Mortgage Loan Resources
Your Guide to Florida Home Financing
We Make The Loan Process Easy
At Mortgages By Eric, we believe educated borrowers make confident decisions. As your Your Home Loan Expert, our friendly and consultative team is here to guide you every step of the way — whether you’re buying, refinancing, or investing anywhere in South Florida.
Call (305) 345-5432 or email info@mortgagesbyeric.com to discover the loan that will unlock your new front door
Common Questions About Mortgages in Florida
How much do I need for a down payment in Florida?
It depends on the loan type:
- FHA Loans – As little as 3.5% down
- Conventional Loans – As low as 3% down for qualified buyers
- VA Loans – 0% down for eligible veterans
- USDA Loans – 0% down in approved rural areas
Many South Florida buyers are surprised to learn they can purchase with far less than 20% down.
What credit score do I need to qualify?
- FHA: Often 580+ (sometimes lower with conditions)
- Conventional: Typically 620+
- VA/USDA: Flexible, depending on profile
Every borrower is unique. We review your entire financial picture — not just your score.
How long does a mortgage approval take?
Pre-approvals can often be completed within 24–48 hours when documentation is provided promptly. Closings typically range from 21–30 days depending on the loan type and property.
Are Florida loan guidelines different?
Florida loans follow federal guidelines (Fannie Mae, Freddie Mac, FHA, VA), but factors such as:
- Condo approvals
- Flood zones
- Wind insurance
- Property taxes & homestead exemptions
can affect loan structure. We specialize in navigating these South Florida nuances.
When Should You Refinance?
- Lower your interest rate
- Remove mortgage insurance
- Switch from FHA to Conventional
- Tap into equity with cash-out refinancing
- Consolidate debt
We perform a cost-benefit analysis to ensure refinancing makes financial sense.
What Costs Should Buyers Plan For in South Florida?
South Florida buyers should plan for:
- Property taxes
- Homeowners insurance
- Windstorm insurance
- Flood insurance (if required)
- HOA fees (condos/townhomes)
We factor these into your approval upfront so there are no surprises.
Why Work With Mortgages By Eric?
✔ Personalized Mortgage Solutions
✔ Fast Customized Quotes
✔ Competitive Rates
✔ Service With Integrity
✔ Access to 40+ Lenders
✔ Friendly, Consultative Guidance
We don’t just process loans — we educate, strategize, and advocate for you.
Loan Basics: FHA vs. Conventional Loans
Choosing the right mortgage doesn’t have to feel overwhelming. Below is a simple, easy-to-understand breakdown of the two most common home loan options in Florida FHA and Conventional, including their pros and cons.
FHA Loans (Federal Housing Administration)
An FHA loan is government-backed and designed to help more people qualify for homeownership, especially first-time buyers or borrowers with less-than-perfect credit.
Pros of FHA Loans
• Low down payment – As little as 3.5%
• More flexible credit guidelines
• Higher debt-to-income allowance
• Easier approval for past credit challenges
• Great entry point for first-time buyers
Cons of FHA Loans
• Mortgage insurance is required (often for the life of the loan)
• Loan limits vary by county
• Property must meet FHA condition standards
• Slightly higher upfront costs (upfront mortgage insurance premium)
Best for:
Buyers who need flexibility with credit or down payment.
Conventional Loans
A
Conventional loan
is not government-backed and follows guidelines from Fannie Mae and Freddie Mac. These loans are common for borrowers with stronger financial profiles.
Pros of Conventional Loans
• Down payments as low as 3% (for qualified buyers)
• Mortgage insurance can be removed once you reach 20% equity
• Often lower long-term borrowing costs
• Fewer property condition restrictions
• More flexible options for second homes and investment properties
Cons of Conventional Loans
• Typically require higher credit scores (usually 620+)
• Stricter income and debt ratio guidelines
• May require slightly larger reserves (savings)
• Approval standards can be tighter
Best for: Borrowers with stronger credit who want lower long-term costs.
FHA vs Conventional Loans: A Quick Side-by-Side Comparison
Which Loan Is Right for You?
The right loan depends on:
- Your credit score
- Your available down payment
- Your income and monthly obligations
- Your long-term plans (refinance? investment? second home?)
At Mortgages By Eric, we don’t believe in one-size-fits-all answers. We review your full financial picture and explain your options clearly so you can make the smartest decision with confidence. Call (305) 345-5432 or email info@mortgagesbyeric.com to discuss which option is best for your situation.
There’s a lot of outdated advice floating around about mortgages.
Let’s clear up some of the most common credit and interest rate myths, so you can move forward with confidence.
Credit & Interest Rate Myths
What Florida Buyers Need to Know
There’s a lot of outdated advice floating around about mortgages.
Let’s clear up some of the most common credit and interest rate myths, so you can move forward with confidence.
The Truth is you do not need an 800 credit score to qualify.
Many Florida loan programs allow moderate credit scores:
- FHA loans may allow scores starting around 580 (sometimes lower with strong compensating factors).
- Conventional loans often start around 620.
- VA and other specialty programs can be flexible depending on the full financial profile.
Lenders don’t just look at your score, they consider your income, debt, employment history, and overall financial stability. A strong income and manageable debt can offset a less-than-perfect score.
Myth: You must put 20% down
The Truth 20% down is not required for most buyers
In reality:
- FHA loans require as little as 3.5% down
- Conventional loans can start as low as 3% for qualified buyers
- VA and USDA loans may offer 0% down options for eligible borrowers
Putting 20% down can eliminate mortgage insurance, but many buyers choose lower down payment options to preserve cash for renovations, reserves, or investments, especially in competitive South Florida markets.
Myth: Checking your rate hurts your credit.
The Truth Shopping for a mortgage the right way does not damage your credit the way people think.
When you apply for a mortgage, credit bureaus treat multiple mortgage inquiries within a focused period (typically 14–45 days, depending on the scoring model) as one inquiry.
That means you can compare rates without stacking multiple penalties on your credit report.
Smart rate shopping is part of responsible borrowing — and we guide you through it strategically.
Myth: Rates are the same everywhere.
The Truth Rates can vary significantly between lenders.
Not all lenders price loans the same way. Factors that influence your rate include:
- Credit score
- Down payment
- Loan type
- Property type (condo, single-family, investment)
- Loan size
- Market conditions
At Mortgages By Eric, we work with over 40 lenders. Instead of offering a one-size-fits-all rate, we shop your scenario to find competitive options that align with your goals.
In a fluctuating interest rate environment, small differences in pricing can save (or cost) thousands over the life of your loan.
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The Bottom Line About Mortgage Myths
Most mortgage myths are based on outdated information or half-truths.
The best way to understand your real options is to review your specific financial picture with a trusted professional.
Mortgages By Eric
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