# Florida mortgages: insurance, doc stamps, homestead savings and buyer help

> Florida mortgage numbers: insurance and Citizens, doc stamp and intangible taxes, the $50,000 homestead exemption and Florida Housing down-payment help.

URL: https://mortgage-math-us.com/location/florida/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

The median Florida home ($396,900) costs about **$3,023 a month** with 10% down at the 7.24% national average rate — using the national insurance average; your quote may differ a lot, and at twice that average the total would be $3,185. At closing, Florida taxes the deed at 0.7% of the price and the new mortgage at 0.55% of the loan. Once you live in the home, the homestead exemption cuts up to $50,000 from its taxable value and Save Our Homes caps yearly assessment increases at 3%.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| Median home value in Florida | $396,900 | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=040XX00US12) | 2024 ACS 1-year |
| Homestead exemption, up to | $50,000 | [Florida Department of Revenue: Homestead Exemption (PT-113)](https://www.floridarevenue.com/property/Documents/pt113.pdf) | Aug 1, 2025 |
| Save Our Homes yearly cap | 3% | [Florida Department of Revenue: Save Our Homes Assessment Limitation and Portability (PT-112)](https://www.floridarevenue.com/property/Documents/pt112.pdf) | Aug 1, 2024 |
| Documentary stamp tax on deeds | 0.7% | [Florida Department of Revenue](https://floridarevenue.com/Forms_library/current/gt800014.pdf) | Dec 1, 2017 |
| Taxes on a new mortgage | 0.55% | [Florida Statutes 199.133; Florida DOR GT-800014](https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0100-0199/0199/Sections/0199.133.html) | Oct 28, 2026 |
| Florida Assist, up to | $10,000 | [Florida Housing Finance Corporation: Homebuyer Loan Programs](https://www.floridahousing.org/programs/homebuyer-loan-program-wizards) | Oct 29, 2026 |
| Citizens eligibility threshold | 20% | [Citizens Property Insurance Corporation: Clearinghouse](https://www.citizensfla.com/clearinghouse) | Oct 29, 2026 |

## Homeowners insurance and Citizens

Your lender will require a homeowners policy before closing, and in Florida it is often the hardest cost to predict. Wind exposure, roof age and distance from the coast all move the price, and some insurers are reluctant to cover older roofs.

If private insurers won’t offer coverage at a reasonable price, Florida law provides **Citizens Property Insurance Corporation** as an option. Its eligibility rules keep it a fallback:

- You are generally eligible only if no private insurer offers comparable coverage, or if the private premium is more than 20% higher than Citizens’ premium for comparable coverage.
- At renewal, an offer from a private insurer that is not more than 20% above the Citizens renewal premium leads to nonrenewal of the Citizens policy. Its Clearinghouse, required by state law, checks private offers.
- Through depopulation, private insurers approved by the Office of Insurance Regulation can take policies out of Citizens.
- Citizens warns that its policyholders can be assessed if it lacks the money to pay claims after a major hurricane or series of storms.

Flood is separate. Standard policies don’t cover flood damage, and a home in a FEMA Special Flood Hazard Area with a federally backed or regulated loan needs flood insurance — so price it during your inspection period too.

## What the median Florida home costs each month

> **Worked example: $396,900 home, 10% down, 30-year fixed at 7.24%**
>
> | Monthly cost | National insurance average | Insurance at twice that |
> |---|---:|---:|
> | Principal and interest on $357,210 | $2,434 | $2,434 |
> | Property tax at 0.75% | $248 | $248 |
> | Homeowners insurance | $162 | $324 |
> | PMI (midpoint of Freddie Mac’s typical range) | $179 | $179 |
> | **Total** | **$3,023** | **$3,185** |
> 
> The insurance column on the right is a sensitivity test, not a Florida average; flood insurance and HOA or condo fees are extra.

The median home is above the US median and Florida’s median household income ($77,735) is below the national figure, so the median home costs 5.1 times income, higher than the US ratio of 4.4. At Freddie Mac’s 30% guideline the median income supports about **$255,000** with 10% down — $141,900 below the median home value; buying the median home takes about $120,900 a year. Use the [mortgage payment calculator](https://mortgage-math-us.com/tools/mortgage-payment-calculator/?price=397000&down=10&tax=0.75&state=FL) with your own insurance quote, or the [affordability calculator](https://mortgage-math-us.com/tools/affordability-calculator/?state=FL&income=77735).

