How much are FHA closing costs in Florida?

Florida FHA closing costs average about 2.5–4% of the loan amount, including your upfront mortgage insurance premium (1.75%). But the FHA allows the seller to pay up to 6% of the sales price towards your closing costs. With a motivated seller, you may be able to lower or even eliminate those expenses. But you will still need to cover your down payment (3.5% of the purchase price with a FICO score of 580 or more).

What is the maximum you can borrow on an FHA loan in Florida?

The limit for single-family dwellings in 53 of the 67 Florida counties is $420,680. High-cost real estate markets like Naples, Marco Island, and the Florida Keys have higher FHA loan limits than low-cost markets. The size of the property also determines the maximum allowable loan amount.The maximum amount you can borrow on an FHA loan in Florida is $1,366,750 for a four-unit residential property in Monroe County. The maximum FHA loan for a single-family home in Florida is $710,700 in the same county.

What are the FHA requirements in Florida?

Most FHA requirements are standard across the U.S. However, loan limits vary based on the location of the residential property you plan to purchase. In Florida, those limits range from $420,680 to $1,366,750, depending on the county and the number of units.

Can the Florida Assist Program help with my FHA down payment?

Florida FHA borrowers who qualify for Florida Assist may receive up to $10,000 in down payment assistance. But you must be a first-time homebuyer with a credit score of at least 640. This financial assistance is provided as a no-interest deferred second mortgage. The loan isn’t due until you sell the home, refinance, or pay off your FHA loan some other way.

Elizabeth Boyd

Elizabeth Boyd is a freelance writer who enjoys helping people understand complex subjects through her online content. She has a diverse employment history, working as a paralegal, real estate associate, English tutor, and material control government contractor in the past. She has also lived abroad and traveled extensively due to her military family background.

She segued from paralegal work to writing in 2008 when she assumed the role of Associate Editor for Wickstom Publishing in Denver, CO. Since then, Elizabeth has developed an expansive writing portfolio crafting content for many industries on numerous topics.

Elizabeth studied journalism at the University of Maryland, Munich Campus, Germany, and earned her AA in paralegal studies from Pikes Peak Community College in Colorado Springs.

Elizabeth enjoys reading, cooking, singing, traveling, watching TV, and spending time with family in her free time.

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