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We are Mortgage Brokers in Florida

Mortgage Broker in Florida

If you’re looking to purchase a property in Florida, chances are you will need a mortgage. And that’s where a top Florida mortgage broker like Andes Mortgage LLC comes in.

A mortgage broker is a professional who acts as an intermediary between borrowers and lenders. We help connect borrowers with suitable mortgage options from various lenders and banks. Mortgage brokers are licensed and have extensive knowledge of the mortgage industry, making them an invaluable resource for home buyers and homeowners alike.

But why should you hire a mortgage broker in Florida? Well, here are some compelling reasons:

  • Access to multiple lenders: Unlike banks and credit unions, which offer their own limited range of mortgage products, mortgage brokers have access to a wide network of lenders. This means they can present you with more options to choose from and help you find the best mortgage for your needs.
  • Expertise: As mentioned earlier, mortgage brokers are licensed professionals with in-depth knowledge of the industry. They stay updated on current mortgage rates, products, and regulations to provide their clients with accurate and reliable information. This expertise can save you a lot of time and hassle when trying to navigate the complex world of mortgages.
  • Saves you money: Mortgage brokers work on a commission basis, meaning they are paid by the lender when a mortgage is secured. This means their services are typically free for borrowers. Additionally, because they have relationships with multiple lenders, they can often negotiate better rates and terms on your behalf, saving you money in the long run.
  • Personalized service: A mortgage broker will work closely with you to understand your financial goals and needs. They will then use this information to recommend the best mortgage options for you. This personalized approach can be especially beneficial for first-time home buyers or those with unique financial situations.
  • Saves you time and effort: Searching for a mortgage on your own can be a daunting and time-consuming task. A mortgage broker can take on this burden for you, doing all the legwork to find and compare different options. This frees up your time to focus on other important aspects of buying a home.
  • Guidance and support: Buying a home is a significant financial decision, and it’s only natural to have questions and concerns along the way. A mortgage broker can provide you with guidance and support, helping you understand the mortgage process and addressing any concerns you may have.

Interest Rates today in Florida- Updated on June 22, 2024

The current mortgage rates in Florida vary depending on various factors, such as your credit score, down payment amount, and the type of mortgage you choose. However, these rates are subject to change and may differ for each individual borrower. 

Below, we show you the average mortgage rates in Florida today for different programs so that you can have an idea of what is available. 

Product Interest rate APR
30-year fixed-rate 6.581% 6.657%
20-year fixed-rate 6.175% 6.273%
15-year fixed-rate 5.907% 6.038%
10-year fixed-rate 5.969% 6.191%
5-year ARM 6.672% 7.695%
7-year ARM 6.458% 7.402%
30-year fixed-rate VA 6.042% 6.243%
30-year fixed-rate FHA - -
15-year fixed-rate FHA - -

Why should you look to buy a home in Florida?

First of all, the weather in Florida is unbeatable. With warm temperatures year-round and plenty of sunshine, it’s the perfect place for those who love spending time outdoors. Plus, Florida is known for its beautiful beaches, making it a dream location for anyone who loves the ocean.

But Florida isn’t just about the weather and beaches. It also has a booming economy, making it a great place to invest in property. With industries like tourism, healthcare, and technology thriving in the state, there are plenty of job opportunities for residents. This means a stable economy and potential for growth in the housing market.

In addition to the strong economy, Florida also has a lower cost of living compared to other states. This means you can get more for your money when purchasing a home here. And with no state income tax, you’ll have more disposable income to spend on things you enjoy.

As far as real estate in Florida is concerned, there are many options available. From luxurious beachfront properties to affordable suburban homes, there is something for everyone’s budget and lifestyle. And with a diverse population, you’ll find a welcoming community no matter where you choose to live in the state.

Florida Mortgage Loans

At Andes Mortgage LLC, we specialize in offering a diverse range of mortgage services designed to meet the unique needs of every homebuyer in Florida.

First-Time Homebuyer Mortgages

We provide clear guidance and supportive services tailored to first-time homebuyers, helping you navigate the exciting journey of purchasing your very first home.