## Documentary stamp and intangible taxes

Florida charges three state taxes when a purchase closes, and two of them are tied to the mortgage:

*Florida’s closing taxes on the median home with 10% down*

| Tax | Rate | Amount |
|---|---:|---:|
| Documentary stamp tax on the deed | 0.7% of the price | $2,778 |
| Documentary stamp tax on the note plus nonrecurring intangible tax on the mortgage | 0.55% of the loan combined | $1,965 |
| **Total** | | **$4,743** |

Florida’s deed tax rate is the 9th-highest statewide rate among the states and DC. Miami-Dade County applies a different deed rate to single-family homes — see the [Miami guide](https://mortgage-math-us.com/location/miami-fl/). Who pays the deed stamps is set by the contract; the mortgage taxes follow the loan, so a buyer who borrows less pays less. The [closing cost estimator](https://mortgage-math-us.com/tools/closing-cost-calculator/?state=FL) includes all three.

## Homestead exemption and Save Our Homes

Florida’s homestead exemption can reduce the taxable value of your permanent residence by up to $50,000. The first $25,000 applies to all property taxes, including school taxes; the additional exemption applies to assessed value above $50,000 and only to non-school taxes, and that part is now adjusted for inflation each January. File Form DR-501 with your county property appraiser by March 1 of the first tax year you own and live in the home.

The exemption also starts **Save Our Homes**: after the first year, the assessed value of a homestead can rise by no more than 3% a year, or the change in the Consumer Price Index if that is lower. If an example home assessed at $300,000 rose 10% in market value in a year, its assessed value could rise only 3% — about $21,000 less taxable value than without the cap. When you move, you can usually transfer (“port”) some or all of that built-up difference to a new Florida homestead if you establish it in time; the deadline runs from January 1 of the year you left the old one.

> **Tip: The seller’s tax bill isn’t yours**
>
> A long-time owner’s bill reflects years of Save Our Homes caps. When you buy, the home is reassessed at market value the next January, so estimate taxes from the price, not the seller’s bill.

## Florida Housing programs

The Florida Housing Finance Corporation lends through participating lenders. Its programs require a minimum score of 640 and, for most, that you haven’t owned and lived in a primary residence in 3 years; income and price limits are set by county.

| Program | Help | Terms |
|---|---|---|
| Florida Assist | Up to $10,000 | 0% deferred second mortgage, not forgivable; with FHA, VA, USDA or conventional loans |
| HFA Preferred/Advantage PLUS | 5% or less of the loan | Forgiven at 20% a year over 5 years; conventional first mortgages only |
| Florida Hometown Heroes | Up to 5% of the first mortgage, capped at $35,000 | 0% deferred 30-year second, not forgivable; for eligible full-time workers such as school staff, health care workers, first responders, and military members and veterans |

> **Worked example: Florida Housing help on the median home**
>
> A conventional loan with 3% down is $384,993; the top HFA PLUS second would be $19,250, forgiven after 5 years if you stay. A Hometown Heroes buyer with an FHA loan of $383,009 could get $19,150, repaid when you sell or refinance.

Florida Housing’s Hometown Heroes page doesn’t show funding status, so confirm availability with a participating lender before you count on it. Many counties and cities add their own help through the state’s SHIP program; see the [Tampa guide](https://mortgage-math-us.com/location/tampa-fl/) for one example, and compare all options in the [first-time buyer programs guide](https://mortgage-math-us.com/first-time-buyers/programs/).

## Frequently asked questions

### How much is the homestead exemption in Florida?

Up to $50,000. The first $25,000 applies to all property taxes, including school taxes; the additional exemption applies to assessed value above $50,000 for non-school taxes and is adjusted for inflation. File with your county property appraiser by March 1.

### What is Save Our Homes?

It limits yearly increases in a homestead’s assessed value to 3% or the change in the Consumer Price Index, whichever is lower, starting the year after you receive the homestead exemption.

