As of this writing, mortgage rates in Florida are pegged at 4.85% for a 15-year fixed loan. For a 30-year fixed loan, it is pegged at 5.54%, and for a 5/1 adjustable-rate mortgage (ARM), it is at 4.50%. So if you are interested in purchasing a home in Florida, those are the mortgage rates you need to be aware of.
Conventional mortgage rates in Florida
This is the typical kind of home mortgage in Florida. A conventional mortgage may be an excellent option if you have a FICO score of 620, or a higher one will get you better rates. Regarding the debt-to-income ratio, a good number to consider would be 45% or even lesser. If you don’t want to pay for a PMI or private mortgage insurance, prepare to make a down payment of 20% or more so that you don’t have to worry about it anymore.
Mortgage rates in Florida when applying for FHA
Not everybody can afford to go down the route of applying for a conventional loan. Many Americans have been humbled by economic misfortunes and can only rely on government-backed mortgages like the Federal Housing Administration (FHA) loan. Lenders tend to go easy on FHA loan borrowers because they know that the government will be there to back the lender up. If you have a credit score of 589 or higher, you only need to prepare for a 3.5% down payment. For borrowers with a 500 credit score, you will have to put in a 10% down payment.
VA Mortgage rates in Florida
If you are a veteran, the Department of Veterans Affairs back up VA loans to help qualified armed service men and women own homes. Regarding VA loans, there is no down payment requirement and nothing to worry about PMIs. There is a 2.3%-3.6% of the purchase price for the VA funding fee, but it is still tiny and affordable.
Mortgage rates in Florida change, so it is best to talk to our officer for up-to-date rates.
