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2020 Florida FHA Loan Requirements

Florida FHA Loan | Requirements | 2020 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Florida.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Florida FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in Florida.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in Florida below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Florida.  To have an FHA lender contact you, request a free consultation.

2020 Florida FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Florida:

 

County Single Family 2 Family 3 Family 4 Family
ALACHUA $331,760 $424,800 $513,450 $638,100
BAKER $373,750 $478,450 $578,350 $718,750
BAY $331,760 $424,800 $513,450 $638,100
BRADFORD $331,760 $424,800 $513,450 $638,100
BREVARD $331,760 $424,800 $513,450 $638,100
BROWARD $373,750 $478,450 $578,350 $718,750
CALHOUN $331,760 $424,800 $513,450 $638,100
CHARLOTTE $331,760 $424,800 $513,450 $638,100
CItrUS $331,760 $424,800 $513,450 $638,100
CLAY $373,750 $478,450 $578,350 $718,750
COLLIER $450,800 $577,100 $697,600 $866,950
COLUMBIA $331,760 $424,800 $513,450 $638,100
COLUMBIA $331,760 $424,800 $513,450 $638,100
DESOTO $331,760 $424,800 $513,450 $638,100
DUVAL $373,750 $478,450 $578,350 $718,750
ESCAMBIA $331,760 $424,800 $513,450 $638,100
FLAGLER $331,760 $424,800 $513,450 $638,100
FRANKLIN $331,760 $424,800 $513,450 $638,100
GADSDEN $331,760 $424,800 $513,450 $638,100
GILCHRIST $331,760 $424,800 $513,450 $638,100
GLADES $331,760 $424,800 $513,450 $638,100
GULF $331,760 $424,800 $513,450 $638,100
HAMILTON $331,760 $424,800 $513,450 $638,100
HARDEE $331,760 $424,800 $513,450 $638,100
HENDRY $331,760 $424,800 $513,450 $638,100
HERNANDO $331,760 $424,800 $513,450 $638,100
HIGHLANDS $331,760 $424,800 $513,450 $638,100
HILLSBOROUGH $331,760 $424,800 $513,450 $638,100
HOLMES $331,760 $424,800 $513,450 $638,100
INDIAN RIVER $331,760 $424,800 $513,450 $638,100
JACKSON $331,760 $424,800 $513,450 $638,100
JEFFERSON $331,760 $424,800 $513,450 $638,100
LAFAYETTE $331,760 $424,800 $513,450 $638,100
LAKE $331,760 $424,800 $513,450 $638,100
LEE $331,760 $424,800 $513,450 $638,100
LEON $331,760 $424,800 $513,450 $638,100
LEVY $331,760 $424,800 $513,450 $638,100
LIBERTY $331,760 $424,800 $513,450 $638,100
MADISON $331,760 $424,800 $513,450 $638,100
MANATEE $331,760 $424,800 $513,450 $638,100
MARION $331,760 $424,800 $513,450 $638,100
MARTIN $350,750 $449,000 $542,750 $674,500
MIAMI-DADE $373,750 $478,450 $578,350 $718,750
MONROE $552,000 $706,650 $854,200 $1,061,550
NASSAU $373,750 $478,450 $578,350 $718,750
OKALOOSA $391,000 $500,550 $605,050 $751,900
OKEECHOBEE $331,760 $424,800 $513,450 $638,100
ORANGE $331,760 $424,800 $513,450 $638,100
OSCEOLA $331,760 $424,800 $513,450 $638,100
PALM BEACH $373,750 $478,450 $578,350 $718,750
PASCO $331,760 $424,800 $513,450 $638,100
PINELLAS $331,760 $424,800 $513,450 $638,100
POLK $331,760 $424,800 $513,450 $638,100
PUTNAM $331,760 $424,800 $513,450 $638,100
SANTA ROSA $331,760 $424,800 $513,450 $638,100
SARASOTA $331,760 $424,800 $513,450 $638,100
SEMINOLE $331,760 $424,800 $513,450 $638,100
ST. JOHNS $373,750 $478,450 $578,350 $718,750
ST. LUCIE $350,750 $449,000 $542,750 $674,500
SUMTER $331,760 $424,800 $513,450 $638,100
SUWANNEE $331,760 $424,800 $513,450 $638,100
TAYLOR $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
VOLUSIA $331,760 $424,800 $513,450 $638,100
WAKULLA $331,760 $424,800 $513,450 $638,100
WALTON $391,000 $500,550 $605,050 $751,900
WASHINGTON $331,760 $424,800 $513,450 $638,100

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