FHA loans in Florida

Buying a home in Florida can be tough in hot markets like Miami, Tampa, and Orlando – especially if you're working with a lower credit score or a small down payment. FHA loans offer flexible credit guidelines and low down payment requirements.¹ Learn who qualifies for an FHA loan, Florida loan limits, what to expect for mortgage insurance and closing costs, and where to find down payment assistance.

Key takeaways:

• Most Florida counties have a 2026 FHA loan limit of $541,287 for a single-family home. Limits run higher in 16 counties and top out at $990,150 in Monroe County.
• You can qualify with a credit score as low as 580 and 3.5% down. FHA rules also allow scores from 500 to 579 with 10% down, though not every lender offers that option.²
• Every FHA loan comes with mortgage insurance: 1.75% up front plus an annual premium that lasts 11 years or the life of the loan, depending on your down payment.

What are FHA loans?

FHA loans are mortgages insured by the Federal Housing Administration (FHA), an agency within the U.S. Department of Housing and Urban Development (HUD). The FHA doesn’t lend money. Private lenders make the loans, and the FHA insures them against loss if a borrower defaults. That insurance is why lenders can approve borrowers with lower credit scores and smaller down payments than many conventional loans require.

How do FHA loans work in Florida?

You apply through an FHA-approved lender, not through the FHA itself. Many lenders offer FHA loans in Florida, including Rocket Mortgage. A few ground rules apply to every FHA purchase:

• Primary residence only. You have to live in the home. FHA loans generally can’t finance an investment property, and most borrowers can have only one FHA loan at a time.
• Mortgage insurance. You’ll pay an up-front mortgage insurance premium (MIP) and an annual premium.
• Loan limits. The most you can borrow depends on the county and the number of units.
• Property standards. The home must pass an FHA appraisal.

The FHA also insures 203(k) rehab loans that finance renovations. Rocket Mortgage currently doesn’t offer FHA 203(k) loans.

Property types you can buy with an FHA loan

You can use an FHA loan to buy:

• Single-family homes and townhouses
• Condos in FHA-approved condo projects
• Multifamily properties with two to four units, as long as you live in one of them
• Manufactured homes that meet FHA requirements

Rocket Mortgage finances manufactured homes with an FHA loan when the loan and property meet these criteria:

• One-unit property
• Accessory dwelling unit (ADU)
• First lien
• Fully amortizing fixed rate with a 15-, 20-, 25-, or 30-year term, or a 5-year adjustable rate
• Primary residence
• Planned unit development (PUD)
• Recorded leasehold
• Cash-out refinance on a single-wide

State restrictions apply, including state guidelines on converting a manufactured home to real property.

For three- and four-unit properties, the FHA adds a self-sufficiency test, covered in the FAQ below.

FHA refinance options

FHA loans aren’t only for buying. If you already own a home, you can refinance with an FHA loan.³ Options include:

• FHA Streamline refinance.⁴ Offers streamlined documentation and a potentially lower mortgage insurance premium (MIP). Clients may qualify with less income and credit documentation, a reduced appraisal requirement, or both.
• Rate-and-term refinance. Replaces your current loan with a new rate, a new term, or both.
• Cash-out refinance. Lets you borrow against your home equity and take the difference in cash.

You can check current FHA refinance rates before you apply. Veterans and service members may have additional refinance choices through VA loans.⁵

FHA loan requirements in Florida

You may qualify for an FHA loan when you’re buying a home in Florida if you have a credit score of at least 580, can put 3.5% down, have steady income and manageable debt, and plan to live in the home. Credit score requirements to buy a home vary by lender, so the details below reflect FHA rules and what you can expect from Rocket Mortgage.

Credit score and down payment requirements

FHA loans do not require 20% down. Your minimum down payment depends on your credit score:

• 580 or higher: 3.5% down
• 500 to 579: 10% down
• Below 500: Not eligible

Rocket Mortgage requires a minimum credit score of 580 and a down payment of at least 3.5%. Some other lenders accept scores from 500 to 579 with 10% down.

DTI and income verification

Your debt-to-income ratio (DTI) compares your monthly debt payments to your gross monthly income. Lenders look at two versions: your housing payment alone (front-end) and your housing payment plus your other debts (back-end).

Rocket Mortgage requires a front-end DTI of 38% or less and a back-end DTI of 45% or less. Higher ratios may be allowed with compensating factors, including a minimum credit score of 620. For loans underwritten manually, the FHA’s standard benchmarks are 31% and 43%.

FHA loans have no minimum or maximum income. What matters is that you can document stable income and show you can repay the loan. Our guide to FHA income and employment rules explains what counts.

Mortgage insurance

Every FHA loan requires mortgage insurance, no matter how much you put down. You pay it two ways:

• Upfront MIP: 1.75% of the base loan amount, due at closing. You can roll it into the loan.
• Annual MIP: 0.15% to 0.75% of the loan amount per year, paid in monthly installments. Most borrowers with a 30-year loan of $726,200 or less and under 5% down pay 0.55%.

How long you pay depends on your down payment. Put down 10% or more and annual MIP ends after 11 years. Put down less than 10% and it lasts for the full loan term.

MIP raises your monthly payment and counts toward your DTI, so it affects how much home you qualify for. On a $289,500 loan at 0.55%, annual MIP adds about $133 a month in the first year.

Occupancy, appraisal, and property requirements

The home must be your primary residence. At least one borrower has to move in within 60 days of closing and intend to live there for at least 1 year.

An FHA appraisal is required, and an appraiser on the FHA roster has to complete it. The appraiser estimates the home’s value and checks that it meets the FHA’s minimum property standards for safety, security, and soundness. Problems that fall short of those standards generally have to be repaired before closing.

An appraisal is not a home inspection, and HUD recommends that buyers get an independent home inspection too. If the home sits in a FEMA Special Flood Hazard Area, you’ll also need flood insurance.

Closing costs and down payment gifts

FHA closing costs include lender fees, third-party charges such as the appraisal and title work, prepaid taxes and insurance, and the upfront MIP. You have a few ways to cover them:

• Seller help. With an FHA loan, the seller can pay part of your closing costs, which lowers the cash you need at closing.
• Gift funds. The FHA allows gifts toward your down payment and closing costs from a family member, an employer or labor union, a close friend with a documented interest in you, a charitable organization, or a government homeownership program. Your lender will ask for a signed gift letter confirming that no repayment is expected.
• Assistance programs. Florida’s programs are covered below.

Required documents

Have these ready when you apply:

• Government-issued photo ID and your Social Security number
• Pay stubs covering the most recent 30 days
• W-2s from the past 2 years
• Federal tax returns from the past 2 years if you’re self-employed
• Recent bank and investment account statements
• A signed gift letter if you’re using gift funds
• Details on your current debts, such as loans and credit cards

2026 FHA loan limits in Florida

FHA loan limits cap how much you can borrow. HUD sets them each year based on local home prices, so they vary by county and by the number of units. For 2026, the national limit for a one-unit home runs from a floor of $541,287 to a ceiling of $1,249,125. No Florida county reaches the ceiling.

Single-family and multiunit FHA loan limits

Limits rise with each additional unit. In a floor county, the 2026 limit is $693,050 for two units, $837,700 for three units, and $1,041,125 for four units. Find your county in the table below.

Use the HUD lookup tool to confirm your county’s current limit, then talk with a loan officer about what you can qualify for.

FHA loan rates and calculators in Florida

FHA mortgage rates

Rocket Mortgage posts current FHA loan rates online, along with Florida mortgage rates across loan types. The rate you’re offered depends on your credit score, down payment, loan amount, and loan term, plus market conditions on the day you lock. Most FHA borrowers choose a fixed rate, but an FHA adjustable-rate mortgage is also an option.

