Florida mortgage market at a glance
| Item | Florida 2026 |
|---|---|
| Conforming loan limit (1-unit) | $832,750 baseline; Monroe County (Florida Keys) higher |
| FHA loan limit (1-unit) | $541,287 floor in most counties; Monroe County and some metros higher |
| Foreclosure process | Judicial (court required) |
| State housing agency | Florida Housing Finance Corporation |
Florida’s mortgage math is dominated by something that is not the mortgage: insurance. Loan limits are generous relative to prices everywhere except the Keys. State programs are well funded. Then windstorm coverage shows up and eats the savings. Underwrite yourself accordingly.
Loan limits in Florida
Nearly every Florida county carries the 2026 baseline conforming limit of $832,750, which covers the overwhelming majority of the market, Miami condos included. The lone standing exception is Monroe County, the Florida Keys, where limited land and high prices earn a high-cost designation and a bigger limit. Above your county’s cap you are in jumbo loan territory, a competitive product in Florida’s luxury coastal markets.
FHA limits sit at the $541,287 floor across most of the state, with Monroe and a few metros higher. With Florida’s median price in the low $400s, FHA is a workable path for first-time buyers, especially those with credit scores in the 600s, as long as the full insured payment still qualifies.
First-time buyer programs in Florida
The Florida Housing Finance Corporation runs the state’s homeownership programs, and its headline act is Hometown Heroes: down payment and closing cost help of up to 5% of the first mortgage amount (capped at $35,000) as a zero-interest, deferred second loan for income-qualified first-time buyers. It launched for frontline workers and has been expanded and re-funded repeatedly. Recent funding rounds have been fully committed within months, so timing matters. Florida Housing also runs standing first mortgage and assistance programs beyond Hometown Heroes.
A 640 minimum credit score applies, veterans are exempt from the first-time buyer rule, and everything routes through participating loan officers. Check current funding at floridahousing.org.
What closing on a home costs in Florida
Florida charges documentary stamp taxes on both the deed and the mortgage, plus an intangible tax on the loan, so state charges scale with both price and loan size. Title companies handle most closings; no attorney required. Who pays for the owner’s title policy varies by county custom (sellers in much of the state, buyers in Miami-Dade and Broward). Worth checking before you negotiate.
Foreclosure is judicial. Lenders must sue, and Florida courts spent years working through backlogs after 2008. That gives troubled borrowers time and process, but deficiency judgments are possible. Call your servicer early if things go sideways. And again: insurance. Get windstorm and flood quotes during your inspection period. They can swing your qualifying payment more than a full point of rate.
How to get the best rate in Florida
- Get three quotes the same day, including a Florida-heavy lender that understands condo and windstorm underwriting. Start with our best mortgage lenders list.
- Chase Hometown Heroes funding windows. Ask your loan officer whether funds are currently available before you fall in love with a house.
- Quote insurance before you offer. Your rate shopping is meaningless if the insurance estimate is fantasy.
- For condos, confirm the building is on Fannie/Freddie’s approved list. Unwarrantable condos push you into pricier loans.
- Model the all-in payment, taxes, insurance, and HOA included, with our mortgage calculator, and check our down payment guide for how to keep reserves for the insurance surprises.
For lender rankings and every loan type explained, start at our mortgages hub.