at $498,257 for single-family home loans. This minimum lending amount covers most U.S. counties. The FHA ceiling represents the maximum loan amount and is illustrated in the table below.
| FHA Limits (low cost areas) | |||
| Single | Duplex | Tri-plex | Four-plex |
|---|---|---|---|
| $498,257 | $637,950 | $771,125 | $958,350 |
Also for 2024, the FHA ceiling was set at $1,149,825 for single-family home loans. This represents the highest amount that a borrower can get through the FHA loan program. It applies to high cost areas in the United States and is illustrated in the table below.
| FHA Limits (high cost areas) | |||
| Single | Duplex | Tri-plex | Four-plex |
|---|---|---|---|
| $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down payment assistance in the form of grants or second mortgages.
NEW FHA Loan Requirements 2024 – How much can you afford with 100K? – FHA Loan 2024
FAQ
What is the maximum FHA loan amount in Florida?
What are the 2024 FHA loan limits?
Is there a limit to how many FHA loans can you have?
What is the largest FHA loan you can get?
Is there a minimum amount for a FHA loan?
When it comes to income limitations and requirements for FHA home loans, there is no minimum or maximum.
What disqualifies a house from a FHA loan?
Through underwriting approval, the lender represents to the FHA that a home meets its standards for insurance coverage. The coverage protects the lender if the borrower later defaults. A house that is too expensive cannot qualify for an FHA loan. HUD sets loan limits annually, which vary by area and number of units .
Is it possible to have a FHA loan?
You can qualify for an FHA loan even if you have thousands of dollars in student-loan debt. But student-loan payments can make it more difficult, and may limit the amount you can borrow. It’s a fact that student loan debt can significantly limit the amount of mortgage you can qualify for.
Do you qualify for a FHA loan?
You need a FICO credit score of at least 580 to qualify for a 3.5% down payment. If your score is between 500 and 579, you can still qualify for an FHA loan with a 10% down payment from some lenders. FHA loan qualifications are relatively straightforward, but lenders can impose their own minimums on credit scores.