FHA Loan Requirements, Limits and Approval Tips
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2022 FHA Loan Limits in Florida

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The lure of a Floridian lifestyle with its year-round warm weather makes the sunshine state a popular place to buy a home. Federal Housing Administration (FHA) home loans can help buyers without enough cash for a large down payment or with less-than-excellent credit settle down in the Sunshine State.

In 2022, a buyer can purchase a single-family home in Florida with an FHA loan of up to $420,680 in most counties. That said, if you are looking to move to the Florida Keys, the maximum loan amount goes up to $710,700 in Monroe County.

Florida FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ALACHUA$420,680$538,650$651,050$809,150$240,000
BAKER$432,400$553,550$669,100$831,550$376,000
BAY$420,680$538,650$651,050$809,150$240,000
BRADFORD$420,680$538,650$651,050$809,150$152,000
BREVARD$420,680$538,650$651,050$809,150$252,000
BROWARD$460,000$588,850$711,800$884,600$400,000
CALHOUN$420,680$538,650$651,050$809,150$65,000
CHARLOTTE$420,680$538,650$651,050$809,150$236,000
CITRUS$420,680$538,650$651,050$809,150$163,000
CLAY$432,400$553,550$669,100$831,550$376,000
COLLIER$552,000$706,650$854,200$1,061,550$480,000
COLUMBIA$420,680$538,650$651,050$809,150$142,000
DESOTO$420,680$538,650$651,050$809,150$150,000
DIXIE$420,680$538,650$651,050$809,150$78,000
DUVAL$432,400$553,550$669,100$831,550$376,000
ESCAMBIA$420,680$538,650$651,050$809,150$266,000
FLAGLER$420,680$538,650$651,050$809,150$260,000
FRANKLIN$420,680$538,650$651,050$809,150$150,000
GADSDEN$420,680$538,650$651,050$809,150$214,000
GILCHRIST$420,680$538,650$651,050$809,150$240,000
GLADES$420,680$538,650$651,050$809,150$130,000
GULF$420,680$538,650$651,050$809,150$190,000
HAMILTON$420,680$538,650$651,050$809,150$74,000
HARDEE$420,680$538,650$651,050$809,150$80,000
HENDRY$420,680$538,650$651,050$809,150$140,000
HERNANDO$420,680$538,650$651,050$809,150$303,000
HIGHLANDS$420,680$538,650$651,050$809,150$155,000
HILLSBOROUGH$420,680$538,650$651,050$809,150$303,000
HOLMES$420,680$538,650$651,050$809,150$98,000
INDIAN RIVER$420,680$538,650$651,050$809,150$275,000
JACKSON$420,680$538,650$651,050$809,150$109,000
JEFFERSON$420,680$538,650$651,050$809,150$214,000
LAFAYETTE$420,680$538,650$651,050$809,150$94,000
LAKE$420,680$538,650$651,050$809,150$340,000
LEE$420,680$538,650$651,050$809,150$279,000
LEON$420,680$538,650$651,050$809,150$214,000
LEVY$420,680$538,650$651,050$809,150$240,000
LIBERTY$420,680$538,650$651,050$809,150$74,000
MADISON$420,680$538,650$651,050$809,150$70,000
MANATEE$420,680$538,650$651,050$809,150$355,000
MARION$420,680$538,650$651,050$809,150$185,000
MARTIN$431,250$552,050$667,350$829,350$375,000
MIAMI-DADE$460,000$588,850$711,800$884,600$400,000
MONROE$710,700$909,800$1,099,750$1,366,750$618,000
NASSAU$432,400$553,550$669,100$831,550$376,000
OKALOOSA$539,350$690,450$834,600$1,037,200$469,000
OKEECHOBEE$420,680$538,650$651,050$809,150$100,000
ORANGE$420,680$538,650$651,050$809,150$340,000
OSCEOLA$420,680$538,650$651,050$809,150$340,000
PALM BEACH$460,000$588,850$711,800$884,600$400,000
PASCO$420,680$538,650$651,050$809,150$303,000
PINELLAS$420,680$538,650$651,050$809,150$303,000
POLK$420,680$538,650$651,050$809,150$236,000
PUTNAM$420,680$538,650$651,050$809,150$94,000
SANTA ROSA$420,680$538,650$651,050$809,150$266,000
SARASOTA$420,680$538,650$651,050$809,150$355,000
SEMINOLE$420,680$538,650$651,050$809,150$340,000
ST. JOHNS$432,400$553,550$669,100$831,550$376,000
ST. LUCIE$431,250$552,050$667,350$829,350$375,000
SUMTER$420,680$538,650$651,050$809,150$297,000
SUWANNEE$420,680$538,650$651,050$809,150$90,000
TAYLOR$420,680$538,650$651,050$809,150$88,000
UNION$420,680$538,650$651,050$809,150$112,000
VOLUSIA$420,680$538,650$651,050$809,150$260,000
WAKULLA$420,680$538,650$651,050$809,150$214,000
WALTON$539,350$690,450$834,600$1,037,200$469,000
WASHINGTON$420,680$538,650$651,050$809,150$100,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) decides the set loan limit for FHA loans every year. This limit is the amount of money the FHA will insure on a house. The FHA limits guide the price in each county in the U.S., based on the current year’s conforming loan limit for a conventional mortgage, which is $647,200 in 2022.

