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Florida Mortgage Programs

What to Know Before Buying a Home in Florida

Although buying a home is an exciting step, it can be challenging to navigate the housing market and align your finances. The purchasing and offer process varies state to state, which is why it’s important to work with a mortgage lender that has experience across multiple states. Here are some of the differences to be aware of when shopping for a home in Florida.

Property Types (and Credit) Vary Greatly

Florida is home to lively urban centers, remote rural communities and everything in between. Likewise, buyers in Florida run the credit gamut; Blue Water Mortgage is prepared to meet potential homeowners where they are when it comes to their credit score.

Is the Condo or Home Governed by the Homeowner’s Association?

Florida is well-known for deed-restricted communities, which means you’ll want to analyze the declaration, articles of incorporation, bylaws and their rules and regulations. Purchasing in this type of community could introduce restrictions on pets or renting your property, and the likelihood that you’ll be required to pay monthly dues (HOAs).

Know Your Oceanfront Laws

You may have the opportunity to enjoy dinner with a view — every night! But before you decide to purchase your oceanfront home, be sure to review the laws regarding your property; there are restrictions on interfering with native vegetation and animals in addition to some laws for public access.

You May Need Wind & Hail Insurance

As the saying goes, “If you don’t like the weather in New England, wait a minute.” This sentiment could just as accurately apply to Florida! With a sub-tropical climate comes unexpected thunderstorms, hurricanes and dramatic weather events like hailstorms. Wind and hail insurance will cover the cost of repairing your home should it sustain weather damage, but will raise your mortgage up front.

Less Expensive Closing Costs

When closing on a home, the buyer pays lower closing costs (about 2% of the sale price) than in other states, not counting the transfer tax (0.7% average across the state, 1.05% in Miami-Dade County). However, the buyer cannot choose the title company.

Interested in talking through the home buying process in greater detail? Let’s chat.

Blue water has offices in:

Hampton, NH, Bedford, NH, Lebanon, NH, New London, NH, and Meredith, NH.

Florida Products and Programs

No matter which program you choose to explore, Blue Water Mortgage is proud to provide timely communication, expert advice and the personal touch of a local, owner-operated brokerage. With over 150 years of collective credit-based mortgage experience, we have the knowledge to find the best Florida mortgage for you — your dream home is within reach. Let’s get started.


Common Loans

Fixed Rate – Fixed Rate mortgage loans are predictable payments because they maintain a fixed interest rate for the entire life of the loan, as opposed to loans where the interest rate may be adjusted.

Refinancing – When homeowners take out a new home loan to replace their existing one (to help reduce monthly payments and gain long-term savings), the new loan pays off the initial loan.

First Time Home Buyers – We’re happy to help guide you through a transparent and predictable mortgage process.

Conventional Mortgage Loans in FL – Conventional loans are most common, private-sector loans that are not government-backed but follow guidelines set by Fannie Mae and Freddie Mac.

Non-Conventional – These loans cater to borrowers who may have been rejected for a conventional loan due to self-employment, bankruptcy or unsteady employment history.

Adjustable Rate – This mortgage has an adjustable interest rate, which might allow a buyer to start with a lower monthly payment.


Government Loans

Low Down Payment – These government-backed loans only require a 3.5% down payment, even for borrowers with less-than-perfect credit.

FHA – These loans are more forgiving for people with lower credit scores – and are designed to help borrowers who might not qualify for conventional loans.

FHA 203K – This government loan is flexible for fixing up homes with deferred maintenance.

VA – Veterans mortgages are like a conventional loan, but with specific benefits for veterans such as no down payment, no cash reserves and no application fee.

USDA – These rural home loans have low rates, no down payment and are designed for borrowers who purchase homes in communities of less than 20,000 people.

Home Loans for Bad Credit – Clear lingering credit history issues and discover a mortgage option that suits your financial situation.


Additional Loans

Jumbo – A Jumbo loan is a mortgage exceeding the conforming lending limit of Fannie Mae or Freddie Mac, which in most areas is $548,250.

Non-Owner Occupied – If you are purchasing a property that will not be your primary residence with between one and four units, you may face more red tape since it has a higher risk of default.

HELOC – A home equity line of credit, often thought of as a second mortgage, allows the dispersal of the loaned funds at any time the borrower chooses, instead of all at once like a traditional mortgage.

Home Improvement – Whether you’re looking to renovate, remodel, or increase the value of your home, this program can help get the job done.

Police & Firefighters – Serving as a first responder in the community can help secure optimal terms on a home mortgage loan.

Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
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