The Florida mortgage landscape is one of the most exciting, particularly for homebuyers. The vast demand for homes of all types and price ranges account for the variety of mortgage options that Florida homebuyers have. For example, did you know there are up to 6 types of mortgages for you to choose from? And the options range from government-backed loans like FHA, VA, and USDA to conventional and jumbo loans. Luckily for you, Moreira Team has all the information you need on getting a Florida mortgage.
Florida has minimum requirements for one to qualify for a mortgage. But the requirements vary based on the type of loan you are applying for and the location of your house. Be sure to read through our pages for specific qualification requirements for each type of mortgage loan. We also have handy tips on how you can improve your chances of qualifying.
But qualification is not the only important thing, the house you plan to purchase must also be worthy. Which is why you need to get it inspected and appraised even as you apply for a mortgage. Most lenders will ask for an appraisal report even before they process your mortgage. Of course, it will also give some validity to the amount you are asking for.
Speaking of the amount, you may want to know that the maximum limit that you stand to get for your Florida home depends on many factors. Each loan type has the base limit, but things like the location of your house and the type of loan play important roles too. Another factor to consider is the overall cost of your mortgage. In Florida, borrowers pay mortgage insurance premiums (MIP – for FHA loans) or private mortgage insurance (PMI – for conventional loans). The two will increase your monthly payments, so it is important to factor them in as you do your mortgage calculations. Interested in purchasing a home in Florida? Contact us for a comprehensive quote that includes the Florida mortgage that you can afford and how much you should expect to pay.
Florida City Mortgage Service Areas