Florida Mortgage & Refinance - Silver Mortgage

Frequently Asked Questions: Florida Mortgages

These frequently asked questions address Florida-specific mortgage timelines, pricing, qualification requirements, and broker services.

How long does it take to close on a Florida mortgage?

21 to 30 days on average. VA mortgage loans for military families at Pensacola, Jacksonville, or MacDill may be able to close faster (21 days) to accommodate PCS timelines. Condo financing in Miami or beachfront markets may take slightly longer due to association and insurance documentation requirements resulting from Florida HB 913. We handle all mortgage paperwork and coordinate with title companies, home appraisers, and mortgage underwriters to keep your closing on schedule.

What’s the median home price in Florida?

According to Zillow data as of January 2026, median home prices in Florida’s major cities are: Miami ($550,000), Tampa ($380,000), Orlando ($390,000), Jacksonville ($340,000), Naples ($625,000), Sarasota ($475,000), and Fort Lauderdale ($520,000). Florida home prices vary significantly by location. Gulf Coast waterfront properties, Miami high-rises, and vacation rental markets have dynamics different from those of inland cities.

I’m self-employed in Florida’s tourism industry – can I get a mortgage?

Yes. Florida has over 2 million self-employed workers (tourism and hospitality operators, Disney/Universal contractors, cruise industry workers, vacation rental owners and Airbnb hosts, medical professionals, marine and boating industry contractors, aviation contractors, tech consultants in Miami and Tampa, real estate agents, construction business owners, gig economy workers). Traditional lenders require 2 years of tax returns showing high income. We offer bank statement mortgage loans using 12 to 24 months of business deposits to calculate mortgage qualifying income. No tax returns required. We’ve closed mortgage loans for Orlando hospitality operators, Miami tech founders, Naples vacation rental owners, and Tampa medical professionals.

I’m stationed at Pensacola NAS or Jacksonville NAS – how does VA BAH work with mortgages?

Florida hosts the highest concentration of naval installations in the United States. According to the Department of Defense 2026 BAH rates, Jacksonville Naval Station service members receive: E4 with dependents ($1,740), O3 ($2,580). Pensacola Naval Air Station rates: E4 with dependents ($1,650), O3 ($2,460). Lenders use BAH as qualifying income for VA loans. 0% down payment, no PMI (private mortgage insurance), 21 to 30 day mortgage closings. We understand PCS timelines and work with military families at Pensacola, Jacksonville, MacDill (Tampa), Eglin, Patrick Space Force Base, and all Florida military installations.

I’m buying a condo in Miami or on the beach – is financing different?

Yes. Florida condo financing has unique challenges. High-rise condos in Miami, the Brickell Financial District, South Beach, and beachfront condominiums require financial reviews by the condo association, reserve studies, and verification of the owner-occupancy ratio along with compliance with Florida HB913 (where applicable). Many Florida condos don’t meet Fannie Mae/Freddie Mac lending guidelines (called “non-warrantable condos”), requiring specialized mortgage financing. We work with mortgage lenders who specialize in Florida condo markets. This also affects cash-out refinance mortgages and home equity loans for condo owners.

Can I get a mortgage for a Florida vacation rental property (Airbnb/VRBO)?

Yes. Florida has one of the strongest vacation rental markets in the United States (Gulf Coast, Miami, Orlando near Disney/Universal, Keys). We offer DSCR mortgage loans (Debt Service Coverage Ratio) that qualify based on projected rental income, not your personal W-2 income. Mortgage Lenders analyze comparable rental rates on Airbnb/VRBO to calculate qualifying income for a mortgage approval. This allows real estate investors to finance vacation rental properties without traditional employment verification. Popular markets: Naples, Sarasota, Destin, Miami Beach, Key West, Orlando.

I’m retiring to Florida from California/New York – can I get a mortgage with retirement assets but low income?

Yes. This is extremely common with retirees and snowbirds relocating to Florida. You’re selling a high-priced home in California, New York, or Illinois and buying a lower-priced Florida home (no state income tax advantage). You have substantial retirement assets (IRAs, 401Ks, brokerage accounts) but low W-2 income. Asset depletion mortgage loans calculate qualifying income by dividing your total liquid assets by the loan term. Example: $500,000 in retirement accounts ÷ 360 months = $1,389/month qualifying income. Popular relocation destinations: Naples, Sarasota, Palm Beach, The Villages (55+ community), Fort Myers, Boca Raton.

Can I get a mortgage after bankruptcy in Florida?

Yes, but you’ll need to wait. FHA allows mortgages 2 years after Chapter 7 discharge or 1 year into Chapter 13 repayment plan (with trustee approval). Conventional mortgage loans require 4 years after Chapter 7. We shop 20+ lenders with flexible underwriting for bankruptcy recovery situations.

I’m going through a divorce in Florida – can I refinance to remove my ex-spouse?

Yes. Divorce mortgage buyouts allow you to refinance the existing mortgage, remove your ex-spouse from the title and loan, and potentially cash out equity for settlement. You’ll need to qualify for the new loan on your own income (W-2, self-employment, or asset depletion). We handle these weekly and understand the emotional and financial complexity.

What’s the difference between a mortgage broker and a bank?

Banks offer their own loan products. Mortgage Brokers shop multiple lenders. Silver Mortgage shops 20+ wholesale mortgage lenders with one credit pull, so you can compare mortgage rates and terms. You can decide the best rate for you. We handle all mortgage paperwork, coordinate your mortgage closing, and Silver Mortgage works for you (not the lender). This is especially important for non-traditional mortgage situations: self-employed borrowers, vacation rental financing, condo financing, asset depletion mortgage loans, and military VA home loans.

Do you charge an application fee?

No. We operate as both a mortgage broker and a direct lender, giving you maximum loan options with one credit pull. As mortgage brokers, we have access to dozens of wholesale lenders. As a direct lender through non-delegated correspondent lending, we can fund loans directly in-house. Compensation is either lender-paid or borrower-paid (never both), and we provide transparent disclosure upfront. This dual capability means you get competitive mortgage pricing, more mortgage program options, and faster closings when needed.

*Wholesale and Direct mortgage lending services provided through Secure Financial Services, Inc. (NMLS #70160)