FHA Loan Florida

FHA requirements in Florida

FHA loans are insured by the Federal Housing Administration and made by private lenders. The core rules are the same in every state:

• Credit score: 580 or higher for 3.5% down; 500 to 579 needs 10% down. Lenders may set higher minimums.
• Down payment: can come from savings, a documented gift from family, or an approved down payment assistance program.
• Debt-to-income: lenders often look for total monthly debts, including the new payment, around 43% of gross income, and automated approvals can go higher with strong compensating factors.
• Occupancy: you must move in within 60 days of closing and intend to live there at least a year. FHA isn't for second homes.
• Waiting periods: generally two years after a Chapter 7 bankruptcy discharge and three years after a foreclosure.
• Property standards: an FHA appraiser checks that the home is safe, sound and secure.

FHA can be used on single-family homes, townhouses, approved condos, two- to four-unit properties you live in, and manufactured homes built after June 15, 1976 on a permanent foundation and meeting FHA's rules.

FHA loan limits in Florida for 2026

FHA sets a maximum loan amount by county. For 2026, the national floor for a one-unit home is $541,287 and the ceiling in the highest-cost areas is $1,249,125. Many Florida counties use the floor. Higher-cost areas, including much of South Florida and the Keys, have higher limits. Check the exact figure for your county on HUD's loan limit lookup before you shop.

Compare the floor with Florida's numbers. The typical single-family value statewide is $396,809, and most counties are well under the floor: Duval at $294,079, Hillsborough at $375,501 and Orange at $400,964. In the most expensive counties, such as Miami-Dade at $523,240, Collier at $552,087 or Walton at $660,738, the limit becomes a real constraint on many listings, and a conventional or jumbo loan may fit better.

FHA mortgage insurance, worked out

FHA charges two kinds of mortgage insurance premium (MIP):

• Upfront MIP: 1.75% of the base loan, usually added to the loan rather than paid in cash.
• Annual MIP: for most 30-year loans with less than 5% down, 0.55% of the loan per year, paid monthly.

On a $375,361 purchase with 3.5% down, the base loan is about $362,223. Upfront MIP is about $6,339. Annual MIP is about $1,992, or roughly $166 a month.

How long it lasts matters. With less than 10% down, annual MIP stays for the life of the loan. With 10% or more down, it ends after 11 years. Many FHA borrowers later refinance into a conventional loan once they have enough equity to drop mortgage insurance. Conventional loans charge private mortgage insurance instead, priced by credit score, and it can be removed once you reach enough equity, so higher-score borrowers often come out ahead with conventional.

FHA appraisals and older Florida homes

An FHA appraisal is also a basic condition check. The appraiser can require repairs before closing for items that affect safety, soundness or security. In Florida, common issues include:

• Roofs with active leaks or near the end of their life.
• Peeling paint on homes built before 1978, because of lead paint rules.
• Missing handrails, broken windows, exposed wiring or a non-working water heater.
• Wood rot and termite damage, common in humid climates.
• Pools in unsafe condition.

Sellers aren't required to make these repairs, so a house sold strictly as is can be hard to buy with FHA. If repairs are needed, negotiate who does them and when. For homes that need real work, an FHA 203(k) renovation loan can combine the purchase and repairs into one mortgage.

Your homeowners insurance is a separate hurdle. Older Florida homes often need a 4-point and wind mitigation inspection to get coverage. The lender won't close without a policy in place.

Condos and FHA in Florida

Condos are where many Florida FHA purchases get stuck. The building generally needs to be on HUD's approved condo list, or the unit has to get a single-unit approval through your lender. Many Florida buildings aren't approved, and approvals expire.

Statewide, the typical condo value is $262,592, and 3.5% down on that is about $9,191, which makes FHA attractive for first-time buyers. But older Florida buildings facing milestone inspection repairs, reserve funding requirements under the post-2022 law, and special assessments may not meet FHA's standards. Check the building's status before you write an offer, not after.

Townhouses are often easier. Many Florida townhouse communities are set up as HOAs with fee-simple lots rather than condominiums, and FHA treats those like single-family homes, with no project approval needed. Some townhouse-style buildings are legally condos, though. The recorded declaration tells you which, and your lender will ask.

Florida-specific costs to plan for

• Closing costs: FHA allows the seller to pay up to 6% of the price toward your closing costs and prepaid items. In a softer market, with statewide values down 0.9% over the past year, that's often negotiable.
• Taxes on the loan: Florida charges doc stamps on the mortgage note at $0.35 per $100 and intangible tax of 0.2% of the loan. On a $362,223 loan that's about $1,268 and $724.
• Escrow: FHA loans escrow property taxes and insurance. Expect a cushion at closing for both.
• Flood insurance: required in high-risk FEMA zones.
• Homestead: after you buy and move in, file for the homestead exemption with the county property appraiser by March 1 of the following year to lower your tax bill.

FHA loans are assumable

One feature many buyers overlook: FHA loans can be assumed by a qualified buyer, with lender approval. If a seller has an FHA loan with a lower rate than today's, taking it over can lower your payment. You'd need to pay the seller's equity in cash or with a second loan, and the lender has to approve you under FHA rules. Assumptions take longer than a normal closing.

Ask the listing agent whether the seller's loan is FHA and its rate. It's an easy question that sometimes changes the math. If FHA fits your budget, the practical next step is a preapproval and a shortlist of homes and FHA-approved buildings under your county's limit. This isn't lending or tax advice; a loan officer can confirm the numbers for your file.