Wed. Mar 3rd, 2021

The Sunshine State is higher than beaches and theme parks: it has an average home price at par with the rest of the nation and an increasing demand for mortgage loans. And if you are looking for help with a down payment or closing cost, you have several options.

Florida has about 9.4 million housing units And according to the US Census Bureau, the homeownership rate of 65.2% 2017 American Community Survey. The average housing price in the state is $ 214,000, approximately $ 217,600 equivalent to the national average price. Depending on where you plan to settle in Florida, the mean value may be lower or higher.

What are the mortgage rates in Florida?

Average interest rate for a 30 year fixed rate Mortgages in Florida Conforms 2.87%.

House interest rates Range from 2.38% Service 4% in Florida.

What are today’s mortgage rates?

By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 2.87% 2.9%
15-Year Fixed Rate Mortgage 2.34% 2.38%
30-Year Fixed-Rate Jumbo Mortgage 2.89% 2.93%
5/1 ARM 2.99% 3.03%
5/1 Jumbo ARM 2.86% 2.85%

* Rates for January 1, 2021

US News’ Best Florida Mortgage Lender

Best for Fair Credit

Flagstar provides banking and lending products in every state. Lenders can choose from traditional or government-backed mortgages, such as the FHA, VA and US Department of Agriculture loans, and opt for adjustable-rate mortgages. Other options include home equity loans and lines of credit.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Refinance and USDA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

Best counter

  • Offers a wide selection of mortgage and home equity loans

  • Offers certain mortgages that do not require a down payment

  • Allows borrowers to apply for online loans

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Best for va loan

Giants United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, DC, and specializes in VA loans. In 2019, Veterans United Home Loan generated the largest VA loan in the nation.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
  • Minimum FICO Credit Score: Is 660
  • Maximum loan amount: $ 1.5 million
  • Better Business Bureau Rating: A +

Best counter

  • No military service required

  • No minimum loan amount set

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Best for bad credit

Carrington Mortgage Services produces a range of mortgages, including refinances, available to borrowers nationwide. The company, which provides traditional and government-backed mortgages, has funded $ 22 billion in home loans since 2011.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Home Equity Loan and Halo, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 500
  • Maximum loan amount: $ 2.5 million
  • Better Business Bureau Rating: A +

Best counter

  • Accepts applicants with a credit score of at least 500

  • Offers traditional loans with less than 3% payment

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

Best counter

  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for low APR

New American Funding is a national mortgage lender with a wide variety of home loan options. The lender has processed more than $ 27 billion in mortgages.

Before you apply

  • Mortgage Type: ARM, Cash-Out Refinancing, Traditional, FHA, Halos, Jumbo, Reverse, USDA and VA
  • Minimum FICO Credit Score: 500
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

Best counter

  • Offers several mortgage options, including low and low-down payment loans

  • Offers fixed or adjustable rate mortgages

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Best for online service

Caliber Home Loans of Coppell, Texas offers nationwide mortgages including traditional, refinance, jumbo and adjustable rate loans. The government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and focuses solely on home loans.

Before you apply

  • Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 580. is
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: a

Best counter

  • Homebuyer offers programs for the first time

  • FICO accepts mortgage applicants with credit scores as low as 580

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Best without any down payment

Elient Credit Union is a non-profit financial cooperative that serves customers in all states except Maryland. Borrowers can take out traditional, jumbo, refinance and home equity loans.

Before you apply

  • Mortgage Type: Traditional, first time homebuyers, hallows and refinancing
  • Minimum FICO Credit Score: Is 620
  • Maximum loan amount: $ 2.5 million
  • Better Business Bureau Rating: A +

Best counter

  • Issues no down-payment mortgages for first time homebuyers with excellent credit

  • FICO offers mortgages to borrowers with credit scores as low as 620

  • Allows for a loan-to-income ratio of up to 50% for some loan programs

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Best for low cost

Chase, one of the largest banks in the country, offers mortgage and refinance loans to qualified borrowers. Home equity loans and HELOC are also available.

Before you apply

  • Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
  • Minimum FICO Credit Score: Is 620
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

Best counter

  • Accepts up to 3% down payment

  • Receives high marks from Better Business Bureau

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Best for low down payment

PNC Bank is one of the largest US banks, serving more than 8 million customers in all 50 states. PNC offers most types of mortgages.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, First Time Homebuyer Program, Home Equity, Halo, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: Unpublished
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

Best counter

  • Offers many types of mortgages

  • Provides no or low-down mortgage

  • An online home ownership cost appliance supply

View full profile

mortgage calculator

Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.

What are some Florida homebuyer programs?

Florida homebuyers can seek down payment and closing costs and tax credits with these programs.

  • available to: Homebuyers for the first time.
  • Income Range: Different from county.
  • First time homebuyers only? Yes.
  • Loan Options: 30-Year Fixed Rate Mortgage.
  • Payment and closing cost assistance: Four different programs offer a second mortgage of 3% or 4% of the sale price, which is waived in five years.

  • available to: Veteran and active-duty personnel.
  • Income Range: Different from county.
  • Homebuyers for the first time only? No.
  • Loan Options: 30-Year Fixed Rate Mortgage.
  • Benefit: Offers a lower interest rate to qualifying homebuyers.

  • available to: Florida Homebuyers First Mortgage Loan with Florida Housing Finance Corp.
  • Income Range: Different from county.
  • Homebuyers for the first time only? No.
  • Payment and closing cost assistance: Offers a junior loan of up to $ 7,500 at 0% APR. Repayment is postponed until you sell, transfer, pay or refinance the mortgage or move out of the property.

  • available to: Florida Homebuyers First Mortgage Loan with Florida Housing Finance Corp.
  • Income Range: Different from county.
  • First time homebuyers only? No.
  • Down payment and closing cost assistance: Provides a grant that you do not have to refund up to 4% of the purchase price of the home.

  • available to: Florida Housing Finance Corp First Mortgage Loan with Florida Housebuyers.
  • Income Range: Different from county.
  • Homebuyers for the first time only? No.
  • Payment and closing cost assistance: A 3% APR second mortgage for over $ 10, 000 is repayable over 15 years.

  • available to: Worthy first time homebuyers.
  • Income Range: Different from county.
  • Homebuyers for the first time only? Yes.
  • profit: Provides a tax credit of up to 50% of its mortgage interest as a federal tax credit.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising considerations can influence where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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