New 2020 FHA Loan Limits in Miami, more FHA Loan Options

New 2020 FHA Loan Limits in Miami, more FHA Loan Options

Jan 08, 2020 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

Brickell on the River South

31 SE 5th St

Miami

Brickell

5/31/2019

Key Colony II

251 Crandon Blvd

Key Biscayne

Key Biscayne

3/29/2020

Seacoast 5151

5151 Collins Ave

Miami Beach

Mid-Beach

1/31/2019

Toscano Condominium

7350 and 7355 SW 89th St

Kendall

Downtown Dadeland

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.

Contact Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(786) 930-4220
contact@condoblackbook.com
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