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2024 FHA Florida Loan Limits: The Ultimate Guide

2024 FHA Florida Loan Limits
2024 FHA Florida Loan Limits
Josh Rapaport
December 22, 2023

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.

2024 FHA County Loan Limits Florida

Florida CountyOne-FamilyTwo-FamilyThree-FamilyFour-FamilyMedian 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.

Looking for an FHA Loan in Florida? WE CAN HELP!

You’ve got questions…

We’ve got expert answers!

If you want to buy or refinance your home for less, to include Florida FHA loans at a great low rate, you can get in touch with us HERE.

>> Click HERE to get a great low Florida FHA loan rate in 60 seconds or less!

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

Buy a home and refinance at no cost.
get a quote
Buy
Home Purchase
Why District
Read about all the benefits
Process overview
Simplified and easy to understand
Apply now
Start your application
Get a quote
See your rate with no commitment
Perks
Free refinance for 3 years
Refinance with no closing costs
No closing costs
Zero costs options, what it means
Realtor credits
Get .5% towards your closing costs
18 Day closing
2X more likely to get your offer accepted
Price match guarantee
We beat competitors’ rates by .125% or more
Rate defense
Never miss out on rates dropping
Refinance
Rates
About
Reviews
Hear from our customers
Contact
Answers within 2 business hours
Meet the crew
Our experts, mission, and values
Careers
Join us in making a difference
Learn
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Our knowledge at your convenience
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A short description can be here
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