Florida Mortgage FAQ

FHA can be as low as 3.5% down for eligible borrowers. Conventional first-time buyers may qualify with 3% down on certain products. VA loans for eligible veterans and service members can be 0% down. Cash still needed at closing typically includes prepaid taxes, insurance, and closing costs—often partially offset by seller credits or lender credits when available in local Florida markets.

FHA loan limits vary by county. Many Central Florida counties use the standard single-family limit, while high-cost areas such as Miami-Dade, Broward, and Palm Beach have higher ceilings. Limits update annually. See our Florida FHA loan limits guide for county-by-county amounts, including Miami and Orlando areas.

In Florida, homeowners insurance and—when required—flood or wind coverage can significantly raise the escrow portion of your monthly payment. Lenders qualify you on the full PITI (principal, interest, taxes, insurance), so an early insurance quote is as important as shopping rates. We help you estimate realistic payments before you write an offer.

Yes. A full pre-approval based on documented income, assets, and credit strengthens offers in competitive markets like Orlando, Tampa, and parts of Brevard County. Pre-qualification is a lighter estimate; pre-approval shows sellers and listing agents that financing has been underwritten more carefully. Edge Home Loans can issue a clear pre-approval letter for Florida purchases.

Eligible veterans, active-duty service members, and certain surviving spouses can use VA loans in Florida with $0 down, no monthly PMI, and competitive rates. You will need a Certificate of Eligibility (COE) and residual income that meets VA guidelines. We help Florida veterans compare VA with conventional options based on total monthly cost.

Refinancing can help if you can reduce rate, shorten term, remove PMI, or access equity after home values rise. Break-even timing depends on closing costs versus monthly savings—often 24–48 months for rate-and-term refinances. Specialty options include FHA Streamline and VA IRRRL for existing government-backed loans. We run a free refinance analysis using your current balance, rate, and Florida escrow costs.

Many first-time Florida buyers combine FHA or low-down conventional products with state or local assistance when they meet income, purchase price, and education requirements. Programs change and fund availability varies by county. We help you screen eligibility early so you do not miss deadlines while shopping in markets like Lake Mary, Orlando, or Melbourne. Start with our first-time homebuyer programs overview.

A Florida-focused mortgage broker shops multiple lenders and understands statewide nuances: FHA county limits, condo project reviews, insurance escrows, and popular neighborhoods from Central Florida to the Space Coast and South Florida. Edge Home Loans is based in Lake Mary and works with buyers statewide who want competitive rates and hands-on guidance.

Purchase closings commonly take 30–45 days from a clean contract, longer if condo questionnaires, appraisals, or repairs create delays. Refinances are often 21–35 days. Timelines improve with early document upload, stable employment, and fast insurance quotes. We set clear expectations at application so your Florida closing date stays realistic.