Current refinance rates in Florida: different loans for different needs

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Current refinance rates in Florida differ depending on the kind of mortgage you are looking for. A few options in the market are available for you, but these mortgages rely on different qualification requirements.

FHA loans in Florida.

FHA loans are government-backed loans through the Federal Housing Administration (FHA). This loan benefits borrowers whose credit history isn’t in the “good” category. Compared to conventional loans, FHA loans will accept as low as a 3.5% down payment if you have a credit score of at least 589. If your credit score is 500, a 10% down payment will be required.

Conventional mortgages in Florida.

Conventional mortgages are for borrowers who have good credit ratings and a good debt-to-income ratio. Borrowers who qualify for conventional loans have at least a 620 credit score and a 45% debt-to-income ratio. If you have a credit score of 740 or higher, you will be assured of the best current refinance rates in Florida. With a down payment of 20%, you will not be required to pay for the private mortgage insurance (PMI).

VA loans in Florida.

Similar to FHA loans, VA loans are backed by the Department of Veterans Affairs, a government agency. VA loans help active personnel, veterans, and their surviving spouses and are issued through private lenders, and do not require a down payment. PMI is not required for a VA loan as, well. The borrower should pay the VA funding fee and prepare between 2.3%-3.6% of the purchase price.

Today, the 30-year fixed rates for conventional loans are at 5.875%, with an APR of 6.011%. At the same time, the rate for a 30-year fixed FHA mortgage is 5.99%, with an APR of 7.179%. VA 30-year fixed- mortgage is at 5.625% and a 5.985% APR. Rates may change anytime, so whether you are ready to buy or just shopping around, contact us for the current refinance rates in Florida and a more detailed list of requirements.