Florida mortgage interest rates
Confidently start your journey to owning a home in the Sunshine State with support from Rate. Whether you are looking to buy a condo in Miami or a single-family home in the Tampa/St. Petersburg area, knowing Florida mortgage interest rates is key. Having an idea of where the mortgage market is can help you find options that make sense for your budget and lifestyle.
Available Florida homebuyer programs
The Florida Housing Finance Corporation offers programs for first-time homebuyers. These include government-backed loans and conventional purchase loans. It also provides options for down payment assistance.
Florida Assist
This program offers help with your down payment up to $10,000 with 0% interest for certain government-backed and conventional home loans. The second mortgage loan does not have to be paid back until the home is sold, transferred, paid in full, refinanced or no longer occupied as a primary residence.
Florida Homeownership Loan Program Second Mortgage
This program offers help with your down payment up to $10,000 with 3% interest for certain government-backed and conventional home loans. The loan requires monthly payments over 15 years, and any unpaid balance is due when the home is sold, transferred, paid in full, refinanced or no longer occupied as a primary residence.
3%, 4% and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage
This program offers help with down payment and closing costs up to 5% of the home purchase price in Florida. This loan is not designed to be paid back and can be forgiven in full after five years, though there are circumstance in which it would need to be repaid. The PLUS second mortgage is available only with conventional first mortgages.
How to find an affordable mortgage interest rate in Florida
Your final mortgage interest rate for your dream home in Florida will depend on your credit score and history of managing debt. However, there are several ways you can improve your chances of securing an affordable mortgage interest rate.
- Improve your credit score: Pay down credit cards and pay bills on time.
- Make a larger down payment: A larger down payment reduces the loan amount, which could translate into a lower interest rate.
- Choose a loan with a shorter term: Most homebuyers choose a 30-year mortgage, but a 15-year mortgage typically offers a lower interest rate.
- Keep your debt-to-income ratio low: A lower DTI makes you less risky to lenders, which can help you secure a better mortgage interest rate.
Ready to lock in your mortgage rate? Start with Rate’s Same Day Mortgage and quickly see what you qualify for—fast and easy.
This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment on your specific loan transaction may vary, and may include city, county, or other additional fees and costs.
Mortgage rates are offered exclusively through Rate, Inc. and are subject to change without notice. The payment amount does not include homeowners' insurance, flood insurance (if applicable), or property taxes that must be paid in addition to your loan payment. The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination charges). These mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. Refinancing may cause finance charges to be higher over the life of the loan.
Rate, Inc. has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Nevada Department of Veterans Services, the US Department of Agriculture, or any other government agency.