Home Mortgage Options: Fort Lauderdale, FL, Brokers Assisting Clients Statewide
Buying a home starts with knowing which loan you can actually qualify for. Fair Mortgage Lending is a mortgage broker based in Fort Lauderdale, and we work with a range of lenders to match you with financing that fits your income, your credit, and what you're trying to buy.
Because we're a broker and not a single bank, we can compare mortgage options in Fort Lauderdale, FL, across several programs instead of fitting you into one lender's product. That matters most when your situation isn't standard, whether you're self-employed, buying from outside the country, or working without a long US credit history.
We're licensed throughout Florida, so we can help you buy anywhere in the state.
Advantages of Owning a Home
Renting and buying solve the same problem in very different ways. Here's what changes when the home is yours.
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You build equity. Rent goes to your landlord and you don't see it again. Part of each mortgage payment goes toward ownership you keep.
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Your housing costs get more predictable. With a fixed-rate loan, the principal and interest portion of your payment stays the same for the life of the loan. Property taxes and insurance can still change, so your total monthly payment may shift over time.
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The property may appreciate. Values can rise over the years, though nothing guarantees they will. Location, the condition of the property, and how long you hold it all affect where you end up.
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There may be tax advantages. Homeowners can often deduct mortgage interest and property taxes, and selling a primary residence can receive favorable treatment. Tax rules depend on your circumstances, so talk with a tax advisor about what applies to you.
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You decide how long you stay. No lease renewals, no landlord selling the building out from under you. Staying put also lets you build ties in your neighborhood and keeps school and community life steady for your family.
Buying a Home in Florida: What to Expect
The Process, Step by Step
1. Get pre-approved. Before you tour a single property, find out what you can borrow. We review your income, credit, assets, and documentation, then tell you which programs you qualify for and at what level. Sellers in competitive markets often won't consider an offer without a pre-approval attached.
2. Find a home and make an offer. Once you're under contract, the clock starts on your financing and inspection deadlines. We'll tell you what those deadlines mean for your loan so you stay on schedule.
3. Underwriting. The lender verifies everything and orders an appraisal to confirm the property supports the loan amount. Expect requests for additional documents during this stage; responding quickly is the single biggest thing you control.
4. Closing. In Florida, closings are usually handled by a title company rather than an attorney. You'll pay closing costs, sign the final documents, and take possession.
Two things about Florida are worth planning for. The state charges documentary stamp tax and intangible tax at closing, which affects what you bring to the table. And insurance matters more here than in other states, since flood zones, wind mitigation, and roof age can all affect what you'll pay and, in some cases, whether the loan closes on time.
First-Time Home Buyer Loans
First-time homebuyers are individuals who have either never owned a home or have not owned a property within the past three years. If that describes you, one of the most important things to know is that you don’t necessarily need a large down payment to become a homeowner. Several programs are built for buyers with limited savings, shorter credit histories, or both, and a first-time home buyer loan in Florida can look very different depending on which one fits.
Start with pre-approval rather than listings. It tells you what's realistic, it shows you which programs are open to you, and it puts you in a position to move when you find the right property.
Types of Home Loans in Florida
Our Fort Lauderdale-based team works with lenders nationwide to give our clients access to a variety of loan programs. This allows us to provide multiple mortgage options rather than pushing a single product. Wherever you’re purchasing a property in South Florida or across the state, we’ll help you identify the right loan type for your needs. We’ll look at your credit profile, income documentation, property type, and how you plan to use the property, and discuss the best options available to you.
FHA Loan vs. Conventional Loan
These two cover most purchases, and the choice between them comes down to how your credit and documentation look.
Neither is universally better. If your credit is strong, conventional usually costs less over time. If it isn't, FHA may be the option that gets you approved at all.
What These Programs Have in Common
Most of the requirements below apply no matter which loan you choose.
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Income documentation. Pay stubs and W-2s for employed borrowers, tax returns for the self-employed, plus award letters, pension statements, and other documented income sources.
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Debt-to-income ratio. Lenders compare your monthly debt obligations against your gross monthly income. The ceiling varies by program.
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Credit review. Minimums differ by program, and your score affects both approval and pricing.
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Property type. Most programs cover one- to four-unit properties, with requirements that shift based on unit count.
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Term options. Fixed and adjustable rate structures are available, along with a range of term lengths.