FHA loan calculator

A mortgage calculator turns a home price into a monthly payment. For an FHA loan, make sure your estimate includes all five parts of the payment: principal, interest, property taxes, homeowners insurance, and MIP. To work backward from your income instead, see how much house you can afford with an FHA loan.

How much income may you need for a $300,000 home?

There’s no set income requirement for a $300,000 home. What you need to earn depends on your total monthly payment and your other debts. Start with the numbers FHA rules have in place:

• Down payment at 3.5%: $10,500
• Base loan amount: $289,500
• Upfront MIP at 1.75%: $5,066, which you can finance
• Annual MIP at 0.55%: About $133 a month in the first year

Then add the parts that vary:

• Interest rate. A higher rate means a higher principal and interest payment.
• Property taxes. Florida property taxes differ by county and city.
• Homeowners insurance. Premiums depend on the home’s location, age, and construction. Flood insurance is extra if it’s required.
• Existing debts. Car loans, student loans, and credit card payments count toward your back-end DTI.

Once you have a total monthly housing payment, divide it by 0.38 to estimate the gross monthly income needed to meet a 38% front-end DTI. A larger down payment, a lower rate, or less debt brings that number down.

FHA loan down payment assistance programs in Florida

Florida buyers who qualify can pair an FHA loan with down payment assistance to reduce the cash needed at closing. Florida Housing Finance Corp. (Florida Housing) runs the statewide programs, which are available only with a Florida Housing first mortgage from a participating lender. Its Homebuyer Program requires:

• A minimum credit score of 640
• First-time homebuyer status, meaning you haven't owned and occupied a primary residence in the past 3 years
• Completion of an approved homebuyer education course
• Income and a purchase price below the limits for your county

Here are some of the state and local programs available to Florida buyers:

• Florida Assist: Offers up to $10,000 toward your down payment and closing costs as a 0% interest, deferred second mortgage with no monthly payments.
• Florida Homeownership Loan Program Second Mortgage: Provides $12,500 as a 3% interest second mortgage repaid in monthly payments over 30 years.
• Hometown Heroes Program: Gives eligible first-time buyers in qualifying occupations up to 5% of their first mortgage amount, from $10,000 to $35,000, as a 0% interest, deferred second mortgage.
• HFA Preferred and HFA Advantage PLUS Second Mortgage: Provides 3%, 4%, or 5% of the total loan amount, forgiven over 5 years. It's available only with Florida Housing's conventional first mortgages, not FHA loans.
• Offers eligible first-time buyers $10,000, $40,000, or $70,000 toward a home in Orange County, depending on household income and size.

How to apply for an FHA loan in Florida

The FHA loan process follows the same basic path as any mortgage. Here's how to get started:

• Find an FHA-approved lender. Compare rates, fees, and credit requirements, since lenders can set standards stricter than the FHA's. Rocket Mortgage offers FHA loans in Florida, and you can start your application online.
• Gather required documents. Pull together the items listed under "Required documents" above before you apply.
• Get preapproved. When you get preapproved for an FHA loan, your lender reviews your credit, income, and assets, then tells you how much you may be able to borrow.
• Make an offer and close. You'll complete the appraisal and move through underwriting to closing. Our guide on how long FHA approval takes explains what affects your timeline.

For more ways to strengthen your application, see these FHA loan tips.

FHA vs. conventional loans in Florida

FHA and conventional loans can both get you into a Florida home with a small down payment. The differences come down to credit, mortgage insurance, and what you plan to buy.

An FHA loan may be the better fit if your credit score is below what conventional lenders want, your DTI runs high, or you need assistance that pairs with FHA financing. A conventional loan is worth considering if you have strong credit, can put more money down, want to buy a second home or rental, or want mortgage insurance you can eventually cancel.

Pros and cons of buying a home in Florida with an FHA loan

FHA loans open doors, but they come with trade-offs. Here are the pros and cons of FHA loans that matter most for Florida buyers.

