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Florida Mortgage Rates

Florida Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-07-23T04:11:46

Comparing Florida Mortgage Rates with National Rates

In order to help you see how Florida mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Florida

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Florida

In order to qualify for the best mortgage rates in Florida it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Florida

Florida is the third most populous US state. According to the US census, as of 2017, there is an estimated population of over 20.6 million residents, which represents 6% of the US population. Florida was one of the hardest hit areas during the 2007-2008 housing crash. According to the FHFA’s All-Transaction Home Price Index Florida housing prices reached a peak in Q4 2006. They subsequently dropped by more than 45%, reaching a low point in Q2 2012. Since then the Florida HPI has risen by 53% and are now 16% lower than the peak. The rise in home prices offer a great opportunity for borrowers who previously could not refinance their underwater homes.

Here are some outside resources that can help you understand the California mortgage environment:

  1. FHA loan amounts in Florida: (note:set the table to Florida) There are 67 counties in the state of Florida of which none of the single family units meet the Highest loan limit, currently at $636,150. 69% of the counties are at the Standard loan limit, currently at $275,665. The remaining 13% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Florida and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 97% of the counties that fit this category. There are no counties at the Higher limit level and the remaining 3%are between those two limits.
  3. Florida First Home Buyer Programs: The Florida Housing Finance Corporation (Florida Housing) has a number of program including a homeowner loan program, downpayment assistance program, and a mortgage tax credit program. Borrowers must meet eligibility requirements including income and purchase limits.
  4. Many areas of Florida were hit hard during the 2007-2008 Housing Crisis. According to harp.gov , (as of December 2016), Florida is the top ranking state with the most HARP eligible loans. Miami-Dade county ranks seventh with the most HARP eligible loans.
  5. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Florida

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in three areas in Florida:

  • Mortgage Rates for Conventional Loans in Three MSAs in Florida
  • Loan Amount in Florida for Three MSAs
  • Mortgage Fees in Three MSAs in Florida
  • LTV over 90% in Three MSAs in Florida

Mortgage Rates for Conventional Loans in Three MSAs in Florida"

Mortgage Fees in Three MSAs in Florida

Loan Amount in Florida for Three MSAs

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LTV over 90% in Three MSAs in Florida for Three MSAs