Florida-based. Serving CA, FL, GA, TN & TX
Home loans
Pick the path that sounds closest. We will explain it in plain language.
Buying in Florida
A plain-language look at the loan types that come up most often. Nothing here is a rate, an approval, or a promise that a program fits your file.
FHA loans are insured by the Federal Housing Administration and are used by first-time and repeat buyers who want more flexible credit guidelines and a down payment below 20%. Mortgage insurance is part of the program: an upfront premium, often 1.75% of the loan amount, and a separate annual premium. In Florida the house, the condo project, and the insurance quote still have to work. Fit is decided on an application.
Conventional loans are not government-backed. They are used for primary homes, second homes, and some investment properties, including houses, condos, and planned-unit developments. Down payments on eligible programs can start near 3%, and they change with occupancy and property type. Private mortgage insurance usually applies below 20% down and can come off later once the equity meets the program rule. Gift funds are sometimes allowed.
VA loans are a benefit for eligible veterans, active-duty service members, and certain surviving spouses buying a primary home. Many eligible borrowers can finance the full price, and the loan does not use private mortgage insurance. You will need a Certificate of Eligibility, and the property has to meet VA rules, including VA approval when the home is a condo. A funding fee may apply and can often be financed. An existing VA loan may have a streamline refinance with its own documentation rules.
Investor loans, including DSCR, look at the rental property as its own file. DSCR compares the rent the property can produce with the payment, instead of relying only on wage income. Short-term rentals, small multi-family, and fix-and-flip deals sit in the same conversation and follow different rules. The entity on the contract, whether anyone will live there, and the other properties you own all change what the file needs.
A Florida condo loan reviews the buyer and the building. Project approval, the association’s master policy, wind and flood coverage, reserves, and any litigation can decide whether a program will lend on that address. Homeowners insurance belongs in the monthly figure before an offer is written. The Tokar Team will say what that specific building has to show for the loan you are considering.
Payment snapshot
For illustration only. This is not a quote, a commitment, or an offer of credit.
Ask the Tokar Team. This conversation does not pull credit and does not start an application.
