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.)
(Homes & Condos)
NEW FHA LOAN LIMITS EFF 1/2020
Previous FHA Loan Limits
Miami-Area FHA Approved and Recently Approved Condos
31 SE 5th St
Key Colony II
251 Crandon Blvd
5151 Collins Ave
7350 and 7355 SW 89th St
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.