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FHA Loans in Florida

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Florida's median home of $395,000, that's a minimum down payment of $13,800.

FHA Loan Limits in Florida

FHA loan limits vary by county and are tied to conforming limits. In most Florida counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. Most Florida counties are at the standard conforming limit. Monroe County (Florida Keys) qualifies for high-cost limits at $874,000.

FHA vs Conventional in Florida

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Florida's median home at $395,000, buyers who can put down $79,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Florida closing costs average $4,100. Florida charges documentary stamp taxes on deeds ($0.70/$100 of sale price) and on mortgages ($0.35/$100 of loan amount). There is no state income tax on capital gains from home sales. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.

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Frequently Asked Questions

What is the FHA loan limit in Florida?

FHA loan limits in Florida are tied to conforming limits. The standard limit is $498,257; high-cost Florida areas may qualify for up to $1,149,825. Most Florida counties are at the standard conforming limit. Monroe County (Florida Keys) qualifies for high-cost limits at $874,000.

What is the minimum down payment for an FHA loan in Florida?

FHA requires 3.5% down with a 580+ credit score. On Florida's median home of $395,000, that's $13,800. Budget an additional $4,100 for closing costs.

Are FHA loans good for first-time buyers in Florida?

Yes. FHA loans are popular with Florida first-time buyers due to low down payment requirements and flexible credit standards. The tradeoff is mandatory MIP (mortgage insurance premium) for the life of the loan on loans with under 10% down.

What are property taxes on FHA loans in Florida?

Property taxes are included in your PITI payment regardless of loan type. Florida's effective rate of 0.86% adds approximately $283/month to your FHA payment.