With countless rays of Florida sunshine to soak up, and miles of sandy beaches to explore, purchasing a home in the Sunshine State will always be a great decision. Over 20 million people call Florida home and, with a growing population, the median home prices (now well over $200k) may continue to increase.
Smart home shoppers looking to finance their homes are turning to the Florida FHA loan program in droves. An FHA loan in Florida offers homebuyers the ability to finance their home with a low down payment and a lower required credit score when compared to conventional loans.
With a weekly wages near $1,000 and no income tax, purchasing a home in Florida is a great decision. Beach lovers are turning to FHA loans more and more with a total value of nearly $1.3 billion as of April 2019.
While there is a maximum loan limit on Florida FHA loans, the limit is adjusted based on location to ensure that most people can purchase a home in their area. In Florida, the baseline limit of $472,030 applies, but in Naples the limit is $672,750 due to the relatively high cost of real estate in these areas. See the link below for a full list of Florida FHA loan limits in 2023.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.