What You Should Know About Getting a Mortgage Today (Especially in South Florida)

Thinking about buying a home in South Florida but unsure how to handle today’s mortgage maze? You’re not alone.

The truth is, the mortgage game has changed. Whether you’re eyeing one of the homes for sale in Boynton Beach or planning to upgrade from your starter condo in Delray, getting a loan in today’s market isn’t what it used to be.

But here's the good news: it's still very possible—and if you're informed, it might not be as intimidating as it sounds.

Let’s break down what you really need to know.

Mortgage Rates: The Current Reality

Okay, let’s address the elephant in the room—yes, rates are higher than they were during the pandemic lows. That said, they’re still historically reasonable. (Believe it or not, your parents probably locked in rates over 10%.)

As of now, here’s what most South Florida buyers are seeing:

• Conventional loans: hovering between 6.5–7.25% (depending on credit)

• FHA loans: slightly lower, often a good choice for first-time buyers

• Jumbo loans: popular in coastal areas, rates vary more

Pro Tip: Even a small difference in rate can cost—or save—you tens of thousands over the life of your loan.

Pre-Approval: More Than Just a Form

These days, pre-approval isn’t optional—it’s essential. Sellers in competitive areas like Boynton Beach and Boca won’t even glance at your offer without it.

Why pre-approval matters:

• Shows you’re a serious buyer

• Sets a clear budget (no heartbreak over dream homes just out of reach)

• Gives you negotiating power

Need help finding a lender that actually answers their phone? Reach out to our team—we’ve got trusted local connections.

Credit Score, Income & Debt: What Lenders Want

Here’s what lenders are looking for in 2025:

• Credit Score: Ideally 680+, but there are options below that

• Debt-to-Income Ratio (DTI): Under 43% is the magic number

• Consistent income: Especially for self-employed folks (yes, you’ll need paperwork)

Don't panic if your situation isn't perfect—there are programs for just about every type of buyer now, from doctors to first-time homeowners.

Local Tip: South Florida Mortgage Perks 

Buying in Boynton Beach or anywhere in South Florida? There are some local perks you might not know about:

• Florida Hometown Heroes Program: Up to $35,000 for eligible buyers (including teachers, nurses, and first responders)

• State-run down payment assistance programs

• VA loans for veterans—no down payment required

Pro tip: These programs change frequently. Let us help you stay on top of what you qualify for.

Common Mortgage Mistakes (and How to Avoid Them)

Even smart buyers trip up. Here are a few things to avoid once you're in the loan process:

Opening new credit cards
Quitting or changing jobs
Large unexplained bank deposits
“Shopping” for houses before you’re pre-approved

These red flags can delay or even tank your loan approval—don't let that happen.

Final Thoughts: It’s Still a Great Time to Buy in Boynton Beach

Is the market different than it was a year ago? Absolutely.

But here’s what hasn’t changed: owning a home in South Florida is still one of the best ways to build long-term wealth and stability.

At Howell Realty Group, we don’t just sell homes—we guide you through the entire process. From finding the right lender to negotiating the perfect offer, we’re in your corner every step of the way.

Let’s Get You Home 

Ready to explore homes for sale in Boynton Beach or anywhere in Palm Beach County?
Need to sell your house fast in Boynton Beach and want expert pricing advice?

Let’s chat. Call or text us today—or schedule your free consultation. We’re local, we’re trusted, and we’re ready when you are.