|
Guide to Florida Mortgages
Maybe you are buying your first home in Florida, or perhaps you're relocating to Florida from another state. Then again, you may be a long-time Florida resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Florida home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Florida:
The median price of a home in Florida is $211,500. Recently, homes in Florida have been appreciating at rates well above the national average. As a result, income levels in many parts of Florida are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Florida are below the national average, Florida has one of the lowest levels of home affordability in the nation.
In Florida, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Florida's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Florida law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Florida law enacted a set of anti-predatory lending laws in order to help protect Florida homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Florida, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Florida FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Florida's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Florida also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Florida's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Florida Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Florida Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Florida |
United States |
| Total housing units |
8,256,847 |
n/a |
| Owner-occupied housing units |
69.6% |
66.9% |
| Renter-occupied housing units |
30.4% |
33.1% |
| Vacant housing units |
14.6% |
10.8% |
| Average Home Value |
$189,500 |
$167,500 |
| Average Mortgage Payment |
$1,247.00 |
$1,295.00 |
| Average Rental Payment |
$382 .00 |
$388.00 |
| Total Population |
17,382,511 |
n/a |
| Percentage Male |
48.7% |
49.0% |
| Percentage Female |
51.3% |
51.0% |
| Median Age |
39.5 |
36.4 |
| Under 5 years |
6.4% |
7.0% |
| 18 years and over |
76.7% |
74.6% |
| 65 years and over |
16.6% |
12.1% |
|
1 Year Market Value Change for Florida |
| 1yr | 5yr | 10yr |
 |
|
Popular Florida Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Cape Coral |
102,286 |
$43,410 |
| Clearwater |
108,787 |
$36,494 |
| Coral Springs |
117,549 |
$58,459 |
| Fort Lauderdale |
152,397 |
$37,887 |
| Gainesville |
95,447 |
$28,164 |
| Hialeah |
226,419 |
$29,492 |
|
| Security Mortgage Services |
|
Security Mortgage Services works with many of the top rated lenders and offers a wide range of loan programs to fit your needs. Whatever your situation, good credit, bad credit, over-extended, self-employed or recent bankruptcy; you can count on US to get the job done! We understand that owning a home takes hard work and dedication. At Security Mortgage Services, we respect those efforts and promise to extend those same efforts during your loan process. In addition, we believe in educating you about the loan process and what is takes to get a loan to closing. We feel that this is important because many people do not understand the importance of good credit until it is too late. This causes many of us to end up paying higher rates than necessary. If this is your situation, we can help clean up your credit and give you a chance to start over without the drastic measures. Our Brokers at Security Mortgage Services have over 20 years of experience dealing with clients throughout the state of Florida. With 20 plus years of experience, we understand what it takes to get a mortgage; so you can go about your daily lives while we do all of the work! Security Mortgage Services
1212 US Hwy 1, Suite J
North Palm Beach, Florida 33408
Phone: 561-622-5661
Fax: (561) 622-5668
Get a no-obligation Florida mortgage quote today!
|
| Independent Mortgage, LLC |
|
Our Philosophy "Customers for Life" A strong and genuine belief in the "customer for life" principle of doing business is what fuels this company. Referrals from previous customers and local real estate professionals have always delivered the majority of the Company's production. From the comfort of your own home, you can determine how much you pre-qualify for, apply online and begin to gather the documents you will need to obtain your approved loan. It's that easy! Low rates and fees through knowledge and technology We use the most advanced technology available to close loans quickly, at a low cost. By combining the use of the Internet along with advanced processing software and automated underwriting systems we have taken the mystery out of approving and closing a home loan. Independent Mortgage, LLC - 180 Needham Street, Suite A - Newton, MA 02464
Phone: (617)965-1988 Fax: (617)965-9188
MA MB3681, FL #460830, NH 115-MBR RI 20062041LB, CT 1st MTG #17589 2nd MTG #17591 we arrange and do not make loans
Get a no-obligation Florida mortgage quote today!
|
| First Trust Home Loans |
|
First Trust was founded in 2002. We are a hybrid mortgage/finance company. Our values are founded in the days of consumer finance, strong work ethic, professionalism, and integrity. We combine these values with advanced technology and the absolute best people in the industry to provide world class service to our customers. Our corporate goal is to expand our origination network across the US in both retail and wholesale. Our daily goal is to serve our customers, employees, their families, and build lasting relationships. Employee Core Values Accountability - We are accountable to our customers and they are our Top Priority. We will hold ourselves to higher standards; always looking for ways to improve. We will challenge each other daily and foster an environment of idea sharing. Integrity and Ethics - We will always do what is right by the customer and the company and act in an ethical manner. Intensity - Our work ethic will be un-matched anywhere in the industry. No one or company will ever out work us. Execution - We will execute our business plans and produce record results quarter after quarter, year after year. Our motto is it's never enough, and we love it. We will have an insatiable appetite for satisfying our customers, closing loans, and we strive to always 'hit our numbers'. Ownership - We will put ownership into every task and every decision we make for the company. We will act as if it is our money and our company… it is! DownTown Tampa Center
100 S Ashley Drive Suite 1150
Tampa, FL 33602
Area Vice President: Tom George
Toll Free: (877) 314-9400
Fax: (813) 314-9600 Licensed States
Florida as First Trust Home Loans
California as First Trust Home Loans
Tennessee as First Trust Home Loans
Virginia as FTH Mortgage Corporation
Georgia as First Reliance Home Loans
Get a no-obligation Florida mortgage quote today!
|
|
0.035%
0.011%
Common Sense