Boca Raton · FHA or conventional?
Boca Raton FHA Home Loan
FHA home loans for Boca Raton villas, townhomes and condos, with 3.5% down. Because many Boca buyers also qualify for conventional, we show what each costs in mortgage insurance over the years you are likely to keep the loan.
We specialize in Boca Raton FHA home financing.
Boca Raton’s median sale sits almost exactly at the Palm Beach County FHA limit, so FHA covers roughly the lower half of the market: villas and townhomes in Boca Del Mar and Timbercreek, older single-family homes in parts of West Boca, and condos across the city. Those are the homes first-time buyers and young families are most likely to be shopping.
On Mortgage compares FHA lenders and conventional lenders on the same file, so the choice between them is based on cost, not habit. Every program’s live pricing is on the Boca Raton mortgage rates page, and our Boca Raton mortgage broker team can walk you through it.
Today’s Boca Raton FHA Mortgage Rate
$374 lender credit
0.125 points
No points, no credit
$672 lender credit
$1,577 lender credit
Par rate per program for a single-family primary residence in Palm Beach County, 20% down, 780+ credit, 30-day lock, escrows included. Rates change through the day and are not a commitment to lend. Price your own Boca Raton scenario, no credit pull.
Boca Raton FHA Loan Benefits: Affordable Homeownership Starts Here
FHA’s benefits, 3.5% down, flexible credit and gift funds, are real, but in Boca many buyers have credit good enough for conventional too. The deciding cost is usually mortgage insurance. FHA charges an upfront premium plus an annual premium that, with less than 10% down, never goes away on its own. Conventional private mortgage insurance has no upfront charge and ends once you reach enough equity. Here is the total over seven years on a $560,000 Boca villa with a 700 score:
| Seven years of mortgage insurance | FHA, 3.5% down | Conventional, 5% down | Conventional, 10% down |
|---|---|---|---|
| Upfront premium | $9,457 (financed) | None | None |
| Monthly premium | $248 | $346 | $231 |
| Total over 84 months | $30,262 | $29,047 | $19,404 |
| When it ends | Life of the loan, unless you refinance | Can be cancelled at 20% equity; ends automatically at 22% | Same as conventional at 5% |
FHA premiums at current rates; conventional PMI estimated at a 700 score from our premium tables, assumed constant for the period. Rising home values can let conventional borrowers remove PMI sooner with a new appraisal. Interest rates differ between the loans too, so compare the full payment as well.
At strong credit, conventional often wins on mortgage insurance. At lower scores, conventional PMI rises steeply and FHA’s flat premium becomes the better deal. Which side of that line you fall on is the most useful thing to know before you shop.
Boca Raton FHA Loans for First-Time Homebuyers
Boca’s starter buyers tend to be teachers, healthcare workers and young professionals who grew up nearby, or families moving in for the schools, including Addison Mizner Elementary and Spanish River High. FHA’s 3.5% down payment and acceptance of gift funds help close the gap that Boca prices create.
A realistic starting point is a villa or townhome in Boca Del Mar, Timbercreek or Boca Falls, where prices often sit below the median and fee-simple ownership avoids condo approval issues. HOA dues and Palm Beach County insurance both count in your FHA payment, so we estimate them before you shop.
On Mortgage: Your Boca Raton FHA Loan Expert
From downtown near Mizner Park to the West Boca neighborhoods, we understand Boca’s home values, school zones and parks, and the specific places where FHA fits. We also know Boca’s large stock of 55-plus condo communities, where downsizers sometimes use FHA to keep cash invested rather than paying cash. Age-restricted communities can be FHA approved; the age rule applies to residents, and FHA has no maximum borrower age.
2026 Boca Raton FHA Loan Limits
Palm Beach County’s 2026 FHA limit for a single-family home is $667,000. That gives buyers financing power in Timbercreek, Boca Falls and Boca Del Mar, where many prices are competitive and still FHA-accessible:
| Palm Beach County, 2026 | FHA loan limit | Highest price at 3.5% down |
|---|---|---|
| Single-family, condo or townhome | $667,000 | $691,100 |
| Two-unit | $853,900 | $884,800 |
| Three-unit | $1,032,150 | $1,069,500 |
| Four-unit | $1,282,700 | $1,329,200 |
Palm Beach County FHA base loan limits for 2026.
FHA Condo Loans in Boca Raton
Condominiums remain a popular choice for first-time buyers and downsizers. FHA can be used in buildings on HUD’s approved list, or for an individual unit through single-unit approval when the building qualifies. Boca has many condo communities, from walkable buildings near Mizner Park to garden-style complexes in the west, and approval status varies widely and changes over time. We check the current status of any building before you make an offer.
FHA mortgage insurance on a $400,000 condo:
| $400,000 purchase | Base loan | Upfront MIP (1.75%, financed) | Monthly MIP | How long MIP lasts |
|---|---|---|---|---|
| 3.5% down | $386,000 | $6,755 | $177 (0.55% a year) | Life of the loan |
| 5% down | $380,000 | $6,650 | $158 (0.50% a year) | Life of the loan |
| 10% down | $360,000 | $6,300 | $150 (0.50% a year) | 11 years |
FHA premium amounts for a 30-year loan at this condo price.
Why FHA Loans Matter in Today’s Market
As of mid-2026, Boca Raton’s median sale price was around $670,000, with homes typically selling in about 71 days. In a market this expensive, FHA keeps the lower half of the city within reach of buyers who have income but not a large down payment, or whose credit is still building. Each Boca file is priced both ways before anyone picks a loan.
Why Choose On Mortgage for Your Boca Raton FHA Loan
From fast pre-approvals to neighborhood-specific guidance, we help Boca Raton families find the best path to ownership.
Real cost comparisons
FHA versus conventional over the years you will keep the loan.
Condo status checks
Before you spend on inspections or appraisals.
West Boca to the beach
Local knowledge of where FHA works.
Frequently Asked Questions: FHA Loans
Should I choose FHA or conventional in Boca Raton?
It depends mostly on your credit score and how long you will keep the loan. FHA’s premium is flat and lasts for the life of the loan with under 10% down; conventional PMI is priced by credit and can be cancelled later. The seven-year comparison above shows the trade-off.
Can I buy a Boca condo with FHA?
Yes, in an FHA-approved building or through single-unit approval if the building qualifies. Approval varies by building, so we check before you make an offer.
What is the FHA limit for Boca Raton in 2026?
$667,000 for a one-unit home in Palm Beach County, about the same as Boca’s median sale price.
Can I use FHA in a 55-plus community in Boca?
Yes, if the community or unit meets FHA’s requirements. Age restrictions apply to residents, not to FHA eligibility.
Does FHA work in West Boca neighborhoods outside city limits?
Yes. FHA eligibility does not depend on whether a home is in the City of Boca Raton or unincorporated Palm Beach County, though taxes and services differ.
Our Reviews
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
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Compare FHA and conventional for your Boca home
On Mortgage will price both loans on your Boca Raton purchase, check the property and show the full cost over time. Call or start online today.