FHA Loans in Florida

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.

Why consider an FHA Loan in Florida

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.

FHA Loan Limits in Florida

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 $498,257 applies, but in Naples the limit is $730,250 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 2024.

Are You Eligible for an FHA Loan in FL?

You may be eligible for an FHA loan, if you:

• Have 2 years of steady employment, preferably with the same employer.
• Have had steady income (or increasing income) in the past two years.
• Have had less than two 30-day periods of late payments on your credit report.
• Have declared bankruptcy no less than two years ago and have maintained good credit since.
• Have not been a party in a foreclosure for at least three years and have maintained good credit since.
• Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

Learn More About FHA Loan Requirements

Credit Requirements
Employment Requirements
Mortgage Insurance Premium Requirements

What Do You Need to Apply for an FHA Loan in FL?

Buyers must be able to provide the following information and documents as requested by lenders:

• The addresses of all your residences over the past two years.
• The names of your employers over the past two years.
• W2's for the past two years and current paycheck stubs.
• Your current gross monthly salary.
• Your Social Security Number.
• Names, addresses, and account numbers with balances on all checking and savings accounts.
• Addresses and loan information of any other real estate you owned.
• Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
• Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.

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.