Home / FHA loans
Government-insured home loans · Florida
FHA Loans in Florida
An FHA loan lets you buy with as little as 3.5% down and qualify with credit that a conventional lender might turn away. The trade-off is mortgage insurance, so the real question is when FHA saves you money and when it does not. We price both, side by side, before you decide.
Today’s Florida FHA rates
$544 lender credit
$531 lender credit
$531 lender credit
$829 lender credit
$1,482 lender credit
Par rate per program for a single-family primary residence purchase in Miami-Dade County, 780+ credit, 30-day lock, escrows included. FHA pricing moves less with credit score than conventional pricing does, which is part of its appeal. Price your own Florida scenario, no credit pull.
What an FHA loan is
The Federal Housing Administration does not lend money. It insures loans made by approved lenders: if a borrower defaults, FHA covers the lender’s loss. Because the lender is protected, it can accept a smaller down payment, a lower credit score and higher debt ratios than it would on a conventional loan.
You pay for that protection through mortgage insurance premiums, an upfront fee rolled into the loan and a monthly charge. That is the core of every FHA decision: easier approval in exchange for insurance that, with less than 10% down, stays for the life of the loan.
FHA sets the minimum rules, and each lender can add its own on top, called overlays. One lender may require a 640 score while another accepts 580 under the same program. As a broker we place your loan with a lender whose overlays fit your file instead of making your file fit one bank.
Who can get an FHA loan?
Almost anybody who will live in the home. There are no income limits and you do not have to be a first-time buyer. These are the requirements that matter.
Credit score
580 or higher for 3.5% down. Scores from 500 to 579 can qualify with 10% down at lenders that allow it. No score at all? Some lenders can use alternative credit such as rent and utility history.
Debt to income
Total monthly debts, including the new house payment, can often reach the high 40s or low 50s as a percentage of gross income when the file has strengths such as reserves or strong credit.
Occupancy
The home must be your primary residence, and you must move in within 60 days of closing. Second homes and investment properties do not qualify.
Property
One to four unit homes, townhomes, FHA-approved condos and some manufactured homes. The FHA appraisal also checks basic safety and soundness.
Employment
A two-year work history, with gaps explained. Changing jobs is fine; school or military service can count toward the history.
Loan amount
Up to the FHA limit for your county, shown below. There is no minimum loan size under FHA, though very small loans can be harder to place.
How long to wait after a credit event
| Event | FHA | Conventional, for comparison |
|---|---|---|
| Chapter 7 bankruptcy | 2 years from discharge | 4 years |
| Chapter 13 bankruptcy | 12 months of on-time plan payments, with the trustee’s permission | 2 years from discharge |
| Foreclosure | 3 years | 7 years |
| Short sale or deed-in-lieu | 3 years (sooner in some cases if payments were current) | 4 years |
Documented extenuating circumstances, such as a job loss or a serious illness, can shorten some of these periods.
2026 FHA loan limits in Florida
FHA caps how much it will insure based on home prices in each county. Most of Florida uses the national floor of $541,287 for a single-family home. Sixteen counties sit higher. The limit applies to the base loan before the upfront premium is added, so the price you can buy with 3.5% down is a little above the limit.
| County, single-family home | FHA loan limit | Highest price at 3.5% down |
|---|---|---|
| Monroe | $990,150 | $1,026,000 |
| Collier | $764,750 | $792,400 |
| Miami-Dade, Broward and Palm Beach | $667,000 | $691,100 |
| Martin and St. Lucie | $603,750 | $625,600 |
| Okaloosa and Walton | $603,750 | $625,600 |
| Duval, St. Johns, Clay, Nassau and Baker | $580,750 | $601,800 |
| Manatee and Sarasota | $547,400 | $567,200 |
| All other Florida counties, including Orange, Hillsborough, Pinellas and Lee | $541,287 | $560,900 |
Two to four unit homes have higher limits. Source: HUD 2026 FHA mortgage limits. Above these amounts, a conventional loan (up to $832,750 in most of Florida) or a jumbo loan takes over.
What FHA mortgage insurance costs
Every FHA loan carries two premiums. The upfront premium is 1.75% of the base loan and is almost always added to the loan balance rather than paid in cash. The annual premium is 0.55% of the loan with less than 5% down, or 0.50% with 5% or more, and is billed monthly with your payment.
How long it lasts depends on the down payment. Put down less than 10% and the monthly premium stays for the life of the loan. Put down 10% or more and it ends after 11 years. Most FHA borrowers who build equity eventually refinance into a conventional loan to drop it; see removing mortgage insurance.
| $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 |
On a $400,000 purchase. The upfront premium is added to the loan, so a 3.5% down base loan of $386,000 becomes a total loan of about $392,755.
