Depending on the type of loan you use to purchase your home, it might be subject to conforming loan limits. If it’s a conventional mortgage, the amount is capped at $726,200, which is the limit imposed by the Federal Housing Finance Agency in 2023. That limit applies everywhere but the Keys – in Monroe County, the 2023 limit is $874,000. If your loan is backed by the FHA, the loan limits are different. In most Floridian counties, you’ll need to adhere to the FHA’s standard limit this year of  $472,030. The one big exception: Monroe County (home to Key West et. al.), the FHA limit for 2023 is $874,000.

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. You can learn more about Florida first-time homebuyer programs here.

Tips to get the best mortgage rate

Mortgage rates can look similar at first glance. What’s the difference between 5.5 percent versus 5.7 percent, you might ask? A lot. Over the course of 30 years, even slight variances in your rate can meaningfully affect your total interest paid.

It’s not just about the rate the lender advertises, though. You can make all the difference in getting the best mortgage rate by improving your credit score, saving more for a down payment and putting in the work to compare offers from a few different lenders. This can help ensure you get the lowest-cost option based on your credit and financial situation.

Summary: Best mortgage lenders in Florida

Methodology

To determine the best mortgage lenders by state, Bankrate evaluated lenders based on several criteria, including affordability (APR, discounts and/or incentives); availability (approval/closing timelines, loan products); and experience (application process, customer service).