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 Federal Housing Administration (FHA) sets maximum mortgage limits for the loans it insures on a county-by-county basis across the United States. As a Florida homebuyer looking to get an FHA loan, it’s important to know the FHA loan limits applicable in your county.
In this comprehensive guide, we’ll explore FHA loan limits across all 67 counties in Florida for 2024
Overview of FHA Loan Limits
The FHA insures mortgages up to a certain dollar amount, protecting lenders from losses if borrowers default. The maximum insurable loan varies based on:
- Location – Set at county level, higher limits in high cost areas
- Property type – Higher limits for 2, 3 and 4 unit properties
- Number of bedrooms – Limits increase for homes with more bedrooms
Limits are highest for 4-unit properties in high cost counties. The lowest limit nationwide is $5,000 in rural low cost areas.
FHA published new limits for 2024 effective January 1st. Nationwide limits rose to $498,257 for 1-unit properties, up from $488,189 in 2023. Let’s look at how this impacts FHA loan limits across Florida’s counties.
Florida Statewide FHA Loan Limits
Florida has base FHA loan limits of:
- 1-unit: $498,257
- 2-unit: $637,950
- 3-unit: $771,125
- 4-unit: $958,350
These apply to most counties in Florida. However, some high cost counties exceed the base limits.
Monroe County containing the Florida Keys has the highest FHA loan ceilings in the state:
- 1-unit: $929,200
- 2-unit: $1,191,600
- 3-unit: $1,454,000
- 4-unit: $1,786,950
So FHA loans up to $1.78 million are possible in Monroe County depending on the property.
FHA Limits by Florida County
Below are the 2024 FHA mortgage limits for all counties in Florida:
| County | 1-Unit Limit | 4-Unit Limit |
|---|---|---|
| Alachua County | $498,257 | $958,350 |
| Baker County | $564,650 | $1,085,900 |
| Bay County | $498,257 | $958,350 |
| Bradford County | $498,257 | $958,350 |
| Brevard County | $498,257 | $958,350 |
(table continues for all 67 counties in Florida…)
As you can see, most counties have the base limits of $498,257 for 1-unit homes.
But some counties have higher limits based on median home prices. For example, the limit for 4-unit properties in Monroe County is $1,786,950.
So it’s essential to check the FHA mortgage limits in your specific county. Limits for 2, 3, and 4-bedroom homes are also published by county.
Checking FHA Loan Limits for Your County
You can easily look up FHA mortgage limits by county on HUD’s website here.
Just select your state, county, property type, year, and loan program. It will display the current FHA loan limit along with median home price data used to calculate the limit.
You can also find a map of Florida’s FHA limits by county here. This lets you click on your county to see the applicable limits.
Qualifying for FHA Financing Above County Limits
In some cases, you may want to buy a home priced higher than FHA limits in your county. This requires special approval.
Options include:
- Down payment – Putting down a larger down payment to keep the loan under FHA limits
- Secondary financing – Combining an FHA loan with a second mortgage or grant
- VA or USDA loan – The VA and USDA have higher limits than FHA in some areas
Talk to a lender to discuss qualifying for a mortgage above your county’s FHA loan ceilings. They can guide you through available options.
The Bottom Line
It’s important to pay attention to FHA’s county loan limits when seeking FHA financing in Florida. Confirm the limits for your specific county and property type so you know the maximum FHA mortgage you can qualify for.
Shopping for a home priced above your area’s FHA limits? A lender can advise you on secondary financing or alternative loan programs to make it affordable. Getting pre-approved will show your max buying power under the FHA limits applicable to your situation.
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2024 FHA Loan Limits Explained
FAQ
What are the FHA loan limits in Florida?
What are the 2024 FHA loan limits?
What is the conforming loan limit for 2024 in Florida?
What determines the maximum FHA loan limit?
Can I get an FHA loan in Florida?
To qualify for an FHA loan in Florida, your home loan must be below the local FHA loan limits in your area. For 2024, the maximum loan limit in Florida is $498,257 for a single-family home and $1,786,950 for a four-plex. Limits varies by county. The minimum loan limit is $5,000. Loan limits vary by county and home size.
What is the maximum loan amount I can qualify for with an FHA loan?
According to the **U.S. Department of Housing and Urban Development (HUD)**, the maximum loan amount for a single-family home in 2024 is $498,257 in low-cost areas and $1,149,825 in high-cost areas .
What is the FHA loan limit in Florida?
The FHA loan limit for single-family homes in Florida ranges from $498,257 to $929,200. How are FHA loan limits determined? Each year, FHA loan limits are calculated as a percentage of the conforming loan limit amounts for conventional loans by the Federal Housing Finance Agency (FHFA).
What are the FHA loan limits?
Limits varies by county. The minimum loan limit is $5,000. Loan limits vary by county and home size. In addition to loan limits, to qualify for an FHA loan you must live in the home as your primary residence. If you’re purchasing a multi-family home, the monthly Fair Market Rent (FMR) for the property must exceed 1% of the purchase price.