Florida Mortgage Loans

Areas We Serve

Whether you want to take advantage of the affordable, lush retirement communities, or make one of the state’s infamous beaches your permanent home, Griffin funding can help you find the Florida home loan that best suits your needs. We offer a variety of loan options tailored to both traditional buyers and real-estate investment borrowers and serve a vast number of communities throughout the state including:

If you are ready to apply for a Florida home loan or want to learn more about investing in short-term rentals across the state, contact us at (855) 394-8288 or request a quote online.

How Do Home Loans Work in Florida?

You might assume that the steps to buying a house in Florida are different than in other states, but the mortgage process is typically more or less the same.

Home Loan Qualifications

• Find a Florida mortgage lender you want to work with.
• Submit an application.
• Provide any requested documentation to verify that you qualify for the loan.

Once you receive the funds for your Florida home loan, you can move forward with buying your home. In most cases, we can complete this entire process within 30 days or less.

Florida Mortgage Programs

Depending on your personal circumstances, there are a variety of Florida mortgage programs to consider including:

Types of Loans We Offer

• DSCR Loans: Investors can use the rental income a property will bring to qualify for the mortgage, instead of using traditional income calculations to purchase the property. A DSCR mortgage is a type of investment property loan.
• Bank Statement Loans: For freelancers or contractors, a bank statement loan may be the best way to qualify for a self-employed mortgage. Instead of using tax documents and W2s, bank statements are used to calculate income.
• Home Equity Loans: Homeowners who have built up equity in their home and need to access some of that money can do so with a Home Equity Loan. With a HELOAN, the interest rate in the initial loan remains unchanged.
• USDA Loans: USDA loans are available for low-to-moderate-income individuals or families who are looking to purchase a home in a designated rural area.
• FHA Loans: FHA loans are available for first-time buyers and typically allow for a 3.5% down payment because these loans are insured by the Federal Housing Administration (FHA).
• VA Loans: VA loans are offered as a benefit to veterans (or current service members) and their families. These loans require zero down because they are backed by the Department of Veteran Affairs (VA).
• Asset Based Loans: For retirees, or high-net-worth individuals, an asset-based-loan is a way to enable borrowers to qualify for a mortgage based on the value of their wealth portfolio instead of traditional employment income.
• ITIN Loans: Foreign nationals needing a mortgage to purchase a property can do so with a ITIN Loan, which does not require a Social Security number.
• Conventional Loans: Conventional mortgages in Florida offer highly competitive rates and terms for qualifying borrowers. Secure a conventional home loan in Florida with as little as 3% down.
• Private Money Loans: Funded by private lenders or investment groups, these loans, also known as hard money loans, are ideal for when you need quick access to short-term financing.

We strive to provide diverse Florida mortgages to accommodate all borrowers, so we also offer recent credit event loans and non-QM loans that might better suit your needs. If you’re working to expand your real estate portfolio or are simply exploring financing options, our loan specialists can guide you through the benefits of each loan type. We’re here to help you narrow down your options and to find the best fit for your needs.

First-Time Buyer Programs in Florida

If you are a first-time home buyer in Florida, you should be aware of special programs that are designed to make it easier for you to purchase a home. Some of the home loan programs available for first-time home buyers in Florida include:

• HomeReady Mortgage
• Home Possible Loan

However, it should be noted that some of these programs have fairly strict qualifications pertaining to income level and credit score that may prevent some borrowers from being able to take advantage of these programs.

At Griffin Funding, we are committed to helping you find the most advantageous Florida home loan solution for your situation.

Buying a House in Florida

If you are considering buying a house in Florida, there are probably a few pressing questions at the top of your mind including what steps you need to take, how much homes cost, what the typical down payment is, and what credit score you need to buy.

What Are the Steps to Buying a House in Florida?

There are a few crucial steps you need to take in order to buy a house in Florida, or any other state for that matter:

• Determine your housing budget
• Find a home in your desired area
• Secure a Florida mortgage
• Close on your home

The key advisors that can help you through this process are your realtor and mortgage broker.

How Much Do Houses in Florida Cost?

As of October 2024, the current median sale price for homes in Florida is $393,698. Since this is considerably low for a coastal region, the state’s current housing market is hot, driving more people to consider Florida as a place to buy. However, it is important to note that the housing costs vary significantly depending on location.

How Much Is a Down Payment on a House in Florida?

There is no statewide standard for down payments in Florida. The down payment required will vary on a number of factors, the most significant of which are the type of loan you choose and your financial profile.

With a conventional loan, for example, you typically need to put down at least 20% of the purchase price to avoid private mortgage insurance (PMI). Certain investment property loans may also carry higher down payment requirements. On the other hand, mortgage products such as VA loans and USDA loans don’t require any down payment at all.

What Credit Score Is Needed to Buy a House in Florida?

The credit score you need in order to secure a mortgage in Florida depends on several factors, including the type of loan you are applying for and your mortgage broker’s requirements. At Griffin Funding, you may be able to secure one of our Florida mortgages with a credit score as low as 500.

Apply for a Florida Home Loan Today

If you are ready to take advantage of the competitive interest rates, streamlined process, and customer-centric Florida home loans we offer, complete an application online today, or call us at (855) 394-8288. As your Florida mortgage lender, Griffin Funding takes pride in making the mortgage process straightforward and stress-free. Get started on your mortgage journey today!