What are the 2024 FHA Limits in Florida?
Well, you’re in good hands, because today, we’ll reveal and explain the 2024 FHA Florida Loan Limits increase.
The Federal Housing Administration (FHA) sets its own loan limits, distinct from conforming loan limits.
In 2024, Florida experienced an increase in its FHA loan limits, establishing a new ceiling of $498,257 for one-family properties, $637,950 for two-family properties, $771,125 for three-family properties, and $958,350 for four-family properties.
However, some Florida counties go even higher due to elevated median home prices.
For example, Key West (Monroe County), Naples (Collier County), Miami (Miami-Dade County), West Palm Beach (Palm Beach County), and Fort Lauderdale (Broward County) are some of the cities where you can find higher FHA loan limits.
Table of Contents
2024 FHA County Loan Limits Florida
| Florida County | One-Family | Two-Family | Three-Family | Four-Family | Median Sale Price |
|---|---|---|---|---|---|
| ALACHUA | $498,257 | $637,950 | $771,125 | $958,350 | $305,000 |
| BAKER | $564,650 | $722,850 | $873,750 | $1,085,900 | $491,000 |
| BAY | $498,257 | $637,950 | $771,125 | $958,350 | $320,000 |
| BRADFORD | $498,257 | $637,950 | $771,125 | $958,350 | $170,000 |
| BREVARD | $498,257 | $637,950 | $771,125 | $958,350 | $342,000 |
| BROWARD | $621,000 | $795,000 | $960,950 | $1,194,250 | $540,000 |
| CALHOUN | $498,257 | $637,950 | $771,125 | $958,350 | $75,000 |
| CHARLOTTE | $498,257 | $637,950 | $771,125 | $958,350 | $329,000 |
| CITRUS | $498,257 | $637,950 | $771,125 | $958,350 | $235,000 |
| CLAY | $564,650 | $722,850 | $873,750 | $1,085,900 | $491,000 |
| COLLIER | $730,250 | $934,850 | $1,130,000 | $1,404,350 | $635,000 |
| COLUMBIA | $498,257 | $637,950 | $771,125 | $958,350 | $174,000 |
| DESOTO | $498,257 | $637,950 | $771,125 | $958,350 | $180,000 |
| DIXIE | $498,257 | $637,950 | $771,125 | $958,350 | $92,000 |
| DUVAL | $564,650 | $722,850 | $873,750 | $1,085,900 | $491,000 |
| ESCAMBIA | $498,257 | $637,950 | $771,125 | $958,350 | $325,000 |
| FLAGLER | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| FRANKLIN | $498,257 | $637,950 | $771,125 | $958,350 | $166,000 |
| GADSDEN | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| GILCHRIST | $498,257 | $637,950 | $771,125 | $958,350 | $305,000 |
| GLADES | $498,257 | $637,950 | $771,125 | $958,350 | $175,000 |
| GULF | $498,257 | $637,950 | $771,125 | $958,350 | $310,000 |
| HAMILTON | $498,257 | $637,950 | $771,125 | $958,350 | $100,000 |
| HARDEE | $498,257 | $637,950 | $771,125 | $958,350 | $125,000 |
| HENDRY | $498,257 | $637,950 | $771,125 | $958,350 | $215,000 |
| HERNANDO | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| HIGHLANDS | $498,257 | $637,950 | $771,125 | $958,350 | $200,000 |
| HILLSBOROUGH | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| HOLMES | $498,257 | $637,950 | $771,125 | $958,350 | $122,000 |
| INDIAN RIVER | $498,257 | $637,950 | $771,125 | $958,350 | $366,000 |
| JACKSON | $498,257 | $637,950 | $771,125 | $958,350 | $130,000 |
| JEFFERSON | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| LAFAYETTE | $498,257 | $637,950 | $771,125 | $958,350 | $100,000 |
| LAKE | $498,257 | $637,950 | $771,125 | $958,350 | $426,000 |
| LEE | $498,257 | $637,950 | $771,125 | $958,350 | $370,000 |
| LEON | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| LEVY | $498,257 | $637,950 | $771,125 | $958,350 | $305,000 |
| LIBERTY | $498,257 | $637,950 | $771,125 | $958,350 | $79,000 |
| MADISON | $498,257 | $637,950 | $771,125 | $958,350 | $82,000 |
| MANATEE | $547,400 | $700,750 | $847,050 | $1,052,700 | $476,000 |
| MARION | $498,257 | $637,950 | $771,125 | $958,350 | $262,000 |
| MARTIN | $546,250 | $699,300 | $845,300 | $1,050,500 | $475,000 |
| MIAMI-DADE | $621,000 | $795,000 | $960,950 | $1,194,250 | $540,000 |
| MONROE | $929,200 | $1,189,550 | $1,437,900 | $1,786,950 | $808,000 |
| NASSAU | $564,650 | $722,850 | $873,750 | $1,085,900 | $491,000 |
| OKALOOSA | $603,750 | $772,900 | $934,250 | $1,161,050 | $518,000 |
| OKEECHOBEE | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| ORANGE | $498,257 | $637,950 | $771,125 | $958,350 | $426,000 |
| OSCEOLA | $498,257 | $637,950 | $771,125 | $958,350 | $426,000 |
| PALM BEACH | $621,000 | $795,000 | $960,950 | $1,194,250 | $540,000 |
| PASCO | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| PINELLAS | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| POLK | $498,257 | $637,950 | $771,125 | $958,350 | $315,000 |
| PUTNAM | $498,257 | $637,950 | $771,125 | $958,350 | $117,000 |
| SANTA ROSA | $498,257 | $637,950 | $771,125 | $958,350 | $325,000 |
| SARASOTA | $547,400 | $700,750 | $847,050 | $1,052,700 | $476,000 |
| SEMINOLE | $498,257 | $637,950 | $771,125 | $958,350 | $426,000 |
| ST. JOHNS | $564,650 | $722,850 | $873,750 | $1,085,900 | $491,000 |
| ST. LUCIE | $546,250 | $699,300 | $845,300 | $1,050,500 | $475,000 |
| SUMTER | $498,257 | $637,950 | $771,125 | $958,350 | $370,000 |
| SUWANNEE | $498,257 | $637,950 | $771,125 | $958,350 | $113,000 |
| TAYLOR | $498,257 | $637,950 | $771,125 | $958,350 | $120,000 |
| UNION | $498,257 | $637,950 | $771,125 | $958,350 | $131,000 |
| VOLUSIA | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| WAKULLA | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| WALTON | $603,750 | $772,900 | $934,250 | $1,161,050 | $518,000 |
| WASHINGTON | $498,257 | $637,950 | $771,125 | $958,350 | $119,000 |
What Determines FHA Loan Limits?
