Florida Mortgage Rates
July 29, 2016 03:43 PM Eastern
Florida Mortgage Rates and Loan Options
Florida provides numerous mortgage options and attractive mortgage rate opportunities for those looking to make their home in the country's southeastern region.
From the panhandle to the shores of Miami and Key West, the laid back lifestyle of the Sunshine State has long attracted those in search of a coastal lifestyle. Floridians have convenient access to the Atlantic Ocean and the warmer Gulf of Mexico, both popular destinations for homeowners.
Whether you choose to live in a condo in the colorful city of Miami or a beach cottage in the resort town of Panama City, Florida has many loan programs and mortgage interest rate options to match.
Special Florida Loan Programs and FL Mortgage Interest Rates
The Homeownership Pool (HOP) Program offers funds for eligible homebuyers whose adjusted income does not exceed 80 percent of the median income and who purchase a home from pool member developers. The program allows buyers to receive a zero percent deferred second mortgage loan that can be used to meet the first lender's down payment requirements.
The Florida Housing Finance Corporation administers a program called the State Housing Initiatives Partnership (SHIP). Funds are disbursed through the local governments and passed on to individual homeowners in the very low and low-to-moderate income tracts. Money for this program can be used to purchase new homes or refinancing existing loans in the following categories:
- emergency repairs
- new construction and rehabilitation
- down payment and closing cost assistance
- mortgage buy-downs
Mobile and Manufactured Homes in Florida: Mortgage Rates and Financial Assistance
Florida is a state with many mobile and manufactured home communities. Various cities offer support programs and education resources for buyers wishing to purchase this type of housing. Programs include down payment assistance, money for repairs or rehabilitation, and dealer incentives. Mobile and manufactured home owners can also apply for low FL mortgage interest rates.
VA and USDA Loans and Current Florida Mortgage Rates
Using a loan program from the VA or USDA, borrowers can get up to 100 percent financing, allowing them to buy without a down payment. While high leverage loans typically come with higher interest rates, the VA and USDA make loans through their conventional lender partners at or below market interest rates. This means that VA and USDA loans boast some of the lowest current FL mortgage rates. To qualify, you must meet certain criteria defined by the lending institution as well as the VA or USDA.