Florida Mortgage Pre-Approval 2026

Florida has the highest average homeowners insurance premiums in the nation, by a wide margin. The state average is around $4,200-$5,500 a year, vs the national average of $1,800. Coastal counties (Miami-Dade, Broward, Pinellas, Palm Beach, Monroe, Lee) routinely see premiums of $7,000-$15,000 a year on single-family homes worth $500K-$800K. Inland counties are cheaper but still 2-3x the national average. The Florida insurance crisis has been driven by years of weather-related catastrophe losses, litigation costs, and reinsurance pricing increases.

Citizens Property Insurance Corporation is Florida's state-run insurer of last resort. Borrowers who cannot find coverage from a private carrier (often the case in high-risk coastal zones, or for older or wood-frame homes) end up with Citizens. Citizens premiums are typically 30-50 percent higher than equivalent private coverage. Florida law also requires Citizens policyholders to depopulate to a private carrier if a comparable offer comes from the private market. Loans on Citizens-insured properties still close at standard mortgage terms but the higher escrow line affects DTI capacity.

After the 2021 Surfside condo collapse and the 2022 Florida statutory changes, Fannie Mae and Freddie Mac tightened their condo project review (warranty) standards substantially. Many older Florida condos (especially mid-rise and high-rise buildings over 20 years old) fail current agency warranty requirements due to deferred maintenance, insufficient reserves, ongoing special assessments, or pending structural integrity work. Buyers of these condos often cannot get conventional financing and must use cash, portfolio loans, or non-warrantable condo programs at higher rates (typically 0.50-1.50 percent above standard conventional condo pricing).

Save Our Homes is a Florida constitutional amendment that caps annual assessed value increases on homesteaded properties at 3 percent or the rate of inflation, whichever is lower. The cap resets to market value at sale. For a new buyer, this means the first-year property tax is based on the full purchase price (no cap protection until you become a homesteaded long-term owner). On a $500K Miami-Dade purchase at the typical 0.95 percent effective rate, expect $4,750 a year in property tax, or about $400 a month in escrow. The Save Our Homes benefit accrues over years of ownership.

Mostly at the national floor of $541,287 for 2026, with high-cost adjustments in select counties. Monroe County (Key West) is at the FHA ceiling of $1,243,425. Miami-Dade is at $670,000. Collier (Naples) at $716,750. Most other Florida counties are at the FHA floor. Conforming limit follows similar county-level adjustments. The lower FHA limits in much of Florida mean buyers of homes above ~$560K typically need conventional or jumbo financing.

Florida Housing Finance Corporation runs multiple programs that stack with conventional, FHA, VA, or USDA first mortgages. The HFA Preferred program offers below-market conventional rates. The Florida First program offers below-market FHA, VA, and USDA rates. The Florida Assist (FL Assist) second mortgage provides up to $10,000 in deferred-payment down payment assistance. The Salute Our Soldiers program targets military veterans. Income and sales price limits apply, varying by county. The Florida Housing Loan Programs Wizard helps borrowers identify eligibility.

Florida metros vary widely. Miami-Dade median sale price around $620,000 (Q1 2026) requires roughly $155,000-$175,000 income to qualify (higher than the metro income would otherwise suggest, due to insurance burden). Tampa Bay median $415,000 needs $105,000-$120,000. Orlando median $395,000 needs $100,000-$115,000. Jacksonville median $345,000 needs $90,000-$100,000. Cape Coral/Fort Myers median $390,000 needs $100,000-$115,000. The insurance crisis effectively adds 10-15 percent to the income needed for the same home price vs lower-insurance states.