Florida's closing taxes
- Documentary stamp tax on the note and mortgage: 35 cents per $100 of the loan amount.
- Nonrecurring intangible tax on the mortgage: 2 mills, or 0.2% of the loan amount.
- Documentary stamp tax on the deed: 70 cents per $100 of the sale price in most counties. Miami-Dade has its own rate structure.
These add up quickly, so they're built into every estimate I give you. Who pays the deed stamps is often a matter of local custom and your contract.
Insurance and inspections
Homeowners insurance is a major part of the Florida payment. Insurers often ask for a wind mitigation inspection, which can earn discounts, and for older homes, a four-point inspection of the roof, electrical, plumbing and HVAC. Flood insurance may be required in special flood hazard areas, and it's worth considering even outside them. I recommend getting quotes during your option or inspection period.
Condo financing in Florida
Florida has adopted condo safety laws requiring periodic structural inspections and reserve studies for many buildings. These rules can raise association dues, trigger special assessments, and affect whether a project meets lender guidelines. Before you commit to a condo, we'll review the association's budget, reserves, insurance and any pending assessments, because the project has to qualify along with you.
Programs that come up often
- Conventional, FHA and VA purchases and refinances
- DSCR loans for long-term and short-term rentals
- Jumbo loans for higher-priced coastal homes
- Bank statement loans for self-employed buyers and second-home purchasers
Sources
General information, not legal or tax advice. Tax rates and rules are set by state and local law and can change; your Closing Disclosure shows the final figures.