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Florida Home Loans & Mortgage Lenders

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By Damon Duvall
Thu, Oct 06, 2022 at 9:05AM

Florida Home Loans & Mortgage Lenders

Thousands apply for Florida home loans through private mortgage lenders every day. Home loans are most buyer's choice to fund the purchase of real estate in today's world. Since money is deposited electrically it is now safer, more secure and more reliable than cash at closings. With proof of funds and a strong offer some sellers of real estate give home loans the same value as a cash offer.

Get Pre-Approved

Home loans are often valued only by their interest rate. However, the terms and fees are also very important. Not to mention the complexities of variable rate loans which can be great or disastrous depending on the details and the state of the economy. I will share some information on the most common Florida home loans below in alphabetical order. Please keep in mind your unique situation, wants and needs are best addressed by a great loan officer. To contact one of those use the underlined blue link above. 

Conventional Home Loans

Conventional home loans are popular in Florida. Normally these home loans are fixed rate mortgages but can also be adjustable rate. Since conventional home loans are not government insured like FHA loans or guaranteed like VA loans they are slightly harder to qualify for. You may be able to get this type of loan with as little as 3% down but there are restrictions. Namely you will need approved credit and an acceptable "debt to income ratio". A good guideline (not set in stone forever) is 33/45. 33% of your gross income being allowed for home expense and/or 45% for all recurring debts plus housing expenses.

FHA Home Loans

FHA home loans are a type of government insured loan. They are actually insured by the Federal Housing Administration hence they are called FHA home loans. There are pro's and cons to these loans. The good news is with a little explanation from a professional loan officer they become very understandable. At least the parts of them that you need to be primarily concerned with if you pay your bills on time.

FHA loans are often sought after by first time home buyers, buyers with some past credit challenges and those with limited funds on hand for closing costs and down payment on the purchase. Fees can be a lower with this type of home loan, certain closing costs can vary widely. A local Realtor can estimate the closing costs for a home purchase but the exact closing costs are not known until right before the actual closing. Make sure you have a comfort zone for them.

FHA home loans can be used on some multi-unit dwellings meaning 1-4 homes. Mobile homes, homes in need of a little fixing up and manufactured homes are also able to be financed with a FHA loan. Most of us by now have heard of the "Reverse Mortgage". The Reverse Mortgage can be a FHA loan for those 62 years of age and older who have enough equity built up in their home. The complexities are endless, a great loan officer is a must.

VA Home Loans

VA home loans are for those who have served in the military and been honorable discharged. The VA home loan is guaranteed not insured. The guarantee comes from the US Department of Veteran's Affairs. Not all, but most of us who have served are qualified. To be qualified the following is required but please apply when in doubt to make sure as these are rough guidelines.

  • Active Duty for over 180 days during peace time.
  • Served 90 days or more during a time of war.
  • 6+ years of service in the Military Reserves or National Guard.
  • The spouse of a servicemember killed in the line of duty.
  • If you are receiving VA Disability you may also be eligible.

VA Home Loan Benefits

  • Down payment not required
  • No private mortgage insurance
  • No pre-payment penalties
  • Disabled veterans may get the funding fee waived.
  • There are more, these are great loans.

VA Funding Fee?

Yes there is a VA home loan funding fee. I actually have a VA loan myself. The funding fee ranges anywhere from .5% to 3.6% of the total loan amount. The greater your down payment is the less your funding fee will be. The fee is one time and made to The Department of Veterans Affairs to guarantee your loan. The funding fee can also be financed as part of the loan itself.

As you can see there are some complexities to getting a loan. Even first time home buyers anticipate this. I would like to close this article with the following advice. Not all car mechanics are created equal. Not all doctors or lawyers have the same skills or provide the same quality care. Selecting a great Mortgage Loan Officer is a definite must and sadly to often the selection is just guesswork or random chance. I know the one I recommend is great, the challenge is catching her when she has time to take on another client. Get pre-approved that is the first step. Please share this article and feel free to link to it as well. Thank you for visiting us to learn more about Florida home loans and the most common home loans.


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