After over 17 years in the FL mortgage arena as a Sr. Loan Officer, I have recognized that most first time as well as seasoned homeowners are solely focused only on the mortgage interest rate.  However, to me personally, the rate is the easy part of the equation – provide the lowest rate available.  But what about choosing the right FL mortgage loan?  Is your loan officer experienced enough to know the options?

Whether purchasing your first or second, vacation home, choosing the right mortgage program is very important.  Here a just a few.

  • Most first time home buyers qualify very well with a FL FHA home loan.  There is only a 3.5% minimum down payment requirement, and all funds needed to close can be in the form of a Gift from a family member.  Also, Sellers can contribute up to 6% towards the buyers closing costs and prepaids, property tax and homeowners insurance escrows.
  • For those that are purchasing a vacation home or 2nd home here in Florida; consider a Fannie Mae or Freddie Mac mortgage.  With as little as 10% down, you can buy a home close to Disney or near our beautiful beaches here in Brevard County, or anywhere else you choose in Florida.
  • If you are a Veteran, you can save more money than other buyers.  A FL VA home loan is available with no down payment, up to $417,000 with full entitlement; has no monthly private mortgage insurance, and Sellers can contribute up to 4% towards the buyers closing costs and prepaids.  I have closed FL VA loans where the buyer actually ends up bringing no additional funds to closing.
  • Please keep in mind, Veterans seeking to put 20% down may want to compare a Fannie Mae or Freddie Mac conventional loan and a VA home loan.  The conventional approach can actually save a bit with no VA Funding Fee.  And for those buyers with at least 5% saved for down payment; please consider the same conventional loan options vs. a FL FHA loan, as the mortgage insurance requirements may be much lower.


Remember that overall credit history as well as qualifying credit scores make a difference when comparing mortgage loan options.   Speaking with an experienced FL mortgage professional is the best when it comes to knowing your options for your next home purchase.  Once you know you path, then focus on that low interest rate.  To get prequalified now contact me on top right of this page see Get My Perspective or call now at  407.733.6425.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751