How to Get a Mortgage in Florida?

Buying a home in Florida is a major milestone, but securing a mortgage can be challenging. Credit score requirements, interest rates, and loan options often create stress for buyers. Nearly 40% find financing the hardest part, and 35% struggle with mortgage choices, sometimes leading to costly mistakes.

Florida’s housing market in 2024 remains competitive, with a 67.3% homeownership rate and a median home price of $450,000. Many households spend over 30% of their income on housing. Single-family home sales are increasing, while condo and townhouse markets are shifting in favor of buyers.

Be My Neighbor Mortgage (BMN) makes home financing straightforward. First-time buyers, veterans using VA loans, and those seeking down payment assistance can all benefit from competitive rates, expert guidance, and a simple pre-approval process.

This guide covers everything from assessing your finances to closing on your new home. Let’s get started!

Be My Neighbor (BMN) is a veteran-operated mortgage brokerage licensed in 27 states, including Florida. Dedicated to simplifying the mortgage process, BMN provides personalized home financing solutions to help families build generational wealth.

• Home Purchase & Refinance Loans – Competitive rates and tailored options.

• Rate Comparisons & Fast Funding – Helping clients secure the best deals quickly.

• Cash-Out Refinance & Property Evaluations – Maximizing home equity benefits.

• Local Expertise: Florida-specific mortgage guidance ensures compliance and smooth transactions.

• Personalized Loan Matching: Tailored mortgage recommendations based on credit, income, and goals.

• End-to-End Support: From pre-approval to closing, BMN ensures a seamless process.

• Exclusive Tools: Mortgage calculators, lender comparisons, and home-buying guides empower buyers.

BMN stands out with its community-driven approach and the BMN Debt Locker, an app simplifying mortgage qualification. With a mission to make homeownership accessible, BMN is more than a lender—it’s a trusted neighbor in your journey.

Find the Perfect Mortgage for Your Dream Home with Be My Neighbor.

Compare options, calculate payments, and get expert guidance—all in one place.

Get Pre-approved

Understand Florida's mortgage approval process by learning key steps, including credit checks, income verification, and lender requirements. Proper preparation can improve your chances of securing a favorable loan.

Before you begin the mortgage application process, take a close look at your finances. Lenders in Florida consider factors such as your credit score, debt-to-income ratio (DTI), and employment history when evaluating your loan application.

• Conventional loans: Minimum 620 credit score.

• FHA loans: Available for scores as low as 580 (with a 3.5% down payment).

• VA loans: No minimum credit score required, but most lenders prefer a score of 620 or higher.

• Debt-to-Income Ratio (DTI): Most lenders prefer a DTI ratio of 43% or lower, but certain loan programs in Florida may allow for higher ratios.

Quick Tip: Start by obtaining a free credit report and reviewing it for errors. This can help you address potential issues before applying for a loan.

Pre-approval strengthens your position as a buyer—especially in Florida’s competitive real estate markets like Miami and Tampa. Sellers are more likely to take your offer seriously if you’re pre-approved.

During the pre-approval process, lenders will review your:

• Income and employment history

• Credit report and score

• Debt obligations

• Estimated down payment and loan amount

Be My Neighbor Mortgage offers a seamless pre-approval process to give you an edge in Florida’s fast-paced housing market.

Florida homebuyers have several mortgage options. The right loan for you depends on your financial goals and eligibility.

Common Mortgage Types for Florida Buyers:

• Conventional Loans – Great for buyers with strong credit and stable income.

• FHA Loans – Require lower credit scores and smaller down payments (ideal for first-time buyers).

• VA Loans – Available to eligible veterans and active-duty military personnel with no down payment required.

• USDA Loans – Designed for homes in rural areas of Florida, offering 100% financing.

Florida-Specific Tip: Look into Florida Housing Finance Corporation (FHFC) programs that offer down payment assistance and low-interest loans for first-time homebuyers.

Find the Perfect Mortgage for Your Dream Home with Be My Neighbor.

Compare options, calculate payments, and get expert guidance—all in one place.

Get Pre-approved

Mortgage rates in Florida fluctuate based on economic conditions, Federal Reserve policies, and property location. For example, rates may vary between Miami-Dade County and more rural areas.

• Loan type (fixed-rate vs. adjustable-rate mortgage)

• Loan term (30-year vs. 15-year mortgage)

• Your credit score and down payment

Tip: Always shop around and compare rates from multiple lenders to ensure you’re getting the best deal.

Once you’ve chosen your loan, it’s time to submit your mortgage application. Be prepared to provide detailed documentation, including:

• Tax returns and W-2s (last two years)

• Bank statements and proof of assets

• Employment verification

• Credit history

Common Pitfall: Missing documents can delay the process, so double-check that you’ve gathered everything before applying.

The home appraisal determines the property’s market value and ensures the lender isn’t lending more than the home is worth.

During underwriting, the lender will review your financial situation in detail and verify that the home meets all loan requirements.

Tip: Stay in close communication with your loan officer to address any underwriting requests quickly.

Find the Perfect Mortgage for Your Dream Home with Be My Neighbor.

Compare options, calculate payments, and get expert guidance—all in one place.

Get Pre-approved

Closing day is the final step in your mortgage journey. You’ll sign the necessary documents, pay any remaining fees, and receive the keys to your new home.

• Down payment (if applicable)

• Closing costs (usually 2-5% of the loan amount)

• Homeowners insurance and property taxes

Don’t Forget: In Florida, property taxes can vary significantly by county, so research your area’s rates beforehand.

Florida-Specific Tip: In Florida, property taxes can vary significantly by county, so research your area’s rates beforehand.

If you’re a first-time homebuyer, Florida offers several assistance programs to help make homeownership more affordable:

• Florida Housing First-Time Homebuyer Program: Offers down payment and closing cost assistance.

• Florida Assist Program: Provides up to $10,000 as a deferred second mortgage for qualified buyers.

• Salute Our Soldiers Program: Special benefits for military service members.

Understanding the mortgage process doesn’t have to be stressful—especially when you have a trusted partner guiding you every step of the way. At Be My Neighbor Mortgage (BMN), we go beyond just providing loans; we build relationships, ensuring that every borrower feels confident and supported throughout their home financing journey.

Contact us today for a free consultation and discover how Be My Neighbor Mortgage can make homeownership simpler, faster, and more affordable for you!

For a conventional loan, you need at least a 620 credit score. FHA loans require a minimum score of 580, while VA loans may have no minimum but usually prefer a score of 620.

Florida offers several programs such as the Florida Housing First-Time Homebuyer Program for down payment assistance and the Florida Assist Program, which provides up to $10,000 for closing costs.

Closing costs in Florida usually range from 2% to 5% of the loan amount, including fees like loan origination, appraisal, and title insurance.

Find the Perfect Mortgage for Your Dream Home with Be My Neighbor.

Compare options, calculate payments, and get expert guidance—all in one place.

Get Pre-approved