Looking for a mortgage? You’re in the right place. The quick answer to getting a mortgage in Florida is to talk with one of the best mortgage lenders in Florida! If you’re ready to buy a home, you’re going to need help from a trusted mortgage lender. But until then, let’s go over a simple list on how to get a mortgage in Florida.

how to get a mortgage in florida

Simple steps to getting a Florida mortgage:

  • Decide that you are ready to buy.
  • Get your finances in order. Make sure your credit is in good spot and look into out how much you have saved up for a down payment and any closing costs.
  • Figure out what you can afford. Based on your credit score, your finances, and the current housing market, figure out a doable house price.
  • Find a the best lender. Search for the best mortgage brokers in Florida to help you.
  • Get a pre approval from a mortgage professional. (Or maybe a better option, an Upfront Approval Guarantee)
  • Start shopping for your home and make some offers. Once a seller accepts your offer, you can apply for your mortgage, go through underwriting and close on your new home!

Have you made the decision to buy a home in Florida?

Before you get your mortgage in Florida, you must have decided that you’re ready to purchase a home, right? Buying a new house is a big deal, so make sure you’ve got a few important things in order before you move on to the next step. Be sure you get your credit in good shape, that you have enough saved to make a down payment and pay any closing costs that will be associated with your purchase.

What credit score is needed to buy a home in Florida?

This answer may vary depending on what type of loan you get, how much home you are buying and how much you have saved for a down payment. Some Florida loan programs will accept a credit score as low as 580, but you’re going to want to shoot for a 620 to 640 as a bare minimum to ensure you have access to the best options. As with most other lending, it’s no secret that the better the credit score the easier it can be for you to borrow, so do what you have to to get your credit back on track and your credit score as high as possible!

What is the minimum down payment for a house in Florida?

The down payment is a percentage of the home’s purchase price, so as you can imagine it will vary depending on the home you choose to buy. Most home buyers think you need a firm 20% down, but that is not always the case. With that said, the more you put down, the less you are borrowing, so a higher down payment can make for a better deal, even preventing the need for private mortgage insurance. Depending on what mortgage program you or the property qualify for can change the minimum down payment requirements. Here are some examples:

  • Conventional Loan – 3%
  • FHA Loan – 3.5% with a qualifying credit score (10% down for lower scores)
  • VA Loan – 0% down for qualifying borrowers
  • USDA Loan – 0% down for qualifying borrowers

What are the closing costs in Florida?

Closing costs in Florida can vary from about 2% – 5% of the loan amount. In Florida, the average closing cost amount is around $8,550 for a $375,000 mortgage. That’s about 2.3% of the loan.

Finding the best mortgage companies in Florida

Working with a trusted Florida mortgage company is an important part of the process. Having a lender that knows the mortgage process, knows the products and has local knowledge of the market is critical. Start with online research, search for positive testimonials and reviews or ask friends, family or coworkers who they may recommend.

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Getting pre approved for your Florida mortgage

Once you are satisfied and have chosen a mortgage lender you need to get pre approved. This is basically a note from a your lender that lets your Realtor and any potential sellers that you are good for the money. It gives you, and them, an idea of what you can afford based on a loose check of your financials. And even better option is an Upfront Approval Guarantee, which is basically upfront underwriting. That means that when you make an offer, everyone knows you are 100% good for it. It’s almost as good as cash. With a pre approval (or upfront underwriting) you’re ready to shop and make offers.

The underwriting and closing process

Once you have made an offer and the seller accepts you will undergo underwriting. If you chose to go with the Upfront Approval Guarantee this step is done! If not, you will go through the underwriting process which is a more detailed version of your pre approval. After that you will close on your home and be a new Georgia homeowner!