FHA loans for Florida homebuyers

Learn about requirements, loan limits, and more

FHA loans can make buying or refinancing a home more affordable for the average person. FHA loans are government-insured and backed by the Federal Housing Administration (FHA). In turn, they are then offered to customers by a private lender, like Freedom Mortgage. This means that shopping for an FHA loan is essentially the same as it would be with any other loan product.

Primary benefits of an FHA loan include lower credit score requirements compared to other mortgages and lower down payment requirements for many homebuyers. These benefits are the same in Florida as they are anywhere else in the country. Learn more about FHA loan requirements.

There are some important things to know about using FHA loans to finance homes in Florida. Read on to learn more.

FHA loan limits in Florida

The FHA limits the amount of money you can borrow to buy or refinance homes. FHA loan limits vary from county to county and are based on the median home price of the county in which the home is located. Therefore, the loan amount you may be able to borrow can vary based on location.

For example, the maximum loan amount you could borrow for a single-family home in Baker County is $564,650. For a single-family home in Monroe County, however, you may be able to borrow up to $929,200. This difference is due to a higher median home price in Monroe County.

Regardless of where you live in Florida, you should be able to borrow at least $498,257 with an FHA loan in 2024. You can learn more about FHA loan limits and how they are calculated.

Homebuyer assistance programs in Florida

There are numerous state and local assistance programs that can help you purchase a home in Florida. The Florida Housing Finance Corporation offers down payment and closing costs assistance among other services. You can also receive assistance through local county programs. More information can be found on the Department of Housing and Urban Development (HUD) website.

Refinancing FHA loans in Florida

As is the case in all states, Florida homeowners may be eligible to refinance their FHA loan through the FHA streamline refinance program. The program allows you to lower your rate with less paperwork and a faster closing than other FHA loans. To be eligible for a streamline refinance, you must currently have an FHA loan and be refinancing into a new FHA loan. You will also need to meet the other standard credit and financial requirements to qualify. Keep in mind that by refinancing, the total finance charges you pay may be higher over the life of the loan.

Freedom Mortgage is a top FHA lender in the United States according to Inside Mortgage Finance, 2023.

Last reviewed and updated January 2024 by Freedom Mortgage.