FAQ

Florida Mortgage FAQ

Common questions about Florida mortgage broker services, loan programs, and the home loan process.

This Florida mortgage FAQ answers the most common questions we hear from buyers, first-timers, veterans, and investors across the state. Whether you're wondering about minimum credit scores, how a Florida mortgage broker differs from a bank, or how long pre-approval takes — you'll find straightforward answers below from our licensed team (NMLS# 1859012).

Common Florida Mortgage Questions

A Florida mortgage broker acts as an intermediary between borrowers and lenders. Furthermore, unlike a bank that only offers its own products, a broker shops dozens of lenders to find you the best rate and terms. As a result, borrowers typically access more competitive rates and programs. Mortgage Capital is a licensed mortgage broker in Florida (NMLS# 1859012), however we also have in-house loan programs.
We offer FHA, Conventional, VA, USDA, Jumbo, Down Payment Assistance (including Florida Hometown Heroes), DSCR investment loans, and refinance programs. Additionally, we originate loans across all 67 Florida counties — not just South Florida. Because every borrower's situation is different, we start with a free consultation to match you with the right program.
Most borrowers receive a pre-approval letter the same day. First, complete our 5-minute online application. Then, a licensed loan officer reviews your file and issues your letter — typically within 1–2 business hours. While some lenders take days, our streamlined process means you can make an offer with confidence faster.
The minimum credit score depends on the loan type. For example, FHA loans require a minimum 580 FICO with 3.5% down. Conventional loans typically require 620+. However, VA and USDA loans have flexible requirements. Additionally, we have programs for borrowers with scores as low as 550 — contact us to discuss your specific situation.
Yes. Although we are headquartered in Lake Worth, FL, we are licensed to originate mortgage loans in all 67 Florida counties. Furthermore, our team has experience closing loans from Miami-Dade to Escambia, and from Monroe County in the Keys to Highlands County in Central Florida.
The Florida Hometown Heroes Housing Program provides up to $35,000 in down payment assistance to eligible first-time homebuyers who work as first responders, educators, healthcare workers, or active/veteran military. Additionally, the assistance is a 0% interest deferred second mortgage — meaning no monthly payments until you sell or refinance. Because this program is income-limited, contact us to confirm your eligibility.
First, gather your two most recent pay stubs and W-2s (or 2 years of tax returns if self-employed). Additionally, you'll need your last 2 months of bank statements, a government-issued ID, and your Social Security number. However, to get started with a pre-approval, all we need initially is your basic contact and financial information.
Florida mortgage rates change daily based on market conditions. As of May 2026, 30-year fixed rates are averaging 6.75%–7.00% for qualified borrowers with 20% down. However, FHA and VA rates are typically lower. Because rates are personalized based on your credit score, loan amount, and down payment, contact us for your exact rate quote.

Browse All Florida Mortgage Questions

Explore every question by topic — affordability, credit, FHA, VA, USDA, down payment, refinance, and more. Each answer is written by our licensed Florida team.

Affordability & Income

How much house can I afford?Can I use bonus income to qualify?Can I qualify with overtime income?How much do I need to make to buy a $400,000 home?What is the debt-to-income ratio for a mortgage?Can I get a mortgage with student loan debt?Do first-time buyers get lower rates?Can I get a mortgage with a new job?Can I buy a home with a co-signer?Can I buy a home with commission income?What is a physician loan?How much income do I need for a $500,000 mortgage?Can I buy a home with a part-time job?How much income do I need to buy a $300,000 home?How much income do I need to buy a $400,000 home?How much income do I need to buy a $500,000 home?How much income do I need to buy a $600,000 home?How much do I need to make to afford a $250,000 home?What is the 28/36 rule for mortgages?How do lenders calculate my income?Can I use overtime income to qualify?Can I use commission income to qualify?Can I use part-time income to qualify?Can I use Social Security income to qualify?Can I use child support to qualify for a mortgage?Can I use a second job to qualify?How many years of income history do I need?Can I qualify with a new job?Can I qualify on one income?Does my spouse's income count if they are not on the loan?How much of my income can go toward a mortgage?Can I buy a home making $50,000 a year?Can I buy a home making $75,000 a year?How do lenders verify my income?

Credit

Can I buy a home with a 580 credit score?Can I qualify for a mortgage after bankruptcy?Can I buy a home after a foreclosure?Which credit bureau matters most for a mortgage?Can I get a mortgage one year after bankruptcy?How do I improve my credit score before buying?Can I buy a home with a 500 credit score?How long do I have to wait to buy after a short sale?Can I get a mortgage with no credit history?Can I get a mortgage with a tax lien?Can I get a mortgage with collections on my credit?What credit score do I need to buy a house?Can I buy a home with a 620 credit score?Which credit score do mortgage lenders use?How can I raise my credit score before buying?Do mortgage inquiries hurt my credit score?How long do mortgage inquiries stay on my credit?Can I get a mortgage with a charge-off?Can I get a mortgage with a judgment?How long after Chapter 7 bankruptcy can I buy a home?How long after Chapter 13 bankruptcy can I buy a home?How long after a foreclosure can I buy a home?How long after a short sale can I buy a home?Do medical bills affect my mortgage approval?

Costs & PMI

How much are closing costs in Florida?What is PMI and how do I get rid of it?How much are property taxes in Palm Beach County?What is an escrow account?What is a seller concession?Can I include closing costs in my loan?What is mortgage insurance and how much does it cost?How much is the average mortgage payment in Florida?How do I avoid PMI?What is a piggyback loan?What is title insurance and do I need it?Can the seller pay my closing costs?What are seller concessions?How much can a seller contribute to closing costs?Can I roll closing costs into my loan?How do I remove PMI on a conventional loan?What is included in closing costs?Who pays closing costs the buyer or seller?What is PMI?How much is PMI?When does PMI go away?What is included in my monthly mortgage payment?What is PITI?What is an origination fee?What are prepaid items?How much are property taxes in Miami-Dade County?Why is homeowners insurance so expensive in Florida?

Down Payment

Process & Closing

How long does mortgage underwriting take?How do I get pre-approved for a mortgage?What is the difference between pre-qualified and pre-approved?What documents do I need for a mortgage application?How much reserves do I need for a mortgage?What is loan-to-value ratio?What is an appraisal and who pays for it?What is the closing process for a home in Florida?What is a loan estimate?Can I switch lenders during underwriting?How much earnest money do I need in Florida?How long do funds need to be in my account to qualify?What are reserves and how much do I need?Do I need money in the bank after closing?What is earnest money and how much do I need?How long does it take to get a mortgage?How long does underwriting take?What are the steps in the mortgage process?What is mortgage pre-approval?How long is a pre-approval good for?Does a pre-approval guarantee a loan?What is conditional approval?What is clear to close?What is an underwriter looking for?What can delay my mortgage closing?What is a verification of employment?Can I switch jobs during the mortgage process?What should I not do during the mortgage process?What happens if the appraisal comes in low?What is a home inspection?What is a closing disclosure?How long before closing do I get the closing disclosure?What happens at a mortgage closing?What do I bring to closing?

FHA Loans

Self-Employed

Investment & DSCR

Conventional Loans

Mortgage Rates

Refinance

Jumbo Loans

VA Loans

Property Types

Home Equity

USDA Loans

Learn More About Florida Mortgage Programs
Florida Mortgage Rates →FHA Loans Florida →VA Loans Florida →Hometown Heroes Program →Down Payment Assistance →Mortgage Calculators →Apply for Pre-Approval →
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