Conventional Loans
A conventional loan isn't backed by a government agency. It's guaranteed through the private sector by Fannie Mae and Freddie Mac, and it remains the most common mortgage type in the country.
Conventional financing works for primary residences, second homes, and investment properties. Credit requirements are stricter than those of FHA, with approval possible from around 620 and better pricing above that. Debt-to-income ceilings run up to 50%, including the new mortgage payment.
Conforming loan limits change annually and vary by county. Above those limits, you're looking at a jumbo or Non-QM loan instead.
FHA Loans
FHA loans are insured by the Federal Housing Administration. Because the government reduces the lender's risk, qualifying guidelines are stricter than conventional ones, and mortgage insurance is required in exchange.
Credit standards are the main draw. Many borrowers qualify with scores as low as 580, and scores between 500 and 579 may still work under tighter conditions. Debt-to-income can run as high as 56.99%, which is well above conventional.
FHA is limited to primary residences. Loan limits vary by county, and South Florida counties, including Broward, carry higher limits than most of the state, and some closing costs can be financed into the loan rather than paid up front.
VA Loans
VA loans serve veterans, active military, and surviving spouses. They carry no mortgage insurance, and rates are typically among the most competitive available.
There's no minimum credit score set by the VA. Lenders review the full loan profile and set their own standards, which are generally less restrictive than conventional. The VA's guideline debt-to-income figure is 41%, though lenders commonly approve above that based on the rest of the file.
A funding fee applies to most borrowers and can be financed into the loan. Veterans with a disability rating of 10% or higher are exempt. The benefit can be used more than once over a lifetime, and in some circumstances, more than one VA loan can be open at the same time.
Jumbo Loans
A jumbo loan exceeds the conforming limits set by the Federal Housing Finance Agency, which means Fannie Mae and Freddie Mac can't purchase it. These loans finance higher-value properties and carry their own underwriting standards.
Expect stricter requirements across the board. Most lenders want credit around 700 or better and rarely go below 660. Debt-to-income typically needs to sit near 43%, and lenders often require substantial cash reserves after closing.
Jumbo files also tend to involve a second appraisal, since these properties are frequently larger or less comparable to what's around them. Origination costs generally run higher than conventional ones as well.
Non-QM Loans
A Non-QM, or non-qualified mortgage, lets you qualify through alternative documentation rather than standard income verification. It doesn't meet the Consumer Financial Protection Bureau's definition of a qualified mortgage, which is what gives it flexibility.
These programs exist for borrowers whose income is real but hard to document conventionally, and for investors whose deals don't fit agency guidelines. This is where a broker earns their keep, because Non-QM availability shifts constantly as lenders adjust their programs.
Common features across Non-QM lending:
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Most programs don't require tax returns to verify income
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Flexibility in how income is calculated and how job history is evaluated
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Rental income can be counted, including short-term rental income
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Credit flexibility, with a corresponding effect on pricing
Programs we can source:
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Bank statement loans. Income verified through bank statements alone, commonly over 12 or 24 months. Built for the self-employed, business owners, realtors, consultants, and contractors.
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DSCR loans. The property's rental income qualifies the loan rather than your personal income. The debt service coverage ratio divides annual net operating income by annual debt service. Useful for investment property purchases.
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Foreign national loans. For non-US citizens buying property in the United States. No Social Security number, US credit score, or ITIN required; a valid passport and documented funds are the starting point.
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ITIN loans. For borrowers using an Individual Taxpayer Identification Number instead of a Social Security number. Income is documented through tax returns, profit and loss statements, bank statements, or seasoned assets.
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Interest-only options. Available on select fixed and adjustable programs, with an interest-only period at the start. You won't reduce principal during that period, so it's a cash flow tool rather than a savings one.
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Recent credit event loans. Programs for borrowers coming out of foreclosure, short sale, or bankruptcy. Terms improve the further out you are, but options exist earlier than most people expect.
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Commercial rental property loans. For investors expanding into multifamily properties of five units or more, mixed-use, condos, and townhomes.
FREQUENTLY ASKED QUESTIONS
Ready to Start?
Tell us what you're trying to buy, and we'll tell you what's realistic. Get in touch with a mortgage specialist and we'll review your situation, then lay out the mortgage options in Fort Lauderdale, FL, and across the state that you qualify for.
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