View Loan Assumptions
Rates subject to change without notice
Most Florida Counties FHA Loan Limit for 2024 is $498,257 | Monroe County FHA Loan Limits are higher at $929,200
The Federal Housing Administration sets FHA loan limits on an annual basis.
Check to See your Florida FHA Loan Limit here
An FHA mortgage is a government-backed home loan with more flexible lending requirements than those for conforming loans. Because of this, interest rates for FHA mortgages may be somewhat higher, and the buyer may need to pay monthly mortgage insurance premiums along with their monthly loan payments.
FHA loans are insured by the Federal Housing Administration (FHA) and may have an easier qualification process due to less stringent down-payment and credit requirements than conventional mortgages. Note: If you’re a current military member or veteran, you may be eligible for a VA home loan with little or no downpayment.
Lower down payments
An FHA mortgage may require a down payment as low as 3.5 percent, although the interest rate may be somewhat higher than with a conventional mortgage.
Lower credit thresholds
One of the benefits of the FHA loan program is that home buyers may qualify even without a long credit history or outstanding credit.
Popular for refinancing
Many borrowers with newly adjusting ARMs look to refinance into fixed-rate FHA loans.
FHA Minimum Property Requirements – see here
You can click on the button below or apply online; if you prefer to speak with one of our Home Buyer Experts, we would be happy to speak with you at 888-259-2257.
DOWN PAYMENT |
3% |
3.5% |
MINIMUM CREDIT SCORE |
Varies by loan program |
Varies by loan program |
RATES |
Rates are determined by the lender based on guidelines/credit criteria. |
Rates are determined by the lender based on guidelines/credit criteria. |
MORTGAGE INSURANCE |
Private Mortgage Insurance is required with less than 20% down. |
Upfront mortgage insurance premium can be added into the loan + monthly mortgage insurance premium. |
PROPERTY |
Can be primary, investment, or secondary residence |
Primary residence only |
SELLERS ASSISTANCE |
Seller can assist with closing cost up to 6%. |
Seller can assist with closing cost up to 6%. |
PROPERTY LOCATIONS |
In all 50 states |
In all 50 states |
TERMS |
10 – 30 years (5 year increments) |
Up to 30 years |
LOAN LIMITS |
Up to $766,550 in 2024. |
Loan limits vary based on # of units, county, etc. |
PRODUCTS OFFERED |
Fixed Conventional & 5/1 ARM (Adjustable Rate Mortgage) |
Fixed & ARM Programs |