Total Mortgage in Florida

Pristine beaches, vibrant cities, and year-round sunshine make Florida a paradise for homebuyers. From the energetic shores of Miami to the laid-back charm of the Keys, Florida caters to every lifestyle. Let us help you find your perfect piece of paradise with an affordable mortgage.

Florida Map

Frequently Asked Questions

How long are mortgages good for in Florida?

The most common mortgage loan terms are 30-year- and 15-year fixed-rate mortgages. A 30-year fixed-rate mortgage offers lower monthly payments but accrues more interest over time. In contrast, a 15-year fixed-rate mortgage entails higher monthly payments but can save you thousands in interest by cutting the repayment period in half.

Who regulates mortgages in Florida?


The Office of Financial Regulation in Florida regulates mortgages in the state and ensures that the rates comply with state and federal laws.

What is a mortgage called in Florida?


The Florida mortgage rates are also called Purchase Money Security Interest or PMSI. It is named so because the money is offered solely to purchase a residential property on a mortgage.

What is the difference between a fixed and adjustable rate mortgage?


In the case of a fixed-rate mortgage, the rate is constant for the entire duration of the loan. However, an adjustable-rate mortgage or ARM is dependent on the market forces.

What are the mortgage rates in Florida?


Mortgage rates in Florida are the interest lenders charge for refinancing or home loans. These mortgage rates directly impact the total borrowing costs in Florida.

What are the current mortgage rates in Florida?


The current mortgage rates in Florida for different loan products can be viewed in the table above. The rates are updated twice daily to ensure that our customers and visitors to our site always have correct estimates of each day’s mortgage rates.

Learn More

Florida First-time Homebuyer Programs

Located on the southeastern coast of the US, Florida is known for its vibrancy and happening culture. Multiple Florida first-time homebuyer programs are there to help first-time homebuyers buy their dream homes. Here, we present an overview of the top programs in the state for first-time homebuyers.

Florida PLUS 3%, 4% or 5% Second Mortgage Program

The program offers a second mortgage that can be used either as a down payment assistance or closing cost assistance, where eligible borrowers can obtain a 3%, 4%, or 5% of the purchase price of their home under the HFA Preferred Grants Florida program to first-time buyers. The upfront cost required to buy a home is significantly decreased. Other characteristic features include -

  • Second mortgage funds are offered at closing.
  • The assistance is forgiven and does not need to be repaid at 20% a year for a five-year term.

Florida Hometown Heroes Program

This Florida First-time Buyers Program is for frontline community workers committed to serving others. This includes people from law enforcement, education, firefighting departments, healthcare, and more such professions. The interest rates in the Florida Hometown Heroes Program are comparatively lower and below the market and come with down payment assistance and closing cost assistance. Buyers are also not required to pay the origination fees.

Down payment assistance offered in this program is up to $35,000 on USDA, FHA, VA or any other Conventional Loan or 5% of the first mortgage amount, whichever is lower. Other characteristics are -

  • The loan is not forgivable.
  • Repayment can be deferred subject to certain conditions. To know full details about the conditions and existing rates, you need to speak to an expert professional.

Florida Assist Second Mortgage Program (FL Assist)

It is another down payment assistance in Florida for homebuyers. Borrowers in this program get down payment assistance in Florida up to $10,000. It can also be used as closing costs. The interest rate of the Florida Assist Second Mortgage Program is zero, and there is the option of deferring a second mortgage. It must be paid when the owner sells the home or refinances the first Mortgage. Other key features are -

  • A deferred second mortgage of up to $10,000 on VA, USDA, FHA, and Conventional Loans.
  • The loan cannot be forgivable.
  • Repayment can be deferred subject to certain conditions where the amount is payable in full.
  • To understand the conditions and other details, you should speak with experts.

Florida Homeownership Loan Program (FL HLP)

In this first-time homebuyers program in Florida, down payment support and closing costs assistance are offered up to $10,000 for 15 years at 3% interest. The mortgage must be paid in full when buyers move, sell, transfer, or refinance the property. Other features are -

  • The program has a monthly payment option.
  • The UPB or the unpaid principal balance can be deferred subject to certain conditions, such as when the mortgage will be fully payable.
  • It is considered as a DTI or a borrower’s debt-to-income ratio during credit underwriting.

Other Florida Homebuyer Programs

The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)

Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.

FHA Loans Florida

The Federal Housing Administration backs the FHA Loans Florida program. This one is for you if you have a low credit score. The first-time homebuyer program Florida qualification for this program is a minimum credit score of 580. The down payment is 3.5%, which is relatively low.

VA Loans

This one is available for veterans as well as those who are actively involved in services. This is also available for people involved with the Reserves and National Guard. The rates are competitive, and there is no down payment requirement in most cases.

USDA Loans Florida

This first-time homebuyers program in Florida is designed for rural homebuyers. 100% financing is offered at low rates. The mortgage insurance costs are also low and applicable for properties in eligible rural areas. The credit score required for USDA loans in Florida is 640 or more.

Good Neighbor Next Door program

Good Neighbor Next Door Program is a HUD program where homebuyers can get a discount on the list prices of the home, almost up to 50%. The home has to be in certain areas. The down payment requirement is relatively low.

Learn More