Florida Mortgage Qualification Estimator

You can keep the marital homestead if you can refinance the mortgage in your name alone and meet lender DTI requirements under 43%. Florida Statutes Chapter 61 requires equitable distribution, meaning you may need to buy out your ex-spouse's equity share. Most lenders require a cash-out refinance or home equity loan to fund the buyout, and you must independently qualify based on your single income, credit score, and existing debts.

Florida lenders require a total DTI ratio under 43%, meaning your monthly debts plus housing costs cannot exceed 43% of gross monthly income. For a $415,000 home with 20% down at 6.5% interest, expect PITI payments around $2,500 monthly—requiring approximately $7,000 gross monthly income. Alimony or child support received can supplement your qualifying income if documented for 6+ months with 3+ years remaining on the court order.

Alimony counts as qualifying income if you can document receipt for at least 6 consecutive months and the award has 3 or more years remaining. Florida's 2023 alimony reform (SB 1416) eliminated permanent alimony, so durational awards now cannot exceed the length of the marriage—affecting how lenders project future income stability. Lenders require copies of your Final Judgment of Dissolution of Marriage and 12 months of bank statements proving consistent deposits.

Refinancing is the only way to remove your ex-spouse from mortgage liability. A quitclaim deed transfers title but does not affect the mortgage—both spouses remain legally responsible to the lender until refinancing occurs. Under Florida Statutes §689.11, homestead property requires spousal joinder on any mortgage, so your divorce decree alone cannot release mortgage liability. The Garn-St. Germain Act prevents lenders from calling the loan due upon divorce transfer, but both parties stay liable.

Florida's median single-family home price reached $415,000 in December 2025, with prices stable year-over-year. The statewide average home value is approximately $385,000, though metro areas like Miami and Tampa exceed $500,000. With 6% mortgage rates and 20% down payment, monthly PITI on a median-priced home runs approximately $2,200–$2,500. Florida Housing predicts modest 2-4% price appreciation through 2026.

Divorce itself does not directly impact your credit score, but the financial consequences often do. Missed mortgage payments during separation, closed joint credit accounts, and assumption of marital debt can each lower your score by 50-100 points. Joint accounts where your ex-spouse misses payments will appear on your credit report until refinanced. Florida courts cannot order lenders to remove your name from joint debts—only refinancing or payoff eliminates the credit reporting.

Divorced individuals who haven't owned a home in 3 years—or owned only with a former spouse—qualify as first-time homebuyers under HUD guidelines. Florida Housing offers $10,000–$35,000 in down payment assistance through Florida Assist (deferred second mortgage) and the Hometown Heroes program for teachers, nurses, and first responders. FHA loans require just 3.5% down with credit scores as low as 580, making them popular for single-income post-divorce buyers.

Property settlement funds from your divorce can serve as down payment, but lenders require documentation. You'll need your Final Judgment of Dissolution of Marriage showing the settlement terms plus bank statements proving the funds have been in your account for 60+ days (seasoning requirement). Cash-out refinance proceeds, 401(k) QDRO transfers, or equity buyout payments all qualify with proper paper trail. Lenders verify the settlement is final and non-contestable.