Some Florida buyers and owners expect a large future sum, such as proceeds from selling a business or another property, and want to keep cash available until it arrives. An interest-only mortgage can fit that plan, but it carries real risks: your balance does not shrink unless you pay extra, the payment rises later and your equity depends on the home's value. Eligibility varies by borrower, property and investor, and any loan is subject to credit approval.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
Mortgage lenders, brokers and loan originators serving Florida are licensed by the Florida Office of Financial Regulation. Non-QM loans are made by the same licensed lenders and brokers, so you can confirm any company's or loan officer's license on NMLS Consumer Access before you apply.
Where the numbers point in Florida
Counties with the most first liens with an interest-only feature (2024):
| County | First liens with an interest-only feature (2024) |
|---|---|
| Palm Beach County | 448 |
| Miami-Dade County | 372 |
| Lee County | 291 |
| Sumter County | 254 |
| Collier County | 248 |
| Polk County | 233 |
| Hillsborough County | 208 |
| Broward County | 183 |
| Marion County | 179 |
| Lake County | 172 |
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Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.
Local pages in Florida
- Non-QM lenders in Miami
- Non-QM lenders in Tampa
- Non-QM lenders in Orlando
- Non-QM lenders in Jacksonville
- Non-QM lenders in Sarasota
- Non-QM lenders in Cape Coral
- Non-QM lenders in Palm Bay
- Non-QM lenders in Port St. Lucie
- Non-QM lenders in Bonita Springs
- Non-QM lenders in Palm Coast
- Non-QM lenders in Kissimmee
- Non-QM lenders in Pensacola
- Non-QM lenders in Lakeland
- Non-QM lenders in Winter Haven
- Non-QM lenders in St. Petersburg
- Non-QM lenders in Tallahassee
- Non-QM lenders in Hialeah
- Non-QM lenders in North Port
- Non-QM lenders in Gainesville
- Non-QM lenders in Deltona
- Non-QM lenders in Fort Lauderdale
- Non-QM lenders in Pembroke Pines
- Non-QM lenders in Ocala
- Non-QM lenders in Hollywood
- Non-QM lenders in Leesburg
- Non-QM lenders in Miramar
- Non-QM lenders in Panama City
- Non-QM lenders in Coral Springs
- Non-QM lenders in Lehigh Acres
- Non-QM lenders in Clearwater
Common questions
What is an interest-only mortgage?
An interest-only mortgage is a loan where the required payments cover only interest for an initial period. Your balance does not go down during that time unless you pay extra. After the interest-only period, the loan amortizes and payments include principal and interest, which raises the payment. The feature is offered on non-QM loans because Qualified Mortgage rules exclude interest-only payments.
Do I build equity with an interest-only loan?
Only through a rise in the home's value or extra principal payments you choose to make. Required payments during the interest-only period do not reduce what you owe. If values fall, you could owe close to or more than the home is worth, which makes selling or refinancing harder. Plan for that possibility rather than counting on appreciation.
What happens when the interest-only period ends?
The loan starts amortizing. Your remaining balance is spread over the rest of the term, so each payment now includes principal as well as interest, and the payment goes up. If the rate is adjustable, it may change too. Many borrowers plan to pay down the balance, refinance or sell before or at that point, but none of those outcomes is certain.
Other non-QM options in Florida
Bank statement loansNon-QM lendersSelf-employed1099 loansP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOC
Related guides
- QM vs. Non-QM Loans: What the Difference Means for You
- How to Compare Non-QM Loan Offers: Loan Estimates, Features and Fit
- What Is a Non-QM Loan?
Interest-Only Mortgages overview · Florida non-QM overview
- 2024 HMDA data