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Purchase mortgages · Miami to the Panhandle
Buying a Home in Florida
Most buyers start with a price. We start with the monthly payment you are comfortable with, then work out what that buys in your county once Florida’s taxes and insurance are counted, which loan gets you there, and exactly how much cash you need on closing day.
Today’s Florida purchase rates
$531 lender credit
$531 lender credit
$544 lender credit
$829 lender credit
$1,482 lender credit
Par rates for a single-family primary residence purchase, 20% down, 780+ credit, 30-day lock, priced in Miami-Dade County. Your county, down payment and credit change the price; run your own scenario for exact figures. Price your own Florida scenario, no credit pull.
Start with the payment, then find the price
A lender will tell you the most you can borrow. That number is built on a debt-to-income limit, not on your life, so it is usually more than most people want to spend each month. A better starting point is the total housing payment you would be comfortable making even in a month when something else goes wrong: principal and interest, property tax, homeowners insurance, mortgage insurance if your down payment is under 20%, and any HOA or condo dues.
In Florida, the non-loan pieces of that payment are larger than in most states. Insurance is often several hundred dollars a month, taxes vary by county and city, and condo dues can rival the mortgage. So the same monthly budget buys a different house in different parts of the state. The table shows one budget, $3,000 a month, at today’s rate.
| $3,000 a month, 10% down | Home price it supports | Principal and interest | Property tax | Insurance | Mortgage insurance |
|---|---|---|---|---|---|
| Miami-Dade | $387,000 | $2,229 | $387 | $274 | $110 |
| Broward | $387,000 | $2,229 | $387 | $274 | $110 |
| Palm Beach | $387,000 | $2,229 | $387 | $274 | $110 |
| Hillsborough (Tampa) | $387,000 | $2,229 | $387 | $274 | $110 |
| Orange (Orlando) | $387,000 | $2,229 | $387 | $274 | $110 |
| Duval (Jacksonville) | $387,000 | $2,229 | $387 | $274 | $110 |
30-year fixed at today’s conforming par of 6.625%, a single-family home with no HOA, 740 credit and borrower-paid mortgage insurance of about 0.38% a year. Taxes use each county’s average millage with the homestead exemption; insurance is a county market estimate for a house of that value. A condo, a flood zone or an older roof changes the answer.
From budget to keys: how a Florida purchase works
Most Florida sales use the Florida Realtors and Florida Bar residential contract. Its deadlines shape the loan, so it helps to know them before you write an offer.
1. Set the budget
Pick the payment, then the down payment and the cash you want left in the bank afterward. Those three numbers decide the price range far better than a maximum approval.
2. Get pre-approved
Your income, assets and credit are reviewed before you shop, so the letter you hand a seller is backed by documents. Details below.
3. Check each house’s costs
Before you offer, get an insurance quote, the flood zone, and for a condo or HOA the dues, rules and any assessments. These change the payment more than a small price difference.
4. Offer and escrow deposit
The contract sets your earnest money, an inspection period (commonly 10 to 15 days) and a loan approval deadline. Meet them, or protect yourself in writing before they pass.
5. Inspect, lock, appraise
Home inspection, four-point and wind mitigation reports, a rate lock that runs past closing, and the appraisal. We order and track the lender’s side.
6. Clear to close
Underwriting conditions, insurance binder, title work and survey. You receive the Closing Disclosure at least three business days before you sign.
Get pre-approved the right way
A prequalification is an estimate from what you tell a lender. A pre-approval means someone has pulled your credit and read your documents. Sellers and listing agents in competitive Florida markets know the difference, and some will call to ask how far your file has gone. The strongest position is a file that has already been through an underwriter, with only the property left to approve.
What to have ready:
- Income: 30 days of pay stubs and two years of W-2s; self-employed borrowers, two years of personal and business returns or 12 to 24 months of bank statements for a bank statement loan
- Assets: two months of statements for every account you will use, with large deposits explained
- Identity and history: a photo ID, your addresses for two years, and any divorce decree or bankruptcy papers that apply
- Veterans: your Certificate of Eligibility, which we can request for you
Mortgage credit checks made within a short window are generally treated as one inquiry for scoring, so comparing lenders through us does not stack up damage to your score. Pre-approvals are usually good for 60 to 90 days, and we refresh them if your search runs longer.