Key benefits:

  • Down payment assistance programs
  • Home buyer grants and credits for Florida residents
  • Down payments as low as 1%
  • Lower private mortgage insurance requirements 

Conventional Loans

We offer both fixed-rate and adjustable-rate mortgages with varying terms, enabling you to select an option that aligns perfectly with your financial situation and long-term homeownership goals.

Key benefits: 

  • 3% down payment minimum for first time homebuyers
  • 5% down payment minimum for repeat buyers
  • You’ll want to have strong credit scores and a lower debt-to-income ratio

FHA Loans

Our FHA loans come with low interest rates and accessible for those with a minimum 580 credit score. This is one of the most popular programs for first-time homebuyers and for those who may lack a pristine credit history.

Key benefits: 

  • Minimum 580 credit score
  • 3.5% down payment
  • Up to 57% debt-to-income ratio
  • Ability to combine with down payment assistance up to 5%

Jumbo Loans

For properties that exceed the conforming loan limits, we offer competitive rates on jumbo mortgages, facilitating your journey towards luxury home ownership.

Key benefits: 

  • Loan amounts up to $4,000,000
  • Minimum 10% down payment available without PMI 
  • Non-QM Jumbo available for those with complex financial situations and credit events

Non-QM Loans

For self-employed borrowers who have a need for creative financing and do not qualify for regular conventional or government loans. 

Key benefits: 

  • Qualify by using alternative income documentation such as bank statements, 1099s or  Profit & Loss statements
  • For self-employed borrowers only 
  • Minimum 10% down payment 
  • Credit scores as low as 580

Investment Property Loans

Aspiring to build wealth through real estate investment in Florida? We provide mortgage solutions for rental properties such as our popular DSCR loans and fix-and-flip loans for homes in need of renovation.

Key benefits: 

  • Close in an LLC 
  • No personal income documentation required
  • Minimum 80% Loan to Value 

Florida Refinance Loans

If you’re looking to lower your interest rate, reduce your term, or tap into your home’s equity, our expert team can guide you through the refinancing process.

Key benefits: 

  • Cash out refinance for any purpose that you desire 
  • Lower your interest rate and/or term 
  • 10 year loans available

Home Equity Lines of Credit and Home Equity Loans

Tap into your equity without having to refinance your current first mortgage with our second mortgage products.

Key benefits: 

  • Up to 89.9% Loan to Vaue
  • 10 year draw and 30 year repayment HELOCs 
  • 680 minimum credit scores

Explore homes for sale in Florida

Requirements to get a mortgage in Florida

To secure a mortgage in Florida, you will need to meet certain requirements. These typically include having a good credit score, a stable income and employment history, and a down payment. The specific requirements may vary depending on the lender and the type of mortgage you are applying for.

let’s talk about some of the requirements you will typically need to meet for the most popular mortgage programs in Florida:

Florida Conventional Loan Requirements

For a conventional loan in Florida, there are several key requirements that potential borrowers must meet. These loans are not insured by any government entity, but they follow the lending guidelines set by Fannie Mae and Freddie Mac. Let’s delve into what you need to know when considering a conventional loan in the Sunshine State.

  • Good credit score: In general, a FICO credit score of at least 620 is required to qualify for a conventional mortgage in Florida. However, some lenders may have different minimum requirements.
  • Stable income and employment history: Showing that you have a stable source of income and employment is important. Typically, a 2 year history of employment is required and your income should be enough to cover your monthly mortgage payments and liabilities that show on your credit report.
  • Down payment: Florida conventional loans typically require a down payment of at least 3% for first time homebuyers, and 5% for repeat buyers looking to purchase a primary home. However, if you put down less than 20%, you may have to pay for private mortgage insurance. For an investment property, the minimum down payment for a conventional loan is 20%.
  • Debt-to-income ratio: Your debt-to-income ratio is very important when qualifying to get a conventional mortgage. This ratio is a percentage of your monthly income that goes towards paying debts. In general, this should be below 45% to qualify for a conventional loan in Florida.
  • Property requirements: The property you are looking to purchase must meet certain requirements set by the lender, such as being in good condition and located in a desirable area. Additionally, for condos or townhomes, the building complex may need to be approved by the lender.

