Buying a Home in Florida: Complete Mortgage Guide for 2026

Florida continues to be one of the most active real estate markets in the country, drawing buyers from the Northeast, Midwest, and internationally. But financing a home in Florida has unique considerations that out-of-state buyers often are not prepared for.

Condo Financing in Florida: Post-Surfside Rules

Following the 2021 Surfside building collapse, Fannie Mae and Freddie Mac significantly tightened condo approval requirements. Many Florida condos — particularly older buildings, buildings with deferred maintenance, or buildings with high investor concentration — now fall into non-warrantable status and require portfolio or non-QM lending.

If you are targeting a condo, identify the financing options before you are under contract. This is especially critical in markets like Miami Beach, Fort Lauderdale, and coastal areas along the Gulf Coast.

Flood Insurance Impact

Florida has significant flood insurance requirements in many areas, and premiums have increased substantially following FEMA's Risk Rating 2.0 overhaul. In high-risk flood zones, annual premiums can add hundreds or thousands of dollars per year to housing costs. Always request a full payment estimate including all insurance costs before making an offer.

Down Payment Assistance in Florida

Florida Housing Finance Corporation offers several programs for eligible buyers including the Florida Assist program providing up to $10,000 in DPA as a zero-interest deferred loan. Income and purchase price limits apply by county.

DSCR Financing for Florida Investors

Florida is one of the most active STR and investment markets in the country — from the Gulf Coast and Miami to the Space Coast and Panhandle. DSCR loans are widely used, and many lenders accept projected AirDNA income for new STR acquisitions.

At East Coast Mortgage, we are licensed in Florida and help both primary residence buyers and investors navigate the state's financing landscape. Book a call to discuss your Florida purchase.