FHA Loan Limits in Coral Gables
The Federal Housing Administration (FHA) is a federal government agency established as a division of the US Department of Housing and Urban Development (HUD) in 1934 after the Great Depression.
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.
Click here for information on FHA-approved condos in Coral Gables.
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 adrian@gablesmavens.com.
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September 12, 2012 at 4:06 pm, FHA Approved Condos in Coral Gables | Gables Mavens said:
[...] Click here for information on FHA loan limits in Coral Gables. [...]
November 20, 2012 at 8:39 pm, North Coral Gables Homes Sold Report – September 2012 | Gables Mavens said:
[...] Four (4) of the 7 homes sold in September were all-cash purchases. One (1) of the homes was purchased with a conventional loan. The other 2 homes were financed with a FHA loan. [...]
January 19, 2013 at 12:22 am, 2012 North Coral Gables Single Family Homes Market Report | Gables Mavens said:
[...] Seventy-Six (76) of the homes were purchased with all cash. Twenty (20) homes were financed with a FHA loan, two (2) were financed with a VA loan, and 5 others were categorized as “Other” in the [...]