The FHA “floor” is 65% of the conforming loan limit, and the maximum “ceiling” limit is 150%. As national housing prices rise and fall, the loan limits can (and often will) change each year. In 2022, the limit is between $420,680 and $970,800.

The higher FHA loan limits only apply to homes in high-cost areas, like the Florida Keys or Miami, for example. Overall, FHA loans are given higher caps in the U.S. Virgin Islands, Alaska, Guam and Hawaii.

How to qualify for an FHA loan in Florida

Florida FHA loans can help shoppers with less cash and lower credit scores qualify for a mortgage. And novice house hunters may be eligible for even more assistance using one of  Florida’s first-time homebuyer programs.

Whether you’re buying a home for the first time or for the fourth time, to qualify for an FHA loan in Florida, you need to meet the FHA loan requirements:

A minimum 3.5% down payment: If your credit score is 580 or higher, you could qualify for this low down payment. If your credit score is lower, plan on saving to make a 10% down payment.

A mortgage amount under the FHA loan limit for the area: Because FHA loan rules don’t allow you to borrow more than the local county FHA limit. If your potential home is over the limit, you will need to save to cover the difference with a larger down payment.

A minimum 500 credit score: Remember the 580-or-more credit score rule for 3.5%. If your credit score is less, you may still qualify for an FHA loan. However, anything under 500 means you will need to up your score before being eligible for an FHA loan. Check your credit score here.

An FHA home appraisal: An FHA appraisal and home inspection can make or break your loan. The appraisal follows a strict set of FHA-approved guidelines, including whether the home is in good enough shape to qualify for an FHA loan.

A debt-to-income (DTI) ratio of less than 50%: The DTI ratio used to be set at 43% or less, but as of 2022, some lenders will allow you to proceed with an FHA loan with 50% or less. The DTI ratio shows the lender your monthly debts compared to your income.

Mortgage Insurance: You need two kinds of mortgage insurance for FHA loans: an annual mortgage insurance premium (MIP) and an upfront mortgage insurance premium (UFMIP). MIP costs 0.45% to 1.05% of your loan amount and UFMIP costs 1.75% of your loan amount. The good news is most lenders will let you roll these costs into your mortgage.

Occupancy: The home you buy with an FHA home loan must be your primary residence for at least a year after purchase.

Buying a multifamily property with an FHA loan

The FHA requirements for purchasing a single-family home apply to buying a multifamily building. You can purchase a multifamily home with up to four units using an FHA loan, as long as you live in one of them. An FHA loan allows a buyer to rent out three living spaces.  To qualify for the higher FHA loan rates, you can buy a duplex, a triplex or a building with four separate living areas, just as long as one unit is used as your primary address.

The highest loan limit for a four-family home in Florida is $1,061,550, with most counties across the state averaging $809,150 for a four-unit multifamily property.

FHA lenders in Florida

Lender nameLT ratingMinimum FHA credit score
Lower.com10580
Guaranteed Rate9.0620
Rocket Mortgage9.5580
Zillow8580
Wells Fargo8Not disclosed

 

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