Use our Florida FHA loan calculator to estimate your conforming FHA loan amount and monthly payments. You can borrow up to $420,680 for a single-family FHA home loan in most Florida counties. You can also use the calculator to estimate Florida jumbo FHA loans which exceed $647,200.
FHA loan calculator for Florida
FHA loan requirements for Florida
Credit score and down-payment requirements for FHA loans are more lenient than most conventional loans. Review some standard FHA loan requirements for Florida home buyers:
A down payment of 3.5% or more. You must put down at least 3.5% of the home price to qualify for a Florida FHA loan.
At least a credit score of 500. If you contribute 10% or more to the down payment, lenders might accept a score between 500 and 579. To qualify for a 3.5% down payment, you'll need a score of 580 o more.
You must purchase the home to use as your primary residence. Buyers must stay there for at least one year. If buying a multi-family dwelling, you must live in one of the units for a year. If there is more than one borrower, at least one of you must move into the home within 60 days of closing.
Your debt-to-income ratio (DTI) must not exceed 43% (or 50% with some lenders). And your mortgage payment-to-income (PTI) ratio must not exceed 40%.
A documented two-year employment history. The Federal Housing Administration (FHA) may ask for pay stubs, W-2s, and tax returns to ensure you can handle the loan's cost.
The property must conform with FHA home appraisal and inspection requirements. Get an appraisal to confirm the home meets minimum HUD standards.
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How to calculate your FHA loan amount
FHA loans require a minimum down payment of 3.5% of the purchase price for borrowers with a minimum credit score of 580. You need a 10% down payment if your score is below 580 but at least 500. The down payment is your out-of-pocket cash amount required to qualify for the loan, and it lowers the amount you need to borrow to purchase the home.
Mortgage insurance premiums (MIPs)
FHA loan requirements include an upfront mortgage insurance premium (FHA funding fee) and monthly mortgage insurance premium payments. This coverage is necessary because FHA borrowers have lower down payment obligations and less stringent credit requirements. Those lenient qualifications make the loans riskier. This insurance helps offset the risk for the lender and the government (loan insurer).
You pay a lump sum UFMIP (1.75% of the loan) at closing or as part of your loan. The ongoing MIPs are added to your monthly mortgage payments. Rates for your continuing coverage vary based on the loan amount, repayment term, and loan-to-value ratio.
FHA maximum mortgage amount
The Department of Housing and Urban Development (HUD) determines the maximum mortgage amount the FHA will insure. Those annual FHA loan limits vary by county and state. The limits are based on the yearly conforming loan limit set by the Federal Housing Finance Agency (FHFA) for the year. Each Florida county has a fixed FHA maximum mortgage amount.
Annual real estate taxes
Florida homeowners must pay annual property taxes assessed by the government. The seller pays for the months and days they owned the property during the year of the sale, and you’ll pay a prorated amount for the balance of the taxable year at closing.
Moving forward, your lender collects a prorated amount from you monthly to cover this expense. The funds are placed in an escrow account until taxes are due and your lender remits the payment.
Annual homeowners insurance
You'll pay for insurance on a monthly prorated basis after paying an initial one-year premium at closing. Lenders require coverage to protect from financial loss in case of property damage. The average monthly premium for homeowners insurance in Florida is $150-$200.
Florida FHA loan FAQ
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.
Florida Housing Finance Corporation. "Homebuyer Overview."