Florida Mortgage Questions, Answered
Short answers to the questions Florida buyers and homeowners ask us most. Each answer links to a full guide with more detail and sources. These are general answers, not loan approval or advice for your situation, and programs, terms and eligibility are set by the lender.
Have a question that isn't here? Call (407) 663-4743 or contact us.
Working with Skyline Mortgage
Is Skyline Mortgage a lender or a broker? We're a broker, licensed under NMLS #2386002. We shop and compare loan programs across several lenders for you. Approval and funding come from the lender you pick. Read more: Florida mortgage broker
How does a mortgage broker get paid? Either you or the lender pays the broker, never both, and the amount is shown on your Loan Estimate and Closing Disclosure. Read more: How working with a broker works
Where is Skyline Mortgage's office? Palm Coast: 160 Cypress Point Parkway, Unit C211, Palm Coast, FL 32164. It's our only office, and we serve the rest of Florida remotely. Read more: Contact us
Buying a home in Florida
Do I need homeowners insurance before I close? Yes. Lenders generally need proof of an active policy, so start insurance quotes during your inspection period, not the week of closing. Read more: Homeowners insurance and mortgage approval
What is a 4-point inspection? A report on the roof, electrical, plumbing and HVAC that many Florida insurers use to decide whether they'll insure an older home. Read more: 4-point vs. wind mitigation
When is flood insurance required for a Florida mortgage? When the home is in a FEMA high-risk zone (starting with A or V) and the loan is federally backed or regulated. A lender can also require it elsewhere. Read more: Flood insurance guide
Why will my property taxes go up after I buy? A sale resets the assessed value and removes the seller's exemptions and caps, so the seller's tax bill isn't a reliable guide to yours. Read more: Florida property taxes after you buy
When do I file for the Florida homestead exemption? With your county property appraiser by March 1, for a home you owned and lived in as your permanent residence on January 1. Read more: Homestead filing and escrow
What is a CDD fee? An assessment that pays for infrastructure in many newer Florida communities. It's often on the tax bill and counts in your payment when you qualify. Read more: CDDs and new construction
Do I have to use the builder's lender? No. You may choose your own lender. If incentives depend on the builder's preferred lender, compare the total cost and terms either way. Read more: Buying new construction
Florida condos
What is a non-warrantable condo? A condo in a project that doesn't currently meet Fannie Mae or Freddie Mac rules, which narrows the loan options to lenders with other programs. Read more: Florida condo mortgage guide
Do milestone inspections and reserve studies affect my loan? They can. Lenders review the results, the repairs required and how the association will pay for them. Read more: SIRS and milestone inspections
Can I buy a condo that has a special assessment? Possibly. Lenders look at what the assessment pays for, how much is left and the payment schedule. Read more: Miami condo financing
Can I use FHA or VA for a condo? Usually if the project is approved by FHA or VA, or, for FHA, if the unit qualifies for single-unit approval. Read more: FHA and VA condo approval
Loan programs
Are FHA loans only for first-time buyers? No. Repeat buyers can use FHA too, as long as the home will be their primary residence and they meet FHA rules. Read more: FHA loans in Florida
Who can use a VA home loan? It turns on your service record. Veterans, service members on active duty, many Guard and Reserve members and certain surviving spouses may qualify. Read more: VA loans in Florida
How is a conventional loan different from FHA? FHA insures FHA loans and charges its own mortgage insurance premiums. A conventional loan has no government insurance and typically follows Fannie Mae or Freddie Mac guidelines. Read more: Conventional loans in Florida
What counts as a jumbo loan in Florida? A loan above the conforming limit for the home's county. FHFA updates those limits every year. Read more: Jumbo loans in Florida
Are USDA loans only for farms? No. USDA guaranteed loans are for primary homes in eligible areas, and eligibility depends on the exact address and household income. Read more: USDA loans in Florida
Self-employed, ITIN and investor loans
Can I get a mortgage if I'm self-employed? Often, with tax returns or, through some lenders, bank statement documentation, which usually costs more. It's worth comparing both. Read more: Bank statement loans
Can I get a mortgage with an ITIN? Some lenders offer ITIN programs, mostly non-QM loans with their own rules for documents, credit and costs. Read more: ITIN loans in Florida
Can I live in a home bought with a DSCR loan? No. DSCR loans are business-purpose loans for rental properties you won't live in. Read more: DSCR loans in Florida
Can a parent buy a home for a college student? Yes, but the setup matters. A parent co-borrowing with a student who lives there differs from a parent buying alone, which is generally an investment property. Read more: Parents buying near UF
Home equity, refinancing and reverse mortgages
What's the difference between a HELOC and a home equity loan? A HELOC is a revolving line you draw on, usually at a variable rate. A home equity loan is a one-time lump sum, usually at a fixed rate. Read more: HELOC and home equity loans
Does my spouse have to sign a HELOC on our Florida homestead? Generally, yes. Florida's Constitution requires a married owner's spouse to join in a mortgage on the homestead. Read more: Florida homestead rules
Who qualifies for a reverse mortgage? For an FHA-insured HECM, at least one borrower generally must be 62 or older, live in the home and complete HUD-approved counseling, among other rules. Read more: Reverse mortgages (HECM)
Can you lose your home with a reverse mortgage? Yes. The loan can become due, and the home can go to foreclosure, if you stop living there, don't pay taxes, insurance or HOA dues, or don't maintain it. Read more: HECM obligations
Building or buying before you sell
How does a construction loan work? The lender pays the builder in stages as work is inspected. A construction-to-permanent loan then converts to a regular mortgage when the home is finished. Read more: Construction loans in Florida
Can I act as my own builder? Florida allows owner-builders in some cases, but many lenders require a Florida-licensed contractor. Ask before you plan around it. Read more: Owner-builders and lenders
Bridge loan or HELOC to buy before I sell? A HELOC is often cheaper but usually must be opened before you list. A bridge loan often costs more. Compare the total cost of each in writing. Read more: Bridge loans in Florida