### How much are doc stamps in Florida?

The documentary stamp tax on a deed is 0.7% of the price, about $2,778 on the median home. A new mortgage adds 0.55% of the loan in documentary stamp and intangible taxes — about $1,965 with 10% down.

### When can I get insurance from Citizens in Florida?

Generally when no private insurer offers comparable coverage, or when the private premium is more than 20% above Citizens’ premium for comparable coverage. Citizens checks private offers through its Clearinghouse.

### Does Florida have first-time home buyer programs?

Yes. Florida Housing offers Florida Assist (up to $10,000, deferred), HFA PLUS seconds of up to 5% of the loan forgiven over 5 years, and Hometown Heroes for eligible workers, through participating lenders.

### What credit score do I need for Florida Housing programs?

Florida Housing requires a minimum credit score of 640, along with county income and purchase price limits.

## Sources

- [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) — 30-year fixed rate, national weekly average (Week of Oct 29, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=040XX00US12) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=040XX00US12) — Median household income (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=040XX00US12) — Effective property tax rate (median taxes ÷ median home value) (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25064?g=040XX00US12) — Median gross rent (2024 ACS 1-year)
- [Freddie Mac Research](https://www.freddiemac.com/research/insight/homeowners-insurance-costs) — Average homeowners insurance premium per $1,000 of home value (2023 data)
- [Freddie Mac My Home](https://myhome.freddiemac.com/buying/breaking-down-pmi) — Typical PMI cost, low end; Typical PMI cost, high end (Oct 28, 2026)
- [Florida Department of Revenue](https://floridarevenue.com/Forms_library/current/gt800014.pdf) — State real estate transfer tax (Dec 1, 2017)
- [Florida Statutes 199.133; Florida DOR GT-800014](https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0100-0199/0199/Sections/0199.133.html) — State tax on recording a mortgage (Oct 28, 2026)
- [Florida Department of Revenue: Homestead Exemption (PT-113)](https://www.floridarevenue.com/property/Documents/pt113.pdf) — Florida homestead exemption, up to (Aug 1, 2025)
- [Florida Department of Revenue: Save Our Homes Assessment Limitation and Portability (PT-112)](https://www.floridarevenue.com/property/Documents/pt112.pdf) — Save Our Homes: most a homestead’s assessed value can rise in a year (or the CPI change, if lower) (Aug 1, 2024)
- [CFPB](https://www.consumerfinance.gov/owning-a-home/prepare/figure-out-how-much-you-want-to-spend/) — Minimum FHA down payment; Minimum down payment on some conventional loans (Oct 28, 2026)
- [Florida Housing Finance Corporation: Homebuyer Loan Programs](https://www.floridahousing.org/programs/homebuyer-loan-program-wizards) — Florida Housing HFA Preferred/Advantage PLUS second mortgage, up to (share of the loan); Florida Housing HFA PLUS second mortgage forgiven over (20% a year); Florida Housing homebuyer programs minimum credit score (Oct 29, 2026)
- [Florida Housing Finance Corporation: Hometown Heroes](https://www.floridahousing.org/hometown-heroes) — Florida Hometown Heroes assistance, up to (share of the first mortgage); Florida Hometown Heroes assistance, capped at (Oct 29, 2026)
- [Freddie Mac My Home](https://myhome.freddiemac.com/blog/homebuying/how-much-can-you-afford) — Freddie Mac guidance: housing costs below this share of gross income (Jan 22, 2026)
- [Citizens Property Insurance Corporation: Clearinghouse](https://www.citizensfla.com/clearinghouse) — Citizens Property Insurance: a homeowner is generally ineligible if a private offer is no more than this much above Citizens’ premium (Oct 29, 2026)
- [Florida Housing Finance Corporation: Homebuyer loan programs](https://www.floridahousing.org/programs/homebuyer-loan-program-wizards)
- [Florida Department of Revenue: Homestead exemption (PT-113)](https://www.floridarevenue.com/property/Documents/pt113.pdf)
- [Citizens Property Insurance Corporation: Clearinghouse](https://www.citizensfla.com/clearinghouse)
- [Florida Housing: Hometown Heroes](https://www.floridahousing.org/hometown-heroes)

_General information, not financial advice._