Mortgage Loans in Melbourne, FL: FHA, Conventional, Investor and HomeTown Heroes
You can get a mortgage in Melbourne, FL through William Ledesma at Bold Mortgage, a division of PRMG. He works with buyers in Melbourne and across Florida by phone, video and e-sign, together with local agents. Your main options are FHA, conventional, DSCR and other investor loans, plus Florida HomeTown Heroes help for first-time buyers.
Buying a home in Melbourne: what to know
Melbourne is in south Brevard County on Florida's Space Coast, on the west shore of the Indian River Lagoon. It is a working city built around aerospace, defense and technology jobs. L3Harris Technologies has its headquarters here. Northrop Grumman and Embraer have large operations at Melbourne Orlando International Airport. Florida Institute of Technology (Florida Tech) and Health First's Holmes Regional Medical Center are also major employers. Patrick Space Force Base and the launch pads at Cape Canaveral are a short drive north, and you can often watch launches from the riverfront.
Neighborhoods vary a lot. The Eau Gallie Arts District in the north end has older homes, murals and a walkable main street near the river. Downtown Melbourne along New Haven Avenue has restaurants, older bungalows and some newer townhomes. Neighborhoods around Florida Tech and along Wickham Road have many 1960s to 1980s ranch homes. Across the causeway, the beach towns of Indialantic and Melbourne Beach sit on the barrier island. Just north, Suntree and Viera offer newer planned communities with HOAs.
Most of the housing stock is single family homes, with condos and townhomes near the river and on the beach side. Buyers include engineers and defense workers moving in for a job, young families, military households, Florida Tech staff, and retirees who want beach access without South Florida prices.
Because so many buyers relocate here for a new job, timing matters. You may be selling a home in another state, starting a new position, or buying sight unseen with video tours. A clear pre-approval and a plan for your closing date make that easier.
FHA loans in Melbourne
FHA loans let you buy with 3.5% down with a 580 or higher credit score. With a score from 500 to 579, you need 10% down, and many lenders set higher minimums through overlays. The 2026 FHA limit for a one-unit home in Brevard County is $541,287. Limits are higher for 2 to 4 unit properties.
FHA charges an upfront mortgage insurance premium, usually financed into the loan, and a monthly premium. With less than 10% down, the monthly premium usually lasts for the life of the loan.
FHA works well for Melbourne's older ranch homes, as long as the home meets FHA property standards. The appraiser looks at the roof, electrical, plumbing and any safety issues. For condos near the river or on the beach, the building must be FHA-approved or qualify for single-unit approval.
Conventional loans in Melbourne
Conventional loans start at 3% down for qualifying first-time buyers and 5% down otherwise. With less than 20% down you pay PMI, which can be removed once you have enough equity. The 2026 conforming limit in Brevard County is $832,750 for one unit. Above that, you need a jumbo loan, which mostly comes up for riverfront and oceanfront homes.
Many Melbourne buyers have strong W-2 income from aerospace and defense employers, which often makes conventional a good fit. If you are buying a condo, the building must meet conventional warrantability rules.
Investor and DSCR loans in Melbourne
DSCR loans qualify you on the property's rent instead of your personal income. Expect 20 to 25% down. They are a good fit for self-employed investors and buyers using an LLC. Conventional investment property loans and bank statement loans are other options.
Rental demand in Melbourne comes from Florida Tech students and staff, new hires at L3Harris, Northrop Grumman and other contractors, hospital workers, and military families tied to Patrick Space Force Base. Many new arrivals rent first before they buy. If you are thinking about short-term rentals near the beach, check city zoning and licensing rules before you buy, and read any HOA or condo rules.
Florida HomeTown Heroes and down payment help in Brevard County
Florida HomeTown Heroes is a Florida Housing Finance Corporation program for first-time buyers (generally no primary home owned in the past 3 years) who work full time for a Florida-based employer. It provides 5% of your first mortgage, with a minimum of $10,000 and a maximum of $35,000, as a 0% interest second mortgage with no monthly payment. You repay it when you sell, refinance, transfer the deed, pay off the first mortgage, or stop living in the home.