FHA loan limits are determined on a county-by-county basis, primarily based on the median home prices from the previous year.
The Federal Housing Finance Agency (FHFA) uses housing price data to establish conforming loan limits for conventional loans.
The U.S. Department of Housing and Urban Development (HUD) employs these limits to set both a “floor” and a “ceiling” for FHA loans.
The “floor” represents the maximum loan amount available for FHA loans in most regions, calculated as 65% of the conforming loan limit.
In contrast, the “ceiling” pertains to high-cost areas and can be as much as 150% of the conforming loan limit.
In 2024, Florida has new FHA loan ceilings of $498,257 for one-family properties, $637,950 for two-family properties, $771,125 for three-family properties, and $958,350 for four-family properties.
Some high cost of living counties with higher home prices may exceed these limits.
How Can I Qualify for an FHA Loan in Florida?
An FHA-backed loan provides homebuyers in Florida with an opportunity to purchase a home with a lower credit score and a smaller down payment compared to conventional loan requirements.
Here’s a general guide on how to qualify for an FHA loan in Florida in 2024:
1. Credit Score Requirements
- Minimum Credit Score: Typically, a minimum credit score of 580 is required for an FHA loan, allowing a down payment as low as 3.5%.
- Lower Credit Scores: Applicants with credit scores between 500 and 579 may still be eligible but might need a down payment of at least 10%.
2. Down Payment
- Standard Down Payment: With a credit score of 580 or higher, a 3.5% down payment is standard.
- Gift Funds: FHA loans permit down payments using gift funds, subject to specific conditions and documentation.
3. Debt-to-Income Ratio (DTI)
- DTI Limits: Generally, your DTI should not exceed 43% to 45%, comparing your gross monthly income to your monthly debt obligations.
- Higher DTI Ratios: In some cases, lenders may accept higher DTI ratios if there are compensating factors, such as a higher credit score or larger down payment.
4. Mortgage Insurance
- Upfront and Annual Premiums: FHA loans require both upfront and annual mortgage insurance premiums (MIP). The upfront MIP can be rolled into the mortgage, while the annual MIP is paid monthly as part of your mortgage payment.
5. Property Requirements
- Primary Residence: The property must serve as your primary residence, not an investment property.
- FHA Appraisal: An FHA-approved appraiser must assess the property to ensure it meets specific safety, security, and structural integrity standards.
6. Employment History
- Stable Employment: Lenders generally prefer a stable employment history, usually two years with the same employer or in the same line of work.
7. Income Verification
- Proof of Income: Provide proof of income through pay stubs, tax returns, and W-2s.
- Consistent Income: The income should be consistent and expected to continue.
8. Loan Limits
- Adherence to Loan Limits: Ensure that the loan amount you seek falls within the FHA loan limits for your area in Florida.
9. Additional Documentation
- Identification: A valid government-issued ID.
- Social Security Number: Required for all borrowers on the loan application.
- Additional Documents: Depending on the lender, other documentation may be necessary.
10. Lender Specific Requirements
- Lender Overlay: Some lenders may have additional ‘overlays’ or requirements beyond what the FHA mandates.
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About the Author
Brian Reese is a senior advisor and co-owner at District Lending. He is one of the world’s leading experts in veteran benefits, having helped millions of veterans secure their financial future since 2013. Brian is the founder VA Claims Insider, an education-based Coaching & Consulting company whose mission is to educate and empower veterans to get the VA disability benefits they’ve earned for their honorable service. A former active-duty air force officer, Brian deployed to Afghanistan in support of Operation Enduring Freedom. He is a distinguished graduate of management of the United States Air Force Academy and earned his MBA as a National Honor Scholar from the Spears School of Business at Oklahoma State University.
“As a military veteran, I’ve made it my life’s mission to help people live happier and wealthier lives. District Lending brings this mission to life. We believe in integrity, honesty, and transparency, which is why you’ll see our rates right on our website. You’ll find lower rates and zero lending fees, which means you can buy your dream home for less. The savings are passed on to you — the way it should be.”
– Brian Reese, Advisor and Co-Owner, District Lending
