FHA Loan Limits in Coral Gables
The FHA is not a lender. They do not lend money to buyers looking to buy a home or set interest rates on home loans. Instead, the FHA offers mortgage insurance on loans originated by approved lenders. The insurance protects the lender if the borrower defaults on the loan.
A better name for a FHA mortgage, then, might be FHA-insured mortgage. It’s a more accurate reflection of the relationship between the FHA and mortgage lenders nationwide.
FHA-insured loans are attractive to buyers who are only able to afford smaller down payments and have credit that is less than perfect.
There are limits as to how much the FHA is willing to insure. FHA loan limits vary based on the state and county in which the property is located.
Buyers of Coral Gables real estate, specifically single-family homes, can finance a purchase up to $423,750 with a FHA loan.
Miami-Dade FHA Loan Limits
Single Family – $423,750
Duplex – $542,450
Triplex – $655,700
Fourplex – $814,900
You can find more information on loan limits in other Florida counties here: http://www.fha.com/lending_limits_state.cfm?state=FLORIDA
If you have questions regarding FHA loans or need help buying a home in Coral Gables, contact me today at 305-491-7179 or send me an email to firstname.lastname@example.org.