FHA or conventional? Today’s numbers
Here is the same $400,000 Miami-Dade home priced both ways by our rate engine for a buyer with a 680 credit score. FHA usually carries the lower rate. Conventional usually wins on mortgage insurance once credit is strong. The total is what decides it.
| $400,000 purchase, 680 credit | Conventional, 5% down | FHA, 3.5% down |
|---|---|---|
| Down payment | $20,000 | $14,000 |
| Loan amount | $380,000 | $392,755 (includes 1.75% upfront MIP) |
| Today’s rate | 7.500% | 6.250% |
| Principal and interest | $2,657/mo | $2,418/mo |
| Mortgage insurance | $304/mo PMI | $177/mo MIP |
| Total before taxes and insurance | $2,961/mo | $2,595/mo |
| Mortgage insurance ends | When you reach 20% equity (cancellable) | Usually lasts the life of the loan with under 10% down |
Live rates for this scenario from our pricing engine, with mortgage insurance from current FHA premiums and conventional PMI rate cards. Property tax, homeowners insurance and HOA dues are the same either way and are left out. Run your own numbers on our mortgage calculators.
Benefits of FHA loans
Easier gifts
The entire down payment and closing costs can come as a gift from a relative, employer, labor union, close friend with a documented relationship, or a qualifying assistance program.
Seller help
The seller can contribute up to 6% of the price toward your closing costs, prepaids and discount points.
Assumable
FHA loans can be assumed by a qualified buyer, so a low rate can become a selling point when you move on.
Family can co-sign
A relative who will not live in the home can join the loan and add their income to help you qualify.
Two to four units
Buy a duplex, triplex or fourplex with 3.5% down if you live in one unit, and use part of the expected rent to qualify.
No prepayment penalty
Pay extra, pay it off or refinance at any time without a fee.
Repairs in the loan
The FHA 203(k) program finances the purchase and the renovation together: up to $75,000 of work under the limited version, or larger structural projects under the standard version.
Streamline refinance
When rates fall, an FHA streamline can lower your rate with no appraisal and limited paperwork. See FHA and VA streamlines.
Works with assistance
Florida down payment assistance programs commonly pair with an FHA first mortgage. See first-time buyer options.
Buying a Florida condo with FHA
For a condo, FHA looks at the building as well as the buyer. The project must be on FHA’s approved list, or the individual unit must qualify through a single-unit approval, which FHA allows in smaller and established buildings that meet its standards for owner occupancy, reserves and delinquent dues.
Florida adds its own layer. Since the condo safety laws passed after 2021, older buildings must complete milestone structural inspections and fund reserves for major components. Associations facing large special assessments or unfunded repairs can lose eligibility with FHA and with Fannie Mae. Before you make an offer on a condo, we check the building’s status so you do not find out three weeks into the contract.
FHA when your paperwork does not show your real income
FHA VOE only loan: your employer confirms your income
Tips, bonuses, commission or a recent raise that pay stubs and tax returns undersell. Buy with FHA on what your employer verifies you earn.
Self-employed FHA loan with a P&L only
Own a business? Buy with FHA’s 3.5% down, qualified on a CPA-prepared profit and loss statement instead of tax returns.
See if you qualify for an FHA loan
Tell us about the home and your credit. We will price FHA against conventional for your exact numbers and show you which one costs less over the time you expect to keep the loan.
- FHA and conventional priced side by side
- Lenders matched to your credit score
- A pre-approval letter when you are ready to shop
Prefer to talk it through? Call 954-494-7288.
Tell us about the loan
No credit pull. A loan officer follows up, usually the same day.
FHA loan questions
What credit score do I need for an FHA loan in Florida?
FHA allows 3.5% down with a score of 580 or higher, and 10% down with a score from 500 to 579. Individual lenders often set higher minimums, which is why comparing lenders matters if your score is under 640.
What is the FHA loan limit in Florida for 2026?
For a single-family home, $541,287 in most counties; $667,000 in Miami-Dade, Broward and Palm Beach; $764,750 in Collier; and $990,150 in Monroe. Several other counties fall in between, as shown in the table on this page.
Can I get rid of FHA mortgage insurance?
With 10% or more down, the monthly premium ends after 11 years. With less than 10% down it lasts for the life of the loan, so most borrowers remove it by refinancing into a conventional loan once they reach about 20% equity.
Can I use an FHA loan more than once?
Yes. FHA is not limited to first-time buyers. You can generally have only one FHA loan at a time, with exceptions such as relocating for work or a growing family.
Can my down payment be a gift?
Yes. FHA allows the full down payment and closing costs to be gifted by a relative, employer, labor union, close friend with a documented relationship or an approved assistance program. The gift needs a signed letter and a paper trail.
Is FHA or conventional better?
It depends mostly on credit and down payment. Below about 680, FHA often costs less each month. Above that, conventional usually wins because PMI is cheaper and can be cancelled. We price both for your scenario so you can see the difference.
From Florida FHA borrowers
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
“Caroline Da Silva from Miami Mortgage Brokers just got us approved for our first mortgage, and we would definitely work with her again after this experience! From the moment our broker connected us with Caroline, she was always several steps ahead throughout the process. We were impressed that Miami Mortgage Brokers had us clear to close a week early,...”
“Chris was outstanding throughout the entire transaction! Always accessible and was able to provide the best financing option when others could not! I would highly recommend him and hope to do more transactions with him.”
“I recently had the pleasure of working with Chris as my loan officer, and I cannot speak highly enough of his exceptional service. He guided me through every step with clarity and patience. What truly sets Chris apart is his remarkable efficiency: not only was he incredibly responsive to my inquiries, but he also expedited the loan process, resulting in the...”
See what FHA costs for your home
Price an FHA loan for your county in under a minute, or call and we will compare it with conventional for your exact credit and down payment.