You need a 640 minimum credit score and homebuyer education. Brevard County income limits apply. Funding is released in rounds and can run out, so William checks availability the day you are under contract. A fully signed contract is needed to reserve funds. Details are at Florida Housing.
Brevard County also receives SHIP (State Housing Initiatives Partnership) funds for local down payment help. Ask the Brevard County housing office what is available when you start shopping.
Insurance, flood and condo rules that affect your loan in Melbourne
Homeowners insurance with wind coverage is required for your loan, and hurricane risk shapes the price on the Space Coast. Older homes usually need a 4-point inspection and a wind mitigation report. A newer roof, shutters or impact windows can lower your premium. If private carriers say no, Citizens Property Insurance is the state backstop.
Homes along the Indian River Lagoon, near Crane Creek and Eau Gallie River, and on the barrier island may be in flood zones. If the home is in a high-risk zone, flood insurance is required for your loan. Check the flood zone before you make an offer.
For condos, Florida's post-Surfside laws require milestone inspections and structural integrity reserve studies for many buildings three stories or taller. Buildings that need major repairs or are short on reserves can face special assessments, and some cannot get conventional or FHA financing until they fix those issues. In newer planned areas like Viera, also budget for HOA dues and any CDD fees.
Your action plan
- Book a clarity call with William. Share your job start date and moving timeline. No hard credit pull to start.
- Get pre-approved before you tour homes in person or by video.
- Pick your program based on a side-by-side comparison.
- Check HomeTown Heroes and Brevard County help if you are a first-time buyer.
- Shop with a local agent who knows flood zones, the beach side and the mainland.
- Get insurance quotes, lock your rate, and close.
Melbourne mortgage FAQs
Where can I get the best conventional loan rates in Melbourne?
Your rate depends on your credit, down payment, property type and loan amount. Compare Loan Estimates from several lenders on the same day so you are comparing the same market. Bold Mortgage offers multiple loan programs, and William gives you a side-by-side comparison of your real costs.
How do I qualify for an FHA loan in Melbourne?
You generally need a 580 or higher credit score for 3.5% down, documented steady income and a debt load that fits FHA rules. The home must be your primary residence and meet FHA property standards. The 2026 Brevard County one-unit limit is $541,287.
Where can I apply for investor or DSCR mortgage programs in Melbourne?
You can apply with William Ledesma at Bold Mortgage, who works with Melbourne investors by phone and video. He compares DSCR, conventional investment and bank statement options for the property. Approval depends on the property, your credit, reserves and down payment.
Can I use Florida HomeTown Heroes in Melbourne?
Yes, if you qualify. You must be a first-time buyer working full time for a Florida-based employer, have a 640 or higher score, complete homebuyer education and fall under the Brevard County income limit. Because funds come in rounds, William checks availability as soon as your contract is signed.
Can I buy a home in Melbourne before I start my new aerospace or defense job?
Often, yes. Some loan programs let you qualify with a signed offer letter before your start date, with rules on timing, pay type and reserves. Bonus or overtime pay at a new job usually cannot be counted right away. Send William your offer letter early so he can confirm what works for your closing date.
About William A. Ledesma
William A. Ledesma is a Florida licensed mortgage loan officer and Florida HomeTown Heroes specialist with Bold Mortgage, a division of PRMG. He helps buyers, homeowners and investors in Melbourne and across Florida, in English and Spanish. Every client gets a clear action plan from pre-approval to closing.
- Call or text: (786) 387-3676
- Email: will@williamledesma.com
- Office: 4960 SW 72nd Ave, Suite 400, Miami, FL 33155
- Client reviews: Read reviews from William's clients
More Florida mortgage guides: Vero Beach, Palm Bay, Daytona Beach, Palm Coast. Lea esta guía en español.
William A. Ledesma, NMLS #1232716. Bold Mortgage is a division of Paramount Residential Mortgage Group, Inc. (PRMG), NMLS #75243, Florida Mortgage Lender Servicer License MLD1608. Equal Housing Opportunity. This page is general information, not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and property eligibility. Loan limits, program terms and down payment assistance funding can change without notice.
Melbourne
