* **Popular Loan Types:** Conventional (most common), FHA (low down payment), VA (military), USDA (rural areas).
* **Conventional Loans:** Require strong credit (620+ FICO), down payments typically 3-20%, may require PMI if down payment is <20%. * **FHA Loans:** Lower credit score requirements (as low as 500 with 10% down, 580 for 3.5% down), require upfront and annual mortgage insurance premiums (MIP). * **VA Loans:** No down payment required (for eligible veterans), no PMI, but have a funding fee. * **USDA Loans:** For eligible rural and suburban homebuyers, no down payment required, income limits apply. * **Florida First-Time Homebuyer Programs:** Offer down payment and closing cost assistance; income and purchase price limits apply. * **Interest Rates:** Influenced by credit score, loan type, and the overall economic climate. * **Average Interest Rate (approximate, fluctuates):** 6-7% for a 30-year fixed-rate mortgage as of late 2023/early 2024 (subject to change). * **Key Factors to Consider:** Down payment ability, credit score, debt-to-income ratio (DTI), long-term financial goals. * **Refinancing:** Can lower monthly payments or shorten loan term, consider closing costs and break-even point.