Pros

• Flexible credit standards. You can qualify with a score that would rule out many conventional loans.
• Access to down payment assistance. Florida Assist, FL HLP, and Hometown Heroes all work with FHA first mortgages.
• Higher loan limits in some counties. Limits in Monroe, Collier, and the Miami area sit well above the floor, so a small down payment goes further.
• Multiunit eligibility. You can buy a property with up to four units if you live in one.
• Assumable loans. A future buyer who qualifies with your loan servicer can take over your FHA loan and its interest rate.

Cons

The biggest downside of an FHA loan is the cost of mortgage insurance.

• Mortgage insurance. You pay MIP up-front and every year. Unless you put down 10% or more, it stays for the life of the loan.
• Property and condo restrictions. Homes have to meet FHA standards, and condos need FHA approval. Because the appraisal can trigger repairs, some sellers prefer non-FHA offers.
• Flood zone costs. If the home is in a Special Flood Hazard Area, required flood insurance adds to your monthly payment.

FAQ

Who qualifies for an FHA loan in Florida?

You may qualify with a credit score of at least 580 and 3.5% down, or a score from 500 to 579 and 10% down if your lender allows it. You’ll also need documented income, a DTI your lender accepts, a home that passes an FHA appraisal and fits your county’s loan limit, and plans to live there as your primary residence.

What’s the downside of an FHA loan?

Mortgage insurance is the main one. You’ll pay 1.75% up front plus an annual premium, often for the life of the loan. FHA property standards are also stricter, which can limit your choices or require repairs before closing.

Do FHA loans require 20% down?

No. The minimum is 3.5% with a credit score of 580 or higher and 10% with a score from 500 to 579.

What are the current FHA mortgage loan rates?

Rocket Mortgage posts its current FHA rates online, linked in the rates section above. Your rate depends on your credit, down payment, loan details, and market conditions.

What is the FHA loan 75% rule?

It’s the FHA’s self-sufficiency test for three- and four-unit properties. The appraiser estimates fair market rent for every unit, including the one you’ll live in. The lender then subtracts 25%, or the appraiser’s vacancy estimate if that’s higher. What’s left has to cover the full monthly mortgage payment, including principal, interest, taxes, and insurance.

Can FHA financing be used for multiunit properties in Florida?

Yes. You can use an FHA loan for a property with up to four units if you live in one unit, the property meets FHA standards, and the loan fits your county’s limit for that number of units. Three- and four-unit properties also have to pass the self-sufficiency test.

The bottom line: Using an FHA loan to buy a home in Florida

An FHA loan can make buying a home in Florida more accessible if you need flexible credit requirements or a lower down payment. Before you apply, compare the eligibility requirements, your county’s loan limit, the cost of mortgage insurance, the assistance programs you may qualify for, and conventional alternatives.

Ready to see where you stand? Review current rates, run your numbers, and get started with Rocket Mortgage when you’re ready.

¹Rocket Mortgage is not acting on behalf of FHA or HUD

²To qualify for this offer, you must meet all standard FHA eligibility requirements. In addition, your total mortgage payment, including taxes and insurance, cannot exceed 38% of your income, your debt-to-income (DTI) ratio cannot exceed 45%, and you must have 12 months of verifiable housing history immediately prior to your application, no late payments 30 days or greater in the last 12-months, and no derogatory marks on your credit report. Not available on jumbo loans. Asset statements may be needed, no more than 1 day of non-sufficient fund fees are allowed in the most recent 2 months prior to application. Additional restrictions/conditions may apply.

³The FHA Streamline program may have stricter requirements in some states. In order to qualify for the FHA Streamline program, an immediate .5% minimum reduction in interest and mortgage insurance premium is required. Some states may require an appraisal.

⁴Refinancing may increase finance charges over the life of the loan.

⁵Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. 

This article is for informational purposes only and is not intended to provide, and should not be relied on for, medical, legal, financial, investment, or tax advice. You should consult with a qualified professional for advice specific to your situation. Consumers should independently verify that any services, products, or programs referenced meet their needs and comply with applicable requirements.

Rocket Mortgage is a trademark of Rocket Mortgage, LLC or its affiliates.