FHA Loans in Boca Raton, FL: Condos, Limits and MIP

Short answer

Yes, in Boca Raton an FHA loan works mainly for condos and townhouses: the 2026 Palm Beach County FHA limit is $667,000 for one unit, while the city's median condo sold for $569,000 and the median house for $1,410,000 in Q3 2026. With 3.5% down and a 580+ score, a median-priced condo fits under the limit, but only if the building is FHA-approved or the unit qualifies for single-unit approval (as of October 2026).

Boca Raton prices vs. the 2026 FHA limit

FHA's general rules (credit tiers, debt-to-income, mortgage insurance) are the same across the state and are in our Florida FHA requirements guide. In Boca Raton the question is simpler: which homes fit under the limit at all.

As of October 2026, HUD's 2026 FHA limits for Palm Beach County (part of the Miami-Fort Lauderdale-West Palm Beach area) are $667,000 for one unit, $853,900 for two, $1,032,150 for three and $1,282,700 for four. The limit caps the loan, not the price, so with the minimum 3.5% down the highest price you can pay is about $691,190.

Florida Realtors data published by MIAMI REALTORS for Q3 2026 shows how that lines up inside Boca Raton city limits:

• Townhouses and condos: median $569,000 on 171 closed sales. With 3.5% down, the base loan is about $549,085, inside the limit.
• Single-family houses: median $1,410,000 on 244 sales, up 24.8% from a year earlier. To use FHA on a median house you would need roughly $743,000 down, so houses here are mostly a jumbo or conventional conversation.
• Palm Beach County overall: median condo $307,500 and median house $655,000, so FHA reaches far more of the county than of Boca.

In practice, an FHA buyer in Boca shops condos, villas and townhouses in the older garden and mid-rise complexes, plus the occasional smaller house in the western and northern parts of the city. These figures cover the incorporated city only; the unincorporated West Boca area is reported separately.

Condos and 55+ communities: FHA approval comes first

Two of every three Boca condo and townhouse sales in Q3 2026 were cash (114 of 171). Against cash offers, an FHA buyer only has a shot in a building where the loan can actually close, so check the project in HUD's FHA approved condominium lookup before you tour. It shows each project as Approved, Expired, Rejected or Withdrawn; Expired often means the association simply did not renew.

If the building is not on the list, the unit may still qualify through single-unit approval, under HUD's condo rule in effect since October 15, 2019 (as of October 2026):

• The project must be complete, have at least five units and not be manufactured housing.
• In a project of 10 or more units, no more than 10% of the units can carry FHA insurance; smaller projects are capped at two FHA loans.
• The project still has to pass owner-occupancy, financial condition and insurance tests. For fully approved projects HUD generally looks for at least 50% owner-occupied units and commercial space of no more than 35% of floor area, and approval must be renewed every three years.

Many Boca condo complexes are age-restricted 55+ communities built in the 1970s and 1980s. HUD's tests are about the project, not the residents' age, so the same questions decide the file: How many units already have FHA loans? How many owners live there full time? Are the reserves and insurance in order? Seasonal owners who rent their units out can push a complex below the owner-occupancy line.

Older buildings add Florida's structural rules. A condo building three or more habitable stories tall needs a milestone inspection by December 31 of the year it turns 30, then every 10 years, and the association must have a structural integrity reserve study (SIRS). Repairs found there often turn into higher dues or a special assessment, and FHA counts the dues in your payment. Ask for the condo questionnaire, the inspection report and the assessment schedule before you sign.

Example only: FHA on a $569,000 Boca condo

Example only, using the Q3 2026 city median condo price, 3.5% down and HUD's current mortgage insurance rules (as of October 2026):

• Down payment: 3.5% of $569,000 is $19,915, for a base loan of $549,085.
• Upfront MIP: 1.75% of the base loan, about $9,609, usually added to the loan.
• Annual MIP: 0.55% for a base loan of $726,200 or less with more than 95% loan-to-value, about $3,020 a year, or roughly $252 a month, for the life of the loan. With at least 10% down the rate drops to 0.50% and ends after 11 years. See what MIP is.
• Property taxes: Boca Raton's total millage is 16.9090 mills, per the city's 2026 Taxes Explained brochure. Estimated at the purchase price with the homestead exemption ($50,000 off non-school levies, $25,000 off the school levy), that is about $8,930 a year, or $744 a month. Without homestead it would be about $9,620.
• HOA dues and insurance: the condo fee pays the master policy; you add an HO-6 policy, and flood coverage if the unit is in a special flood hazard area. The city says a large share of Boca lies in one, under FEMA maps adopted December 20, 2024.

Principal and interest depend on the day's pricing; rates vary daily, so call for today's numbers. In an older 55+ complex, the monthly dues can be as large as the MIP, which is why we price the full payment before you make an offer.

Down payment help for Boca FHA buyers

As of October 2026, these are the programs to ask about. All depend on available funds and have their own income rules.

• City of Boca Raton SHIP Homebuyer Assistance: a 0% interest, deferred payment loan toward down payment and closing costs for eligible first-time buyers of an owner-occupied home in the city. The award is based on need and capped by income category. The city's page says it is accepting applications but funding is very limited and new applicants may be waitlisted; the packet is dated May 26, 2026. Request it at 561-393-7756.
• Palm Beach County SHIP Purchase Assistance: up to $100,000 as a 0% deferred loan forgiven after 30 years, with a $568,557 price cap. Its page currently says the application limit has been reached. Note that the cap sits just below the Boca median condo, so it would only reach below-median units anyway.
• Florida Hometown Heroes: for first-time, income-qualified buyers in eligible occupations, up to 5% of the first mortgage ($10,000 minimum, $35,000 maximum) as a 0% deferred second mortgage that is repaid at sale or refinance. FHA first mortgages are eligible. See Hometown Heroes 2026.
• QMS forgivable down payment grant: ask whether your income and the property fit.

Programs differ on whether they can be combined, and each adds its own paperwork to the FHA file. We line them up so the assistance and your loan close on the same day. The full list is in Florida down payment assistance programs.

Getting FHA pre-approved for Boca Raton with QMS

QMS Lending is an independent mortgage broker in Miami, FL, working with 100+ lenders. FHA lenders set their own overlays on score, condo policy and manual underwriting, so the lender matters as much as the program. For a Boca FHA purchase we:

• Pre-approve you on the full payment: principal and interest, MIP, taxes, HO-6 insurance and HOA dues.
• Check the building's HUD status, and the single-unit caps, before you write an offer.
• Ask the association for its milestone inspection, SIRS and any open assessments.
• Check the city SHIP program, Hometown Heroes and the QMS grant, and which ones can combine.

If you are 62 or older and buying in a 55+ community, also compare a HECM for Purchase, which can buy the home with no monthly mortgage payment. Call 305-425-1990 in English or Spanish. Michael Fernandez, NMLS #1491775; company NMLS #1781090; 4.9 stars across 200+ Google reviews. Subject to credit approval. Equal Housing Opportunity.