2014 Florida mortgage loan limits


Bahia Honda, Florida Keys

What's an FHA Mortgage Loan?
The Federal Housing Administration (FHA) was a creation of the National Housing Act of 1934. The mission of this legislation was to promote home ownership and extend home owners with refinance solutions not possible during the great depression. Read More

FHA does not directly lend to prospective home buyers, but works with qualified banking institutions to extend loan money. The Federal Housing Administration insures loan companies against loss in the event of foreclosure. There are maximum loan amounts, and the maximum loan amount will differ from state to state and county to county you can see the Florida FHA mortgage limits on the FHA Loan Page.
The minimum down payment for an FHA mortgage is only 3.5%.
No first time home buyer requirement
No prepayment penalty

Use the FHA loan calculator to estimate your down payment and monthly FHA payment.
  • The minimum down payment for an FHA mortgage is only3.5%.
  • No first time home buyer requirement
  • No prepayment penalty Read More

What's a Fannie Mae and Freddie Mac mortgage?
The Federal National Mortgage Association was created in 1938 by amendments to the National Housing Act. Federal National Mortgage Association, colloquially known as Fannie Mae. The Federal Home Loan Mortgage Corporation (Freddie Mac) was created in 1970 to compete with Fannie Mae. Think of Fannie Mae and Freddie Mac as your father’s mortgage. Five, ten, fifteen or twenty percent down payment. Here’s a quick explanation of Fannie Mae and Freddie Mac loans. Your lender takes your mortgage application, processes the loan and assuming you’re approved, provides the mortgage money at closing. Shortly after the sale, the bank “sells” the loan to either Fannie Mae or Freddie Mac. The bank makes a profit of the sale and either Fannie Mae or Freddie Mac now “owns” the mortgage. Fannie Mae and Freddie Mac will only purchase mortgages up to a certain dollar amount. The maximum loan limit is established by Congress each year. Loan above the maximum loan limits are called “jumbo loans”. Fannie Mae & Freddie Mac page

•    No upfront mortgage insurance premium
•    No monthly private mortgage insurance (pmi) with a 20% down payment
•    No first time home buyer requirement
•    No early repayment penalty

So what is a jumbo loan?
Congress establishes the maximum loan amount that banks can sell to the US government. Usually, but not always, the maximum loan on a one family (one unit) home that Fannie Mae (and it’s sister agency, Freddie Mac) will purchase is $417,000. These loans are commonly known as conventional or conforming loans.

Anything over this amount is called a jumbo loan and Fannie Mae and Freddie Mac are not allowed from procuring these mortgages from the banks. Therefore, the lender is forced to use it’s money to fund the mortgage greater than the county limit. Mortgage rates are usually higher on jumbo loans. The lending caps differ from state to state and county to county and the total number of living units (i.e. one unit, two units, three units and 4 units). You can see the county lending limits on the Fannie | Freddie Limits page

House with a sold sign
What's the median home price for Florida counties?

Find the answer on the HUD Median Home Price

What is a HUD home?
When a homeowner who has an HUD insured mortgage cannot make the payments, the bank forecloses on te house (or condo). HUD pays the bank the balance of the loan, and then HUD takes ownership of the home. HUD then sells the house at a discounted price as soon as possible. Read more

What's the HUD median income for Florida counties?
Find the answer on the HUD MEDIAN INCOME LIMITS

What's the maximum VA loan amount for Florida counties? How do I calculate a Veteran loan amount? Find the answer on the VA Loan Amount page