Best Mortgage Options in Florida 2024
Complete guide to choosing the best mortgage option for Florida homebuyers. Compare FHA, VA, Conventional, and USDA loans to find the right fit for your situation.
Call (855) 744-EDGEChoosing the Best Mortgage Option in Florida
Florida homebuyers have access to various mortgage options, each with unique benefits. The best mortgage for you depends on your credit score, down payment amount, military service, property location, and financial goals. As a mortgage broker in Lake Mary, we help Florida homebuyers compare all options to find the best fit.
Mortgage Options Available in Florida
FHA Loans - Best for First-Time Buyers
Best For: First-time buyers, lower credit scores, minimal down payment
- 3.5% down with 580+ credit score
- Credit scores as low as 500 accepted
- Flexible credit requirements
- Loan limits: $498,257 (most counties) to $608,850 (high-cost areas)
VA Loans - Best for Veterans
Best For: Veterans, active military, eligible spouses
- 0% down payment required
- No PMI required
- Competitive interest rates
- No loan limits for full entitlement
Conventional Loans - Best for Strong Credit
Best For: Good credit, larger down payments, investment properties
- 3% down for first-time buyers, 5% for others
- Credit score 620+ typically required
- PMI can be removed at 20% equity
- Higher loan limits than FHA
USDA Loans - Best for Rural Areas
Best For: Rural properties, low to moderate income buyers
- 0% down payment required
- Income limits apply
- Property must be in eligible rural area
- Lower interest rates
How to Choose the Best Mortgage for You
Consider Your Credit Score
FHA loans are most forgiving (500+), while conventional loans typically require 620+. VA loans generally need 620+ but may be more flexible.
Evaluate Your Down Payment
VA and USDA offer 0% down. FHA requires 3.5% with good credit. Conventional loans need 3-5% minimum, but 20% eliminates PMI.
Check Your Eligibility
VA loans require military service. USDA loans have income and location requirements. FHA and Conventional are available to most buyers.
Property Type Matters
Primary residence? All loans work. Investment property? Only conventional loans. Rural property? Consider USDA.
Mortgage Comparison for Florida Buyers
| Loan Type | Down Payment | Min Credit Score | PMI/MIP | Best For |
|---|---|---|---|---|
| FHA | 3.5% | 580 | Required | First-time buyers, lower credit |
| VA | 0% | 620 | None | Veterans, active military |
| Conventional | 3-5% | 620 | If < 20% down | Good credit, investment properties |
| USDA | 0% | 640 | Required | Rural properties, low income |
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Need Help Choosing the Best Mortgage?
Contact Edge Home Loans in Lake Mary for a free consultation to compare all your mortgage options.
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