Florida Mortgage Rates
Looking for the lowest mortgage rates in Florida? At Alpine Mortgage, we're dedicated to securing the most competitive mortgage rates while providing a seamless and stress-free experience. The rates below are today's mortgage and refinance rates on our conventional, FHA and VA loan programs specifically tailored for Florida properties. For rates on our other loan programs such as investment property loan rates, renovation loan rates, reverse mortgage rates or Non QM loan rates, please contact us for a quote. At Alpine Mortgage our mission is clear: to deliver the lowest mortgage rates in FL customized to your situation.
Current Mortgage and Refinance Rates in Florida
| Loan Program | Rate | APR | Fees | Action |
|---|
The conventional rates shown are based on a loan amount of $525,000 and a down payment of at least 25%. The FHA rates shown are based on a loan amount of $675,500 and a down payment of at least 3.5%. The VA rates shown are based on a loan amount of $700,000 and no down payment. FL Mortgage rates are subject to change at any time and are subject to mortgage approval with full documentation of income. All rates shown are for a 30 day rate lock with one discount point on the purchase or rate and term refinance of a single family primary residence with a 740 or higher FICO score.
Mortgage Programs in Florida
Florida Conventional Loans. As the most popular loan program, conventional loans have certain requirements, such as a minimum credit score of 620 and a minimum 3% down payment. Interest rates for these loans may vary significantly depending on the borrower's credit score and the size of their down payment. Borrowers who put down less than 20% must also pay private mortgage insurance (PMI). These loans can be used to finance a primary residence, vacation property or an investment property.
Florida FHA Loans. For borrowers that can't qualify for a conventional loan because of their credit history, a FHA loan is a good option . A FHA loan is insured Federal Housing Administration (FHA) and allows borrowers with a minimum credit score of 580 to purchase a home with a down payment of 3.5%. These loans also allow credit scores down to 500 with a larger down payment of at least 10%. FHA loans require mortgage insurance premiums (MIP) to be paid regardless of the amount of the borrower's down payment and these loans are available only on a primary residence and the maximum loan amount varies by county. You can view the current FL FHA Loan Limits for all counties in Florida.
Florida VA Loans.VA loans provide veterans the opportunity to obtain home loans with no required down payment. These loans are guaranteed by the Department of Veteran Affairs and do not have any mortgage insurance but may have a funding fee that is collected at closing. VA loans are available only on a primary residence.
Florida Non QM Loans. For those who face hurdles qualifying for conventional, FHA, or VA loans due to credit issues or difficulties in verifying income, we provide several Non QM loan options. These loans are designed with more flexible lending standards to help individuals with distinctive financial circumstances or credit challenges, including recent bankruptcies or foreclosures. Our Non QM loans can be used to finance a primary residence, vacation property or an investment property.
Florida Reverse Mortgage Loans. A reverse mortgage is available for homeowners who are 62 years or older. It enables you to access the equity in your home by either receiving a lump sum, fixed monthly payments or a line of credit. Reverse mortgages are only available on a primary residence.
| Loan Type | Min. Credit Score | Min. Down Payment | Occupancy |
|---|---|---|---|
| Conventional | 620 | 3.0% | Primary, Secondary or Investment |
| FHA | 580 | 3.5% | Primary Residence |
| FHA Low Score | 500 | 10% | Primary Residence |
| VA | 620 | None | Primary Residence |
| Non-QM | 500 | 20% | Primary, Secondary or Investment |
FL Real Estate & Mortgage Update
Rising Prices. As of early 2024, the Florida real estate market exhibits continued growth with rising home values, albeit at a moderated pace compared to previous years. The average home value in the state stands at $392,306, reflecting a 3.0% increase over the past year, and properties are selling relatively quickly, with homes typically going pending in around 37 days.
Increasing Inventory. Inventory levels are increasing, which is contributing to a slowing in price growth. This shift is moving the market towards a balance that favors both buyers and sellers. For example, in Sarasota County, despite high interest rates, the demand remains robust, keeping median sales prices near record highs. However, the market is seeing a more discerning buyer pool and more realistically priced listings.
Mortgage Rate Trends. Mortgage rates remain a pivotal concern for the market. Current projections suggest that rates may not drop to the historic lows of the pandemic era but could see some reduction or stabilization. This potential relief in mortgage costs is anticipated to stimulate buyer interest and activity as the year progresses.
Market Outlook. The market is expected to experience a modest cooling from its recent high-growth phase, yet it remains a strong arena for residential and investment real estate. This resilience is largely fueled by steady population growth and the continuous influx of new residents to the state, reinforcing Florida's position as a desirable location for real estate investment. For more information, see our Mortgage Rate Forecast for expert predictions on where rates are headed.
FL Mortgage Rates FAQs
Rates have peaked to over 7% in October, 2023 and have come down slightly. The consensus among experts is for rates to continie to east to around 6.0% by the end of 2024 but the direction of future mortgage rates will largely depend on the Federal Reserve's decison to cut the federal funds rate throughout the year.
In Florida, alongside conventional loans, FHA and VA loans are popular due to their lower down payment requirements and more flexible eligibility criteria. Jumbo loans are also common, particularly in high-value real estate markets such as Miami and Naples.
When buying a home in hurricane-prone areas, consider the building's structural integrity and flood resistance. Ensure that the property has hurricane impact-resistant features, and check for flood zone designations which can affect insurance costs and property value.
Property tax rates in Florida vary by county, but are usually due annually in November each year and must be paid by March of the following year without penalty. In addition, the state does not have a personal income tax, which can make overall taxation seem more favorable compared to other states. Homeowners in Florida can also benefit from homestead exemptions that provide significant property tax relief.