Florida Mortgage FAQ: Your Questions Answered by a Veteran-Owned Broker

No. 1

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

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 between you and the lender.

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At PHILANYA, we like to say: lenders compete, you win. Instead of accepting the first offer from one institution, you get options — and we help you understand every one of them.

No. 2

What types of mortgage loans does PHILANYA offer in Florida?

We work with a wide range of loan types, including:

• VA loans — for eligible veterans, active-duty service members, and surviving spouses

• FHA loans — lower down payment options for buyers with moderate credit

• USDA loans — zero-down financing for eligible rural and suburban Florida areas

• Conventional loans — for buyers with stronger credit profiles

• Down payment assistance programs — Florida-specific programs that help cover your upfront costs

• DSCR loans — debt-service coverage ratio loans for real estate investors

• Bridge loans — short-term financing for buyers who need to move before selling

• Home Equity Conversion Loans (HECM) — also known as reverse mortgages, for homeowners 62 and older

• Commercial and SBA loans — for business owners and investors

Your eligibility depends on your credit history, income, and property type. We walk you through every option so you can make an informed choice.

No. 3

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

A VA loan is a home loan backed by the U.S. Department of Veterans Affairs. It is available to eligible veterans, active-duty service members, National Guard members, reservists, and surviving spouses. VA loans typically offer:

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• No down payment required

• No private mortgage insurance (PMI)

• Competitive rates

• Flexible credit requirements

As a 100% veteran-owned brokerage, PHILANYA is deeply familiar with VA loan guidelines. We help Florida veterans navigate the Certificate of Eligibility (COE) and the full VA loan process from start to close.

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To confirm your specific eligibility, start a secure inquiry at philanya.com or call 904-824-9133.

No. 4

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

It depends on the loan type:

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• VA loan: 0% down for eligible veterans

• USDA loan: 0% down for eligible rural/suburban areas

• FHA loan: as low as 3.5% down (with qualifying credit score)

• Conventional loan: typically 3%–20% down depending on the lender and your profile

• Down payment assistance programs: may cover part or all of your down payment requirement

Florida has several active down payment assistance programs through the Florida Housing Finance Corporation and local agencies. We help you identify which programs you may qualify for. Call 904-824-9133 to find out what's available for your situation.

No. 5

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

There is no single answer — each loan type has different credit requirements, and each lender sets its own overlays within those guidelines. As a general starting point:

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• FHA loans: often available with scores as low as 580 (with 3.5% down)

• VA loans: no official minimum from the VA, but most lenders look for 620 or higher

• Conventional loans: typically 620–640 minimum, with better rates above 740

A lower credit score does not automatically disqualify you. Compensating factors — like a strong income history, low debt, or a larger down payment — matter. We review your full picture, not just one number.

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If your score needs work first, we can point you in the right direction. We also offer a Fix My Credit class for clients who want to understand how to improve their credit before applying.

No. 6

How long does the mortgage process take in Florida?

Most purchases close within 30 to 45 days from the time a complete application is submitted. The timeline depends on the loan type, the lender, the property, and how quickly documents are provided.

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VA loans can take slightly longer (45–60 days) due to the appraisal process. Cash-out refinances and investment property loans may also take additional time.

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Applying early — before you find a property — puts you in the strongest position. We can issue a pre-approval letter once your application and documentation are reviewed.

No. 7

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

Pre-qualification is an estimate based on the information you provide verbally or on a short form. It gives you a general idea of your budget but carries limited weight with sellers.

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Pre-approval is a more rigorous review: we collect your income documents, pull credit, and submit your file for underwriting review. A pre-approval letter tells sellers you are a serious, verified buyer and can move quickly.

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In a competitive Florida real estate market, a pre-approval letter is often the difference between having your offer accepted or passed over.

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Start your secure pre-approval process at philanya.com.

No. 8

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

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Yes, in most cases — but the documentation requirements differ.

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New job: lenders typically want to see at least 30 days of pay stubs from your new position. If you changed industries, a longer employment history may be required.

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Self-employed: lenders generally require two years of tax returns (personal and business), year-to-date profit and loss statements, and bank statements. Your qualifying income is typically based on your net income, not your gross revenue.

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Every situation is different. The best step is to have a conversation with us so we can review your specific profile and identify the right lenders for your circumstances.

No. 9

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

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Yes. Florida first-time homebuyers have access to several programs, including:

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• Florida Housing Finance Corporation programs: below-market interest rates and down payment assistance

• Hometown Heroes program: assistance for essential workers (teachers, healthcare, law enforcement, and others)

• FHA loans: low down payment options available to first-time buyers

• VA loans: zero-down financing for eligible veterans buying their first home

We also offer a free First-Time Homebuyer class that covers how these programs work, what the application process looks like, and how to prepare. You can register at philanya.com/book-online.

No. 10

Does getting pre-approved hurt my credit score?

A mortgage pre-approval does require a hard credit inquiry, which may cause a small, temporary dip in your credit score — typically 5 points or fewer.

However, if you apply with multiple lenders within a short window (usually 14–45 days depending on the scoring model), the credit bureaus treat those inquiries as a single event, minimizing the impact.

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The benefit of getting pre-approved — knowing your real budget, moving faster, and competing with confidence — far outweighs the minor and temporary impact on your score.

No. 11

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

A DSCR (Debt Service Coverage Ratio) loan is a type of investment property loan where qualification is based on the rental income the property generates, not your personal income. Lenders look at whether the property's gross rental income covers the mortgage payment.

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DSCR loans are popular with real estate investors in Florida who may have complex tax returns, multiple properties, or non-traditional income profiles. They are available through PHILANYA for eligible investment properties.

We also offer a free Real Estate Investor class that covers DSCR loans, bridge financing, and commercial lending strategies.

No. 12

What areas of Florida does PHILANYA serve?

PHILANYA, INC. is licensed to originate consumer mortgage loans throughout the state of Florida. While we are based in Saint Augustine, we work with buyers, homeowners, and investors across all Florida counties and markets — from the Panhandle to the Keys.

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Business-purpose loans are available in 30 states. Commercial loans are available nationwide. Call 904-824-9133 to confirm service for your specific situation.