Florida FHA Loan | Requirements | 2023 FHA Loan Limits
FHA loans in Florida brings to you an amazing opportunity to buy your dream home in Florida. The FHA (Federal Housing Administration) is created with prime objective to make home buying easier for an average American. These loans have gained quite high popularity due to their nature, lower down payments, and lenient eligibility criterion , making it easily qualifiable.
Florida FHA Loan Requirements
Below mentioned is a list of the most crucial yet basic requirements to be eligible for an FHA loan in Florida. If you need any help in this regard or wish to check your eligibility, we can help. Request a call back from a reliable FHA lender under our request a free consultation scheme.
- Credit Score– Borrowers with credit score of 580 and higher qualify for the 3.5% down payment under the FHA loan scheme. While, those with a credit score range of 500-579, qualify for a 10% downpayment under the FHA loan.
- Job History – Borrowers need to provide the proof of employment of consistent 2 years to gain eligibility of FHA loans. However, for those who have changed their jobs, a consistent employment and income record needs to be produced.
- Financial Statements– Borrowers need to produce valid financial statements (2 most recent) along with the pay stubs, and their tax returns for the lenders to validate their eligibility.
- Debt-to-Income– Borrowers with debt-to-income ratio higher than 43% are not eligible to qualify under the FHA loan system. However, under special “compensating factors” only, borrowers might qualify even with higher debt levels. These include- substantial money in savings, consistent job history, or good credit scores.
- Primary Residence– Borrowers willing to qualify under FHA loans must intend to buy their primary residence, only failing which their eligibility might get detained. None of the FHA loans substantiate for purchase of an investment property, second home, or vacation home.
- Mortgage Insurance– As a borrower, one must be aware of the two types of mortgage insurances associated with FHA loans, i.e., the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). It is important to back your FHA loans under any of these. Use this FHA loan calculator to get an estimate of your financial obligations right from the monthly payments to the mortgage insurance costs.
- FHA Loan Limits– FHA loans hold maximum lending limits, based on the county level and region. Before applying, one needs to take a look at the FHA loan limits for all counties in Florida as given below.
Would you like to check your eligibility for an FHA loan? Our experts can help you with the same and add to getting the most reliable mortgage lender, offering best rated FHA loans in Florida. To get a call back in this regard, request a free consultation.
2023 Florida FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Florida:
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| ALACHUA | $472,030 | $604,400 | $730,525 | $907,900 |
| BAKER | $526,700 | $674,250 | $815,050 | $1,012,900 |
| BAY | $472,030 | $604,400 | $730,525 | $907,900 |
| BRADFORD | $472,030 | $604,400 | $730,525 | $907,900 |
| BREVARD | $472,030 | $604,400 | $730,525 | $907,900 |
| BROWARD | $557,750 | $714,000 | $863,100 | $1,072,600 |
| CALHOUN | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE | $472,030 | $604,400 | $730,525 | $907,900 |
| CITRUS | $472,030 | $604,400 | $730,525 | $907,900 |
| CLAY | $526,700 | $674,250 | $815,050 | $1,012,900 |
| COLLIER | $672,750 | $861,250 | $1,041,050 | $1,293,750 |
| COLUMBIA | $472,030 | $604,400 | $730,525 | $907,900 |
| DESOTO | $472,030 | $604,400 | $730,525 | $907,900 |
| DIXIE | $472,030 | $604,400 | $730,525 | $907,900 |
| DUVAL | $526,700 | $674,250 | $815,050 | $1,012,900 |
| ESCAMBIA | $472,030 | $604,400 | $730,525 | $907,900 |
| FLAGLER | $472,030 | $604,400 | $730,525 | $907,900 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 |
| GADSDEN | $472,030 | $604,400 | $730,525 | $907,900 |
| GILCHRIST | $472,030 | $604,400 | $730,525 | $907,900 |
| GLADES | $472,030 | $604,400 | $730,525 | $907,900 |
| GULF | $472,030 | $604,400 | $730,525 | $907,900 |
| HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 |
| HARDEE | $472,030 | $604,400 | $730,525 | $907,900 |
| HENDRY | $472,030 | $604,400 | $730,525 | $907,900 |
| HERNANDO | $472,030 | $604,400 | $730,525 | $907,900 |
| HIGHLANDS | $472,030 | $604,400 | $730,525 | $907,900 |
| HILLSBOROUGH | $472,030 | $604,400 | $730,525 | $907,900 |
| HOLMES | $472,030 | $604,400 | $730,525 | $907,900 |
| INDIAN RIVER | $472,030 | $604,400 | $730,525 | $907,900 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| LAFAYETTE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 |
| LEE | $472,030 | $604,400 | $730,525 | $907,900 |
| LEON | $472,030 | $604,400 | $730,525 | $907,900 |
| LEVY | $472,030 | $604,400 | $730,525 | $907,900 |
| LIBERTY | $472,030 | $604,400 | $730,525 | $907,900 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 |
| MANATEE | $506,000 | $647,750 | $783,000 | $973,100 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 |
| MARTIN | $500,250 | $640,400 | $774,100 | $962,050 |
| MIAMI-DADE | $557,750 | $714,000 | $863,100 | $1,072,600 |
| MONROE | $874,000 | $1,118,900 | $1,352,450 | $1,680,800 |
| NASSAU | $526,700 | $674,250 | $815,050 | $1,012,900 |
| OKALOOSA | $603,750 | $772,900 | $934,250 | $1,161,050 |
| OKEECHOBEE | $472,030 | $604,400 | $730,525 | $907,900 |
| ORANGE | $472,030 | $604,400 | $730,525 | $907,900 |
| OSCEOLA | $472,030 | $604,400 | $730,525 | $907,900 |
| PALM BEACH | $557,750 | $714,000 | $863,100 | $1,072,600 |
| PASCO | $472,030 | $604,400 | $730,525 | $907,900 |
| PINELLAS | $472,030 | $604,400 | $730,525 | $907,900 |
| POLK | $472,030 | $604,400 | $730,525 | $907,900 |
| PUTNAM | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. JOHNS | $526,700 | $674,250 | $815,050 | $1,012,900 |
| ST. LUCIE | $500,250 | $640,400 | $774,100 | $962,050 |
| SANTA ROSA | $472,030 | $604,400 | $730,525 | $907,900 |
| SARASOTA | $506,000 | $647,750 | $783,000 | $973,100 |
| SEMINOLE | $472,030 | $604,400 | $730,525 | $907,900 |
| SUMTER | $472,030 | $604,400 | $730,525 | $907,900 |
| SUWANNEE | $472,030 | $604,400 | $730,525 | $907,900 |
| TAYLOR | $472,030 | $604,400 | $730,525 | $907,900 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 |
| VOLUSIA | $472,030 | $604,400 | $730,525 | $907,900 |
| WAKULLA | $472,030 | $604,400 | $730,525 | $907,900 |
| WALTON | $603,750 | $772,900 | $934,250 | $1,161,050 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 |