Real Estate News
New 2020 FHA Loan Limits in Miami, more FHA Loan Options
by , January 08, 2020
The news for first-time condo or home buyers wanting low down payments keeps getting better. The new 2020 FHA loans have higher limits that, in combination with a law revision that went into effect last October, allow buyers to purchase a new condo with just 3.5 - 10% down, depending on credit score, and sometimes more flexible loan terms than conventional loans.
The revised policy allows for certain individual condo units to be eligible for FHA loans, even if the condo building is not FHA approved.
FHA loans are federally insured mortgages, and because they are insured, lenders provide excellent rates for first-time buyers and those with no or less-than-perfect credit histories.
What’s even better is that the FHA loan amounts have increased. Miami-Dade’s 2020 FHA maximum loan limit for single families (including condos) has gone up to $373,750 from last year’s $356,500, almost a 5% increase over last year.
2020 FHA Loan Limits in Miami-Dade County
(includes areas CondoBlackBook.com tracks such as: Miami, Miami Beach, Key Biscayne, etc.)
|
One-Family (Homes & Condos) |
Two-Family (Duplexes) |
Three-Family (Triplex) |
Four-Family (Four-plex) |
Last Revised |
|
|
NEW FHA LOAN LIMITS EFF 1/2020 |
$373,750 |
$478,450 |
$578,350 |
$718,750 |
12/17/2019 |
|
Previous FHA Loan Limits |
$356,500 |
$456,350 |
$551,650 |
$685,550 |
12/17/2018 |
Miami-Area FHA Approved and Recently Approved Condos
|
Condo Building |
Address |
City |
Neighborhood |
Expiration |
|
31 SE 5th St |
Miami |
5/31/2019 |
||
|
Key Colony II |
251 Crandon Blvd |
Key Biscayne |
3/29/2020 |
|
|
5151 Collins Ave |
Miami Beach |
1/31/2019 |
||
|
7350 and 7355 SW 89th St |
Kendall |
12/11/2019 |
Feel free to contact us to discuss your Miami condo interests and FHA lender options! More details on the FHA single-unit approval requirements can be found here.
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