Mortgage Approval in Florida



Florida is a lovely place to settle down with its long, white beaches, numerous golf courses, and its perfect year-long sunny weather. There are also many beautiful apartments, villas, and condominiums to invest in and make your home.

Before you get ahead of yourself, it is important to know that Florida mortgages have different requirements and rules for different types of mortgages and situations. For example, while most lenders will sanction loans with a 10% or less down payment, non-Americans or foreign nationals thinking of buying a home in Florida need to make a minimum of 20% down payment. In fact, some programs even require 30% or 35% down payment.

Then there are lenders who offer 100% financing through programs like USDA Home Loans or USDA Rural Development. There are also 30-year, fixed rate FHA Home Loans that let you use your family member’s gift to pay your 3.5% down payment.

While some lenders may accept a low down payment, you will have to pay extra in term of extra fees. For example, you may have to pay real estate taxes, home owners insurance, and flood insurance if your house is in a flood zone and condo association dues if you are buying a condo.

With so many lenders providing so many types of mortgages, it’s important to weed through the bad offers and find the right mortgage lender to finance your deal. This can be difficult if you don’t know who to approach for your mortgage loan. This is where we at Moreira Team can help you. We have a panel of experts who will help you understand all about mortgage approval in Florida and help discover which option is best for you.


Florida County Mortgage Service Areas