What mortgage options are available for South Florida home buyers?

South Florida buyers have access to conventional loans (conforming up to $766,550 in 2026 for single-family), FHA loans (3.5% down, primary residence only), VA loans (0% down for qualifying veterans), USDA loans (select areas), jumbo/non-conforming loans for higher-priced properties, and portfolio loans from local lenders. Florida also has state first-time homebuyer programs through Florida Housing Finance Corporation offering down payment assistance.

What credit score is needed to buy a home in South Florida?

Credit score requirements vary by loan type. FHA loans accept scores as low as 580 (3.5% down) or 500 (10% down). Conventional loans typically require 620+, with better rates at 740+. Jumbo loans common in South Florida often require 700–740 minimum. VA loans have no set minimum but most lenders require 620+. A higher credit score significantly impacts your interest rate and monthly payment.

Are there first-time homebuyer programs in Fort Lauderdale?

Yes. Florida Housing offers the Florida Homeownership Loan Program (FL HLP) and the Florida Assist program for eligible first-time buyers, providing up to $10,000 in down payment assistance. Broward County also offers county-specific DPA programs for income-qualifying buyers. Scott Lehr can refer you to experienced local lenders who specialize in these programs.

South Florida Home Financing Options

Understanding Your South Florida Home Financing Options

Financing affects your price range, monthly payment, offer strategy, and closing timeline. Before touring homes, speak with a licensed mortgage professional who can review your income, credit, available funds, property goals, and current loan programs. A written pre-approval can help you shop within a realistic budget and prepare a stronger offer.

Common Mortgage Paths

Conventional loans may work for primary residences, second homes, and some investment properties, subject to lender requirements.
FHA loans may offer more flexible qualification standards for eligible owner-occupants.
VA loans may provide favorable financing for eligible service members, veterans, and surviving spouses.
Jumbo loans are commonly used when the loan amount exceeds conforming limits and may require stronger financial documentation.
Condo financing can depend on both the buyer and the condominium association, including insurance, reserves, litigation, and project approval.

Costs to Plan For

Your cash requirement may include the down payment, lender fees, appraisal, inspections, prepaid taxes and insurance, title and closing charges, and any association-related costs. Flood and wind insurance can materially affect affordability in South Florida, so obtain property-specific insurance estimates before your inspection or financing deadlines expire.

How The Home Owners Listing Team Helps

We coordinate the real estate side of the purchase: property search, offer terms, contract deadlines, inspections, appraisal access, and communication with your lender and closing professionals. Loan availability, rates, underwriting, and approval decisions are made by licensed lenders, not by the real estate brokerage.

Contact The Home Owners Listing Team to discuss your South Florida home search and the steps to take before requesting a lender pre-approval.

This information is general education, not lending, legal, tax, or insurance advice. Program terms and eligibility change. Consult appropriately licensed professionals about your circumstances.

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