What a Florida Mortgage Broker Does for You
A mortgage broker is a licensed go-between for you and mortgage lenders. You give us your income, credit and property details once. We compare loan programs from the lenders we work with, explain the trade-offs, and help you apply, process and close the loan you choose.
That comparison matters in Florida, where many buyers have needs that don't fit a single bank's menu: first-time buyers using down payment assistance, second-home and investment buyers, self-employed borrowers, and buyers of condos or newer construction.
We are not the lender. All loans are arranged through third-party providers, and your final rate and terms depend on your credit, income, property and the lender you choose.
Mortgage Broker vs. Lender vs. Bank: What's the Difference?
A lender or bank funds the loan itself and offers its own products. A broker arranges your loan through lenders and can show you several options from one application. Neither route is always cheaper, so compare written Loan Estimates whichever you choose.
| Purpose | Mortgage Broker | Direct Lender or Bank |
|---|---|---|
| Who funds the loan | A third-party lender | The lender itself |
| Loan options | Programs from multiple lenders | That lender's own products |
| How you shop | One application, several options compared | One offer per application |
| Often a good fit for | Comparing options, non-standard income, investment property | Borrowers who already have a lender they trust |
Is Using a Mortgage Broker in Florida Worth It?
It can be, especially when your situation isn't straightforward or you simply want to compare. If you're self-employed, buying an investment property, buying a condo, or hoping to use an assistance program, having more than one lender to choose from can open options a single bank wouldn't offer.
There are trade-offs. A broker can only offer loans from the lenders it works with, and broker compensation is part of your overall loan costs. That's why we encourage you to review your Loan Estimate line by line and compare it with any other offer you have.
Florida Loan Programs We Offer
- Conventional loans: For borrowers with solid credit, including options for primary homes, second homes and investment properties.
- FHA and VA loans: FHA offers a lower down payment and flexible credit guidelines. VA loans are for eligible veterans and service members, often with no down payment.
- Non-QM, stated income and alternative documentation loans: For self-employed borrowers, investors and others who don't fit standard guidelines.
- Residential home loans: Purchase financing for homes you plan to live in.
- Refinance: Lower your payment, shorten your term or access equity.
- Commercial loans: Financing for investment and business properties.
Florida Down Payment Assistance
Florida Housing Finance Corporation runs down payment programs for income-qualified, first-time buyers. The best known is Florida Hometown Heroes, which has offered assistance as a 0% interest deferred second mortgage, generally up to 5% of the first mortgage and capped at $35,000, for eligible workers such as teachers, healthcare workers, first responders, veterans and military personnel. Funding is limited and opens and closes through the year, so we'll check what's available and whether you qualify before you make an offer.
Program rules and current funding: Florida Housing Finance Corporation.
How Much Do You Need to Buy a Home in Florida?
Your down payment depends on the loan program. FHA loans allow as little as 3.5% down for qualifying borrowers, VA loans often require no down payment, and some conventional programs allow as little as 3% down. Second homes and investment properties typically require more.
Credit requirements also vary. FHA loans generally start around a 580 credit score for the lowest down payment, and conventional loans commonly look for 620 or higher. Guidelines change, so we confirm current requirements for your situation.
What Is Different About Buying a Home in Florida?
Things we help you plan for that vary by state:
- Homeowners insurance and flood insurance: can significantly affect your monthly payment and your qualifying numbers, especially in coastal areas.
- Condo and HOA requirements: many Florida purchases are condos, and lender rules about the building's finances can affect approval.
- Closing costs: include Florida-specific items such as documentary stamp tax and title charges. [Verify and add a sample estimate if desired.]
- Property taxes and homestead: your first-year taxes may be reassessed after purchase.
How Do You Get a Mortgage in Florida?
- Free consultation: share your goals, income and credit picture.
- Pre-approval: we review your documents and compare options so you can make confident offers.
- Loan selection and processing: we help you choose a program and handle the paperwork with your lender.
- Closing: we coordinate with your agent, attorney or title company through the closing date.
What Documents Do You Need for a Florida Mortgage?
Most applicants provide the following. Requirements vary by program and lender.
- Government-issued photo ID
- Recent pay stubs and W-2s
- Two years of tax returns
- Recent bank and asset statements
- For self-employed borrowers: business returns and a profit-and-loss statement, or bank statements for alternative documentation loans
Who Is American Capital Mortgage Inc.?
American Capital Mortgage Inc. is a mortgage broker and banker headquartered in Orange, New Jersey, licensed as a mortgage broker in Florida and several other states. Sunny Jain, our founder and CEO, has been in the mortgage business since 1996, with prior experience at Bank America Mortgage and Bank of NY. You can verify licensing for our loan officers at NMLS Consumer Access.
- Sunny Jain, CEO (NMLS ID 13710): residential and commercial originations, 30+ years of experience
- Rajiv Jain, Vice President (NMLS ID 16291): 20+ years in the mortgage business
- Joe St. Rose, Loan Officer (NMLS ID 1473569): multifamily and commercial mortgage origination
FAQs:
You don't have to use one, but a broker can compare several lenders for you, which may save time and uncover options you wouldn't find applying to one bank.
A lender funds the loan directly. A broker arranges your loan through lenders. See our guide: Mortgage Broker vs Lender
It depends on the program. FHA, VA and certain assistance programs can allow low or no down payment, while conventional loans commonly require more. We'll review what fits your situation.
Yes. We offer conventional, non-QM and commercial options for second homes and investment properties.
Yes, and you should. Pre-approval shows sellers you're serious and tells you your budget.
Costs depend on the loan program and lender. You'll receive a written Loan Estimate showing your costs before you commit, and we're happy to walk through it with you.
Ready to Get Started?
Get your free quote today Contact us or Call: 516-327-6000
Email: sunnyjain@amcaps.com
Address: 439 Main Street, Suite 102, Orange, NJ 07050