Depending on the type of loan you use to purchase your home, appropriate loan limits may apply. With a conventional mortgage, the amount is capped at $726,200. That’s the limit set by the Federal Housing Finance Agency in 2023. This limit applies everywhere except the Keys – in Monroe County, the 2023 limit is $874,000. If your loan is insured by the Federal Housing Administration (FHA), different loan limits apply. In most Florida counties, you must comply with the FHA’s standard limit of $472,030 this year. The only major exception: Monroe County (home to Key West et al.), which has a 2023 FHA limit of $874,000.

Buying your first home can be especially daunting, but you may qualify for additional help from Florida Housing, Florida’s housing finance agency, to ease your worries. GI lending  partners with Mortgage Brokers in Florida to find  lenders to offer a range of programs to help you get a competitive 30-year loan rate, reduce your mortgage insurance costs, and get cash for your down payment and closing costs.

To take advantage of any of Florida Housing’s offerings, you must meet income and purchase price requirements and complete a Home Buyer Orientation course. Learn more about Florida’s first-time homebuyer program here.

At first glance, mortgage broker rates look similar. What is the difference between va loan mortgage rates 5.5% and 5.7%? A  lot!  Over a 30-year period, even small fluctuations in interest rates can have a significant impact on the total amount of interest paid offered by mortgage lenders in florida. However, it’s not just the interest rates posted by lenders that matter. You can play a big role in getting the best mortgage rate by improving your credit score, saving more for a down payment, and making an effort to compare offers from different mortgage brokers in Florida. This can help ensure you get the most cost-effective option based on your credit score and financial situation.