Other loan amounts and or loan products may be available to you based on the information you have provided. The results are for informational purposes only. Your actual qualification will be determined once we receive all of your financial information. The expressed rate could change or not be available at commitment or closing.
We determine the maximum home price you can afford and what the best loan program is for you by analyzing the information you give us alongside the most up-to-date rates in your area.
NOTE: The results form this calculation is just an estimate. To receive an actual custom quote or see if you qualify for a loan, complete our online mortgage application or call to speak with one of our mortgage loan professionals.
The process for getting approved for the mortgage you want is all about how much debt you have factored with your potential mortgage payment, compared to your income. You must stay within certain ratios (guidelines determined by loan type) to see how much you can afford for a mortgage payment.
Large debt payments like an auto loan or high credit card balances can limit your mortgage approval amount. We encourage you to let us know any and all debts so we can accurately assess your ability to secure a loan.
Most buyers need at least 3.5% of the home price for their down payment.
You’ll also need to pay closing costs, which can range from 2% to 5% of the loan amount.
Property Tax amounts vary by where the property is located and the assessed home value of the home. You could find this information on county records for the given property you are interested in. Typical rate in Florida is 1.1% of the assessed home value.
Homeowners premiums in different county’s and locations vary widely, and depending on where you live, the average cost of home insurance in Florida may range from approximately $800 to $2400 per year.
The amount you should spend on a home is unique to your financial situation. It’s important to make sure that the monthly mortgage payment is manageable and that you won’t be struggling to make ends meet every time the mortgage bill is due.
Once you know the home price you can afford, use our Purchase Mortgage Calculator to get an estimate of how much you could expect to pay monthly based on today’s rates.
We use the county to determine maximum loan amounts available through government loan programs in that area.