FHA loans are insured by the Federal Housing Administration and open to all qualified home purchasers.
While there are limits to the size of FHA loans, they are generous enough to handle moderate-priced homes almost anywhere in the country.
The current limit in Miami-Dade County for an FHA mortgage on a single family dwelling is $362,790.
Many properties in Miami-Dade (and other counties) exceed the limit of $362,790; however there are fine single family homes and some very attractive condo developments which have prices within the maximum loan amount.
What I find attractive about FHA Mortgages is:
- available for first time buyers
- available for modular and mobile homes
- available for 100% financing
- available for clients with no previous credit or limited credit background
Yes, there are limits for mortgage loans with FHA; but in Miami-Dade and other counties throughout Florida this is a program that should not go unnoticed, and will be recognized by local clients as a go-to opportunity.