FHA Loans · FL
FHA Home Loans in Key West, FL
With a $985,000 median, the $990,150 FHA limit covers 100.5% of typical Key West purchases — buyers at or above the median may need a larger down payment or conventional financing.
3.5% Down
$34,475
Monthly Total
$6,548/mo
2026 FHA Limit
$990,150
Income Needed
$203,665/yr
FHA Limit Alert
The 2026 FHA loan limit in MONROE County is $990,150. The Key West median home price is $985,000, which is above the FHA limit. Buyers may need to cover the gap with a larger down payment or explore jumbo financing.
Down Payment Comparison
Most Popular
FHA 3.5% Down
$34,475
Lower MIP
FHA 10% Down
$98,500
No PMI
Conventional 20%
$197,000
Monthly Payment Breakdown
| Loan Type | P&I | MIP / PMI | Monthly Total |
|---|---|---|---|
| FHA 3.5% down | $6,113 | $435 | $6,548 |
| Conventional 5% down | — | $545 | $6,614 |
Upfront MIP of $16,634 (1.75%) is typically rolled into the loan balance.
Down Payment Assistance
Florida's Hometown Heroes program provides up to $35,000 in DPA for eligible workers, compatible with FHA. Income limits and occupational requirements apply; combine with FHA for maximum affordability.
Hometown Heroes: Florida's Hometown Heroes program offers up to $35,000 in DPA for eligible teachers, first responders, healthcare workers, and other frontline professionals.
FAQs
Get pre-approved for an FHA loan in Key West
Low down payment, flexible credit requirements, and DPA stackable programs.