Florida Mortgage FAQ

Question 1

What does a mortgage broker do, and why use one instead of going directly to a bank?

Accepted Answer

A mortgage broker works with multiple wholesale lenders on your behalf, comparing loan options, rates, and terms side by side. You get access to a wider range of products than any single bank can offer, and the broker handles the paperwork and coordination. At PHILANYA, lenders compete so you win. NMLS# 2130262.

Question 2

What types of mortgage loans does PHILANYA offer in Florida?

Accepted Answer

PHILANYA works with VA loans for eligible veterans, FHA loans with lower down payment options, USDA loans with zero-down for eligible rural and suburban Florida areas, conventional loans, down payment assistance programs, DSCR loans for real estate investors, bridge loans, Home Equity Conversion Loans (HECM reverse mortgages), and commercial and SBA loans. NMLS# 2130262.

Question 3

What is a VA loan, and am I eligible as a Florida veteran?

Accepted Answer

A VA loan is backed by the U.S. Department of Veterans Affairs and is available to eligible veterans, active-duty service members, National Guard members, reservists, and surviving spouses. Benefits typically include no down payment, no private mortgage insurance (PMI), competitive rates, and flexible credit requirements. As a 100% veteran-owned brokerage, PHILANYA guides Florida veterans through the entire process. NMLS# 2130262.

Question 4

How much do I need for a down payment on a Florida home?

Accepted Answer

Down payment requirements depend on the loan type. VA loans: 0% for eligible veterans. USDA loans: 0% for eligible rural and suburban areas. FHA loans: as low as 3.5% down. Conventional loans: typically 3% to 20%. Florida also has down payment assistance programs through the Florida Housing Finance Corporation and local agencies.

Question 5

What credit score do I need to get a mortgage in Florida?

Accepted Answer

Requirements vary by loan type. FHA loans are often available with scores as low as 580 with 3.5% down. VA loans have no official VA minimum but lenders often look for 620 or higher. Conventional loans typically require 620 to 640 minimum. A lower score does not automatically disqualify you — compensating factors like strong income and low debt matter.

Question 6

How long does the mortgage process take in Florida?

Accepted Answer

Most purchases close within 30 to 45 days from a complete application. VA loans can take 45 to 60 days due to the appraisal process. Applying before you find a property puts you in the strongest position. PHILANYA can issue a pre-approval letter once your application and documentation are reviewed. NMLS# 2130262.

Question 7

What is the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is an estimate based on information you provide verbally and carries limited weight with sellers. Pre-approval is a more rigorous review involving income documents, credit pull, and underwriting review. In a competitive Florida real estate market, a pre-approval letter is often the difference between an accepted offer and being passed over.

Question 8

Can I get a mortgage with a new job or if I am self-employed in Florida?

Accepted Answer

Yes, in most cases. For a new job, lenders typically want at least 30 days of pay stubs. Self-employed borrowers generally need two years of tax returns, profit and loss statements, and bank statements. Some non-QM products use bank statements rather than tax returns, which can be a better fit for business owners with significant deductions.

Question 9

Are there mortgage programs for first-time homebuyers in Florida?

Accepted Answer

Yes. Florida first-time homebuyers have access to Florida Housing Finance Corporation programs with below-market rates and down payment assistance, the Hometown Heroes program for essential workers including veterans and teachers, FHA loans, and VA loans with zero-down for eligible veterans. PHILANYA also offers a free First-Time Homebuyer class. NMLS# 2130262.

Question 10

What is a DSCR loan, and is it available in Florida?

Accepted Answer

A DSCR (Debt Service Coverage Ratio) loan qualifies the borrower based on the rental income the property generates rather than personal income. It is popular with real estate investors who have complex tax returns or multiple properties. PHILANYA offers DSCR loans for eligible investment properties in Florida. NMLS# 2130262.

Question 11

What areas of Florida does PHILANYA serve?

Accepted Answer

PHILANYA, INC. originates consumer mortgage loans across all of Florida — all 67 counties from the Panhandle to the Keys. While headquartered in Saint Augustine, geographic location is not a barrier to working with PHILANYA. Business-purpose loans extend to 30 states and commercial loans are available nationwide. NMLS# 2130262.

Question 12

Does getting pre-approved hurt my credit score?

Accepted Answer

A mortgage pre-approval requires a hard credit inquiry, which may cause a small temporary dip — typically 5 points or fewer. If you apply with multiple lenders within a short window (usually 14 to 45 days), credit bureaus treat those inquiries as a single event. The benefit of knowing your real budget and competing with confidence far outweighs the minor score impact.

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