Florida FHA Loan Requirements

An FHA loan is a popular option for first-time homebuyers in Florida, as it typically requires a lower credit score and down payment compared to conventional loans. Here are some of the key requirements for an FHA loan in Florida:

  • Credit score: The minimum credit score requirement for an FHA loan is 580 with a minimum 3.5% down payment.
  • Down payment: For an FHA loan, the minimum down payment is 3.5% of the purchase price.
  • Debt-to-income ratio: Your debt-to-income ratio should be below 47% to qualify for an FHA loan in Florida.
  • Property requirements: The property must meet certain standards set by the Department of Housing and Urban Development (HUD), such as being safe and habitable.
  • Mortgage insurance: FHA loans require borrowers to pay for mortgage insurance, which protects the lender in case of default.

Florida VA Loan Requirements

For military veterans and active-duty service members looking to buy a home in Florida, a VA loan may be a great option. These loans are insured by the Department of Veterans Affairs and often have more favorable terms compared to conventional loans. Here are some of the key requirements for a VA loan in Florida:

  • Eligibility: To qualify for a VA loan, you must be a veteran, active-duty service member, or eligible surviving spouse.
  • Credit score: While there is no set minimum credit score requirement for a VA loan, most lenders prefer a score of at least 620.
  • Down payment: VA loans typically do not require a down payment, making it a great option for those who may not have enough saved for a conventional loan.
  • Debt-to-income ratio: The debt-to-income ratio for a VA loan should be below 50%.
  • Funding fee: A funding fee is required for all VA loans unless the veteran has at least a 10% service related disability, but this can be rolled into the loan amount. The amount of the funding fee is based on your military service, down payment amount, and whether it’s your first time using a VA loan.

What is the minimum credit score to buy a home in Florida?

The minimum credit score to buy a home in Florida varies depending on the type of loan and lender you are working with.

Generally, a credit score of 620 or higher is considered good enough to qualify for a conventional mortgage or a government loan. However, some lenders may require a higher score of 640 or above.

If you’re looking to get an FHA loan, which is insured by the Federal Housing Administration, the minimum credit score required is 580. However, with a 10% down payment, FHA allows a minimum credit score of 540. But keep in mind, a higher credit score can help you secure a better interest rate and lower fees which can potentially save you thousands of dollars. 

As a licensed Florida Mortgage Broker, we have options available for borrowers with lower credit scores and can work with you to find the best loan program for your specific financial situation.

Getting pre-approved for a mortgage loan in Florida

Before you start looking for your dream home, it’s important to get pre-approved for a mortgage loan. This will give you a better understanding of your budget and allow you to make competitive offers when you find the perfect house.

The pre-approval process is straight forward. You’ll need to provide financial documents such as pay stubs, tax returns, and bank statements in order for the lender to analyze your capacity to borrow. A review on your credit history and financial information is necessary to determine how much you can borrow.

Once you’re pre-approved, you’ll receive a letter from us stating the amount that you are approved for. This letter is essential when making offers on homes, as it shows sellers that you are a serious and capable buyer.

Getting pre-approved to buy a home in Florida with Andes Mortgage is very simple.

After carefully reviewing your application and supporting documents, we aim to provide pre-approval within just 24 hours. 

We also do mortgage loans in these Georgia areas

Atlanta

Alpharetta

Chattahoochee Hills

College Park

East Point

Fairburn

Hapeville

Johns Creek

Milton

Mountain Park

Palmetto

Roswell

Sandy Springs

South Fulton

Union City

Atlanta

Avondale Estates

Brookhaven

Chamblee

Clarkston

Decatur

Doraville

Dunwoody

Lithonia

Pine Lake

Stonecrest

Stone Mountain

Tucker

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