First-time buyers: options with little down
You do not need 20% down to buy in Florida. The trade-off for a smaller down payment is mortgage insurance and, on government loans, an upfront fee. Here is how the main paths compare.
| Loan | Minimum down | Typical credit floor | Mortgage insurance | Good fit when |
|---|---|---|---|---|
| Conventional (including first-time and income-based versions) | 3% to 5% | 620 | Monthly PMI, removable once you reach about 20% equity | Credit is strong; you want insurance that goes away |
| FHA | 3.5% | 580 (lower with more down) | Upfront 1.75% plus monthly premium; usually for the life of the loan with under 10% down | Credit is rebuilding or debt ratios are higher |
| VA | None | Set by the lender, often 580 to 620 | No monthly insurance; a funding fee unless exempt | You are a veteran, service member or eligible spouse |
| USDA | None | Often 640 | Upfront and annual guarantee fees | The home is in an eligible rural area and income is under the limit |
Florida down payment assistance
Florida Housing Finance Corporation offers second mortgages that help first-time buyers with the down payment and closing costs when paired with one of its first mortgages through an approved lender. Recent programs have included a $10,000 deferred, zero-interest second that is repaid when you sell, refinance or stop living in the home, and a small amortizing second with a low monthly payment. Credit, income and purchase price limits apply, and assistance can generally be used only once.
Hometown Heroes, the program for teachers, nurses, first responders, veterans and other eligible workers, offers larger amounts when the state funds it, and it has run out of money partway through recent years. Several counties and cities, including Miami-Dade, run their own assistance with separate income limits. Availability changes, so we confirm what is open when you apply and price the loan with and without assistance, since the assisted first mortgage can carry a slightly higher rate.
Extras for On Mortgage buyers
Up to $10,000 toward closing costs
Buy with one of the real estate agents we have screened and vetted, and a credit of up to 1% of the price, capped at $10,000, comes off your closing costs from the buyer’s agent commission. On an $800,000 purchase that is $8,000.
Free appraisal
On purchase loans we broker that close and fund, we add a lender credit at closing to cover the appraisal, up to $600.
0% down for first-time buyers
Programs with no down payment are available for qualified first-time buyers on single-family homes, townhomes and condos. See zero down purchase for how they work.
The closing cost credit applies to OnMortgage LLC clients working with an agent prescreened by OnMortgage; outside agents do not qualify. The loan must fund within 90 days of application, and the credit appears on the Closing Disclosure as a credit from the buyer’s agent once the loan closes and funds. The appraisal credit applies only to closed and funded loans brokered by OnMortgage LLC. OnMortgage LLC may end either offer at any time without notice.
Loans for every kind of buyer
Fixed-rate and adjustable
30, 25, 20, 15 and 10-year fixed terms, and ARMs that hold their rate for 5, 7 or 10 years.
FHA and VA
3.5% down with flexible credit, or no down payment and no monthly mortgage insurance for veterans.
Jumbo
Above the $832,750 conforming limit, priced across several jumbo lenders, for primary and second homes.
Bank statement
For business owners: qualify on 12 or 24 months of deposits instead of tax returns.
Sports and entertainment
Contract, bonus, royalty and endorsement income evaluated by people who understand it, under NDA.
Investment property
DSCR loans that qualify on the rent, with no personal income documents.
Cash to close in Florida, item by item
Florida adds two taxes to every new mortgage and has a few customs that move costs between buyer and seller. Here is a worked example for a $400,000 home in Broward County with 10% down, closing on July 15. Lender fees vary, and your Loan Estimate will show the exact figures; the Florida taxes and title premium below follow fixed formulas.
| $400,000 Broward purchase, 10% down | Amount | Why |
|---|---|---|
| Down payment | $40,000 | Your equity on day one |
| Florida documentary stamps on the note | $1,260 | 0.35% of the loan, paid by the buyer |
| Florida intangible tax on the mortgage | $720 | 0.2% of the loan, paid by the buyer |
| Owner’s title insurance | $2,075 | Florida’s set rate; in Broward and Miami-Dade the buyer customarily pays |
| Lender’s title policy and endorsements | $350 | Estimate; issued with the owner’s policy at a reduced charge |
| Appraisal, credit, survey, inspection reports | $1,500 | Estimate for third-party services |
| Lender and settlement fees | $3,500 | Estimate; varies most between lenders, so compare |
| Homeowners insurance, first year | $3,400 | Paid before closing; county estimate |
| Escrow account deposit | $1,767 | About three months of tax and two of insurance |
| Interest from closing to month end | $980 | Roughly half a month at today’s rate |
| Seller’s property tax credit | −$2,600 | Florida taxes are paid in arrears, so the seller credits you for January 1 to mid-July |
| Estimated cash to close | $52,952 | Before any seller or lender credits you negotiate |
A few Florida points the table only hints at. The seller usually pays the documentary stamp tax on the deed. Who pays the owner’s title policy depends on local custom: the buyer in Miami-Dade, Broward and some Southwest Florida counties, the seller in most others, and either way it is negotiable. Because property taxes are billed in November for the whole calendar year, a summer closing usually brings a meaningful credit from the seller. And if you choose a lender credit by taking a slightly higher rate, it can cover much of the fee lines above.
After closing, keep reserves. Many lenders want to see a couple of months of payments left in the bank, and a Florida home will ask for them sooner or later through a roof, an AC or an insurance renewal.
Check these before you make an offer
Insurance
Ask for a quote on the specific address. Roof age, the electrical panel, plumbing and storm features drive the price, and a four-point and wind mitigation report can lower it or reveal problems an insurer will not accept.
Flood zone
Look up the FEMA zone and ask the seller for an elevation certificate and current flood policy. A required flood policy is part of your monthly payment, and low-lying areas can flood outside mapped zones.
Condo or HOA
Get the budget, reserves, rules and any special assessments. For older condo buildings, ask about the milestone inspection and structural reserve study required under Florida law; some lenders will not lend in buildings with unfunded repairs.
Permits
Additions, garage conversions and new roofs should show permits on the city or county record. Unpermitted work can affect insurance, appraisal and resale.
Taxes after you buy
The seller’s tax bill is not yours. Florida reassesses a home after a sale, so estimate taxes on your price, with your own homestead exemption.
Commute and costs
Tolls, distance to work and flood-season driving add up. A slightly higher price closer in can cost less each month than a cheaper house farther out.
After closing: file for homestead
If the home is your permanent residence on January 1, you can apply to your county property appraiser for the homestead exemption, generally by March 1. It removes up to $50,000 of assessed value from taxation (the second $25,000 does not apply to school taxes) and turns on Save Our Homes, which limits how much your assessed value can rise each year to 3% or the inflation rate, whichever is lower.
If you are moving from another Florida homestead, portability can carry up to $500,000 of the savings you built up to the new home, but you have to apply for it. Skipping the filing in your first year can cost thousands over the life of the loan.
Buying a home in Florida: common questions
How much do I need to buy a house in Florida?
The down payment can be 0% to 20% or more depending on the loan. On top of that, plan for closing costs of roughly 2% to 4% of the price in Florida, including the state’s mortgage taxes, plus prepaid insurance and an escrow deposit. A seller tax credit and negotiated seller or lender credits can reduce what you bring.
How long does it take to close on a home in Florida?
Commonly 30 to 45 days from contract with financing, set by the contract’s closing date. A file that was fully underwritten before the offer can close faster; condos and insurance problems are the usual causes of delay.
What credit score do I need to buy a home?
Around 620 for most conventional loans and 580 for FHA with 3.5% down. VA and USDA minimums are set by lenders. Higher scores lower the rate and mortgage insurance cost, so it can pay to improve a score before applying.
Who pays closing costs in Florida, the buyer or the seller?
Each side pays its own customary costs. Buyers pay the mortgage taxes and lender costs; sellers usually pay the deed stamps and real estate commissions. The owner’s title policy depends on the county. Anything can be negotiated, including seller credits toward your costs.
Should I lock my rate when I go under contract?
Often, once you have a ratified contract and a closing date. A lock protects you if rates rise; some locks allow a one-time float down if they fall. Lock long enough to cover the closing date with a few days of margin.
Can I buy a home before selling my current one?
Sometimes. If your income supports both payments, yes. Otherwise options include a bridge loan, a HELOC on the current home or a contract contingent on your sale, which sellers accept less readily.
From Florida buyers who closed with us
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
“Caroline Da Silva from Miami Mortgage Brokers just got us approved for our first mortgage, and we would definitely work with her again after this experience! From the moment our broker connected us with Caroline, she was always several steps ahead throughout the process. We were impressed that Miami Mortgage Brokers had us clear to close a week early,...”
“Chris was outstanding throughout the entire transaction! Always accessible and was able to provide the best financing option when others could not! I would highly recommend him and hope to do more transactions with him.”
“I recently had the pleasure of working with Chris as my loan officer, and I cannot speak highly enough of his exceptional service. He guided me through every step with clarity and patience. What truly sets Chris apart is his remarkable efficiency: not only was he incredibly responsive to my inquiries, but he also expedited the loan process, resulting in the...”
Start with your number
Tell us the payment you are comfortable with and where you want to live. On Mortgage will show what it buys, pre-approve you with real documents and shop the loan across lenders.