Mortgages in Jacksonville, Florida
Jacksonville is Florida's largest city by population and by area, with everything from Riverside and San Marco homes and Southside and Mandarin neighborhoods to new communities toward St. Johns County and condos and rentals near the Beaches. Our office is in the Bartram Park area, and we help buyers, homeowners and investors across Jacksonville and Northeast Florida.
The area at a glance
- Jacksonville is consolidated with Duval County. Nearby St. Johns, Clay and Nassau counties each have their own property tax rates and local closing practices, so the same price can mean a different monthly payment depending on where the home is.
- Many buyers compare new construction with resale homes. Builder incentives, HOA dues and, in some newer communities, community development district (CDD) fees can change the monthly payment as much as the price does, so ask for the full monthly cost.
- Flood zones near the St. Johns River, the Intracoastal Waterway and the coast can add flood insurance to the payment, and lenders require it in high-risk zones. Check the flood zone and get insurance quotes before you make an offer.
- Homeowners insurance, including wind coverage, is a major cost in Florida. Roof age and storm protection affect the quote, and insurers may ask for a four-point or wind mitigation inspection.
Typical property types
Single-family homes
The most common purchase. Conventional, FHA, VA and USDA programs can all fit, depending on the buyer, the property and its location.
Condos and townhomes
Lenders review the association's budget, reserves and insurance, and some condos need specific loan programs. Ask for the condo documents early.
2 to 4 unit properties
If you will live in one of the units, small multifamily properties can often be financed with primary-residence loan programs.
Investment and short-term rentals
DSCR loans can qualify a rental on the property's rent instead of your personal income. Short-term rental rules vary by city, community and HOA, so confirm them before you buy.
Local closing cost notes
- On a purchase loan, the buyer usually pays Florida's documentary stamp tax on the mortgage ($0.35 per $100 of the loan) and the intangible tax (0.2% of the loan).
- In Northeast Florida the seller often pays for the owner's title insurance policy, but it depends on the contract, so check yours.
- Florida property taxes are paid in arrears, so expect a deposit toward property taxes at closing if your loan has an escrow account.
- If the home will be your primary residence, you can apply for the Florida homestead exemption with the county property appraiser. You must own and live in the home on January 1 and apply by March 1 to qualify for that tax year.
Buying or refinancing in Jacksonville, Florida?
Talk to a licensed loan officer. No obligation, and no credit check for the first conversation.