Benzinga readers often choose Rocket Mortgage as the best mortgage lender.There’s no place quite like Florida. With its mild winters, miles of beaches and unique attractions like Walt Disney World, the Sunshine State has a little something for everyone. As a first-time homebuyer, Florida has a variety of homes and lenders to choose from. Let’s take a closer look at the best Florida lenders for first-time homebuyers.Quick Look: Best Mortgage Lenders for First Time Home Buyers in FLBest for Online Loans: Rocket Mortgage® (formerly Quicken Loans)Best for Self-Employed: CrossCountry MortgageBest for VA Loans: Veterans UnitedBest for Comparing Lenders: loanDepotTable of ContentsQuick Look: Best Mortgage Lenders for First Time Home Buyers in FL4 Best Mortgage Lenders in Florida for First Time Home Buyers1. Best for Online Loans: Rocket Mortgage® (formerly Quicken Loans)See All 30 ItemsYou should get quotes from multiple lenders to ensure you get the best rates. To help you get started, here are the best mortgage companies in Florida for first-time buyers, all of which have been researched extensively by Benzinga.
1. Best for Online Loans: Rocket Mortgage® (formerly Quicken Loans)
Good Fit For:Online MortgagesVIEW PROS & CONS:securely through Rocket Mortgage (formerly Quicken Loans)'s websiteRocket Mortgage (formerly known as Quicken Loans) is great for first time buyers, It offers an intuitive and easy online application process for quick preapprovals.The Quicken Loans website also offers resources such as mortgage loan calculators to help you sort through mortgage options.If you have questions, Quicken Loans has a highly reputed customer support team to assist you.Loan types offered: Conventional, FHA, USDA and VACredit score requirement: 620Average days to close a loan: 30-45 days2. Best for Self-Employed: CrossCountry MortgageGood Fit For:Self-employed BorrowersVIEW PROS & CONS:securely through CrossCountry Mortgage's websiteCrossCountry Mortgage makes it easy for all types of home buyers to get approved for a mortgage. Their flexible requirements can help you get financing, with no employment or income verification and no minimum DTI. CrossCountry Mortgage offers traditional loan terms, as well as more flexible home payment plans with their 40-year loan program.It's also easier to get approved if you're self-employed. Tax returns are not required and you'll only need one year of self-employment income history and a minimum credit score of 580. CrossCountry Mortgage can also help you get approved on assets alone, like your bank statements, stocks and bonds, or retirement accounts.Loan types offered: Conventional, FHA, USDA and VACredit score requirement: 580Average days to close a loan: 213. Best for VA Loans: Veterans UnitedGood Fit For:Current Service MembersVIEW PROS & CONS:If you’ve logged some time in the military, Veterans United’s loans will likely be the best deal. Unlike other veteran-marketed loan programs, Veterans United only accepts active duty and veteran military members.In addition to no-down-payment loans, you’ll also eliminate the private mortgage insurance you’ll have to pay with other mortgages.Veterans United is also more forgiving of lower credit scores. Interest rates are lower than average.Loan types offered: VA, USDA, FHA and JumboMinimum credit score: 620Average days to close a loan: 304. Best for Comparing Lenders: loanDepotGood Fit For:Comparing LendersVIEW PROS & CONS:loanDepot is a non-bank lender that gives you convenience and efficiency online with the option to visit one or over 200 branches across the country. loanDepot offers fixed-rate and adjustable-rate conventional mortgages. You could also secure jumbo, FHA or VA loans, although conventional loans made up most of LoanDepot’s mortgage originations last year. LoanDepot also offers 10-, 15-, 20- and 30-year mortgage terms. In addition to mortgages and home refinancing, LoanDepot offers free credit score monitoring to help you prepare to apply for a mortgage. You'll need at least 5% downpayment. loanDepot is a non-bank lender that gives you convenience and efficiency online with the option to visit one or over 200 branches across the country. loanDepot offers fixed-rate and adjustable-rate conventional mortgages. You could also secure jumbo, FHA or VA loans, although conventional loans made up most of LoanDepot’s mortgage originations last year. LoanDepot also offers 10-, 15-, 20- and 30-year mortgage terms. In addition to mortgages and home refinancing, LoanDepot offers free credit score monitoring to help you prepare to apply for a mortgage. You'll need at least 5% downpayment. Loan types offered: Conventional, FHA, VA, and JumboCredit score requirement: 620 (depends on the lender)Average days to close a loan: 30 days (depends on the lender)The Housing Market in Florida: An OverviewGetting a sense of the Florida housing market can help you know what to expect when you start shopping for a home. Different cities, and even different neighborhoods within a city, will have different price points, so keep that in mind as you look for your new home. Here’s some quick Florida facts: Total households: 8,353,441Median list price: $427,4673 most expensive cities in Florida to buy a house:Jupiter Island: $9,691,748Golden Beach: $7,326,400Fisher Island: $5,975,4483 most affordable cities in Florida to buy a house:Altamonte Springs: $198,500Callahan: $275,100DeBary: $270,500Preparing for a MortgageThe mortgage process may seem mysterious. You can help keep the process moving by being prepared. Here’s how the process works:1. Review Your CreditYour credit history and credit score play a significant role in the mortgage process. Lenders have a minimum credit score requirement. If you don’t meet the minimum, you may need to improve before you can qualify for a mortgage. Before you apply for a mortgage, get a free copy of your credit reports. Review it for errors and areas for improvement.2. Gather Your Documents You can simplify things by having all your documents ready before you apply. Every lender will have different requirements, but in general, you will need to provide the following documents:W2s for the past yearTax returns for the past 2 yearsPay stubs from the past 2 monthsBank statements from the past 2 monthsInvestment and retirement account statements from the past 2 monthsThe most recent statement for all your debt payments A copy of your driver’s license3. Get pre-approvedContact lenders and let them know you’re starting your home search process. Ask for a quote. Review the quotes and choose a lender and complete the lender’s preapproval process. 4. Find a Home An experienced real estate agent can help you find a home that fits your budget. Base your budget on how much your lender preapproved for you. 5. Make an OfferYou need to determine the price you are willing to pay. Once you have decided on an offer price, you will submit a written offer through your real estate agent to the seller.6. Complete a Loan ApplicationYour lender will have you complete an application. The lender’s underwriting department will review your application. 7. Complete UnderwritingYour lender may ask questions or need additional documents during underwriting. Provide documents promptly to keep things moving. Your lender will let you know if it has approved you at the end of underwriting. 8. Close on Your HomeYou will need to sign documents and pay your closing costs. After that, you can move into your new home. Everyone runs into bumps during the mortgage process, so don’t panic. Respond to your lender promptly and ask questions if you need clarification. Here are the minimum credit scores required by some Florida lenders:
