Are you planning to apply for a mortgage loan in Florida? Read on for everything you need to know about buying and financing a home in the state, including what the process looks like and smart home financing options for first-time buyers.
Familiarize yourself with each step, from house hunting to closing.
Explore various mortgage loan options, including programs for first-time home buyers.
Gain the knowledge you need to choose the right mortgage loan for your lifestyle and budget.
Conventional Mortgages:
FHA Loans:
VA Loans:
Fixed-Rate Mortgages:
Jumbo Loans:
First-Time Buyer Programs:
Points for First-Time Florida Homebuyers:
First-time homebuyers account for 20% of all buyers in Florida. If you’re hoping to join the ranks, you’ll be glad to know that there are several Florida home loan programs designed just for new buyers, offering big financial perks and fewer obstacles to getting in the door.
The first thing you’ll want to do as a potential homebuyer is get a clear picture of your financial standing and what kind of property will fit your needs. Work with a mortgage broker to get a pre-approval, which gives clarity on what you can afford and strengthens your position as a buyer.
The house hunt is where dreams start to take shape. Once you’ve found a home, making an offer, negotiating, and closing are crucial steps. And throughout this journey, choosing the right Florida home financing option is key. For first-time buyers, we often recommend programs like FHA and USDA loans, which offer accessible entry points into homeownership, like lower credit score requirements.
Not any harder than anywhere else. From Jacksonville to Miami, home financing options like conventional loans, FHA loans, and VA loans target the needs of different buyers with different needs and price points. So long as you’re being financially reasonable, you should be able to get the financing you need.
Our HomeZero program, FHA loans, USDA loans, and down payment assistance programs are often a great fit for first-time Florida homebuyers.
Interest rates on Florida mortgages vary based on financial eligibility. They also go up and down based on wider economic trends.
If you’re planning to apply for a conventional mortgage loan, you’ll generally need a credit score of 620 or higher, plus proof of income and employment, a low debt-to-income ratio, and a down payment of at least 3%. You can find lower requirements through FHA loans and other specialty mortgage programs.
It depends on the program, but many down payment assistance programs are compatible with multiple types of mortgage loans.
On average, it can take several months from house hunting to closing. Specific steps you’ll have to get through in order to buy a home include touring homes, making and negotiating an offer, obtaining loan approval, and closing.
Closing costs are fees associated with finalizing a mortgage and typically range from 2% to 4% of the loan amount.
The more you know about what to expect when buying and financing a home in Florida, the better off you’ll be. The Doce Mortgage Group will help you connect with South Florida mortgage lenders to secure the best loan options for your needs. Get in touch for one-on-one support with your Florida home purchase.
Alex Doce NMLS 13817.
The Doce Group NMLS 2638131.
For licensing information, go to: www.nmlsconsumeraccess.org.
Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Loan approval and terms are dependent upon borrower’s credit, documented ability to repay, acceptability of collateral property, and underwriting criteria.
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