Best mortgage lenders in Florida in 2024
Florida’s housing market is diverse, encompassing everything from modest homes in rural regions to multimillion-dollar mansions and high-rises in Miami. Overall, though, median home prices in the Sunshine State are higher than the national median and have been increasing over the past year, according to Redfin data.
If you’re hoping to buy a home here, comparing mortgage lenders in Florida is key. Here are some of the best lenders in the state that have earned high marks from Bankrate and positive feedback from borrowers:
Best mortgage lenders in Florida
| Lender | Credit requirements | Down payment minimum | Bankrate Score |
|---|---|---|---|
| Veterans United Home Loans | 620 for conventional and VA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.9 |
| Bethpage Federal Credit Union | 620 for conventional loans, 500 for FHA loans | 3% for conventional loans, 3.5% for FHA loans | 4.9 |
| Wells Fargo | 620 for conventional loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.8 |
| First Mortgage Direct | 620 for conventional loans, 580 for FHA and VA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.8 |
| New American Funding | 620 for conventional loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.8 |
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To determine the best mortgage lenders by state, Bankrate evaluated lenders based on affordability, availability and borrower experience. The best lenders generally have a Bankrate Score of 4.8 or higher. Learn more about our methodology.
Veterans United Home Loans
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional and VA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branch locations and online
Bethpage Federal Credit Union
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- Availability: All U.S. states except Texas
- Loans offered: Conventional, jumbo, FHA
- Credit requirements: 620 for conventional loans, 500 for FHA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans
- Where to find: Branch locations and online
Wells Fargo
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA
- Credit requirements: 620 for conventional loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA loans
- Where to find: Branch locations and online
First Mortgage Direct
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans, 580 for FHA loans and VA loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Online
New American Funding
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- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA
- Credit requirements: 620 for conventional loans
- Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
- Where to find: Branch locations and online
How to find the best mortgage lender in Florida
While the best mortgage lender ultimately depends on individual circumstances and what feels “right” to you, it’s helpful to narrow down your options. Here are some tips:
- Set your priorities. Do you want to talk to a loan officer in person? Do you need a faster closing? Want to apply for and track your mortgage status through an app? Consider these and other questions as you come up with your short list of lenders.
- Get prequalified or preapproved. If you haven’t determined a homebuying budget, get prequalified for a mortgage first. This can help you understand how much a lender might allow you to borrow based on some preliminary financial information. If you’re ready to shop for homes, skip the prequalification and ask for a preapproval, which involves a credit check.
- Ask about first-time buyer and down payment assistance. Many mortgage lenders in Florida work with the state’s housing finance agency to connect eligible borrowers with more affordable mortgages and down payment help. Some programs are available to both first-time and repeat buyers, too. Compare what different lenders offer and how that might impact your budget.
Florida conforming loan limits
Depending on the type of loan you use to purchase your home, it might be subject to conforming loan limits:
- Conventional loan: $766,550 in most counties
- FHA loan: $498,257 in most counties
Check out Bankrate’s county-by-county listing of conforming loan limits in Florida to see what applies to you.
Florida first-time homebuyer programs
Buying your first home can be especially daunting, but you might be able to qualify for some extra help to ease your worries from Florida Housing, the state’s housing finance authority. The organization works with lenders to offer a range of programs that can help you lock in competitive rates on 30-year loans, pay less for mortgage insurance and get access to cash to cover down payment and closing costs.
To take advantage of any of Florida Housing’s offerings, you’ll need to meet income and purchase price requirements and complete a homebuyer education course.
Next steps for getting a mortgage in Florida
After you’ve been preapproved for a mortgage in Florida, you can start house hunting. Then, when you’ve found a home that you love, you can submit a mortgage application and, hopefully, close on your new home.
In the meantime, you can explore these Bankrate resources to learn more about the homebuying process in Florida:
