Florida Mortgage Loans

What mortgage programs are available in Florida?

Florida borrowers may qualify for FHA, VA, conventional, jumbo, DSCR investor loans, bank statement loans, renovation loans, and reverse mortgages, depending on their scenario. Florida's diverse markets create demand across multiple program types. Subject to credit, income, property, and lender guidelines.

Can I finance a condo in Florida?

Condo financing in Florida can be more complex than financing a single-family home. FHA and VA loans require the condo project to be on an approved list. Conventional loans also have project eligibility requirements. Non-warrantable condos may require portfolio or specialty financing. Talk with a loan officer about the specific condo project you're considering.

Are DSCR investor loans available in Florida?

Yes. Florida has a strong rental and investor market, and DSCR (Debt Service Coverage Ratio) loans are available for eligible investment properties. These loans qualify based on the property's rental income rather than the borrower's personal income, which can be helpful for investors with complex tax returns.

Does flood insurance affect my mortgage in Florida?

In Florida, many properties are located in FEMA flood zones that require mandatory flood insurance. Flood insurance premiums can affect your debt-to-income ratio and, in some cases, impact loan eligibility. Your loan officer can help you understand how flood zone designation may affect your specific transaction.

What credit score do I need for a mortgage in Florida?

Minimum credit score requirements vary by program. FHA may allow scores as low as 580 with 3.5% down. Conventional loans typically require 620 or higher. Jumbo and specialty programs often require 680-720 or higher. Talk with a loan officer about your credit profile and which programs may be a fit.