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Home / Eligibility Quiz / Methodology

Eligibility Quiz Methodology

We publish our methodology so you can audit the numbers in your quiz results. The quiz is educational; the figures are illustrative estimates based on the data sources below, not loan offers.

Data sources

  • Florida county property tax rates. Sourced from each county Property Appraiser's published effective rate. Refreshed annually. Used to compute the monthly property-tax escrow line in the PITI estimate.
  • Florida county Area Median Income (AMI). Published annually by the U.S. Department of Housing and Urban Development (HUD) Income Limits dataset (huduser.gov/portal/datasets/il.html). We use the 100% AMI figure for a household of four as the reference threshold.
  • Florida homeowners insurance bands. Aggregated from public Florida Office of Insurance Regulation (floir.com) rate filings + Citizens Property Insurance Corporation public statistics. Banded as low / mid / high per county on a $400,000 home value basis. Conservative rounding upward.
  • FHA county loan limits. Published by HUD annually (entp.hud.gov/idapp/html/hicostlook.cfm). Used for the FHA-limit reality check.
  • VA loan rules. VA Pamphlet 26-7 (Lender's Handbook), benefits.va.gov.
  • Fannie Mae underwriting rules. Fannie Mae Selling Guide and the November 2025 DU update removing the hard credit-score floor.

Math used in the PITI estimate

  • Illustrative interest rate: 6.875% (a conservative national average). We do not quote real-time rates. Actual rates vary by lender, credit profile, and market.
  • Loan term: 30 years.
  • FHA loans: Upfront MIP (1.75%) financed into the loan; annual MIP factor 0.55% / 12 added to monthly.
  • VA loans: First-time-use funding fee (2.15%) financed into the loan; no monthly mortgage insurance.
  • Conventional loans: PMI applies above 80% LTV. Base factor 0.7%/yr scaled by credit band (Excellent 0.5x → Below 620 2.0x) — the band table is in the quiz JS source.
  • Property tax escrow: annual rate × home price / 12.
  • Homeowners insurance escrow: mid band for the county / 12.

Refresh cadence

  • AMI table: updated annually when HUD publishes the new fiscal year's Income Limits (typically spring).
  • Insurance bands: updated every 6–12 months as Florida's market is volatile. Conservative bias means estimates round UP.
  • County tax rates: updated yearly as each county adopts its new millage.
  • FHA loan limits: updated annually after HUD publishes the new year's limits (typically December).

What the quiz is NOT

HomeWise is an Educational/Marketing company, not a lender. The quiz is an educational tool. The estimates are illustrative, not personalized financial advice, not a loan offer, and not a commitment to lend. All loan terms, rates, and approvals are determined solely by the licensed lender you are connected with. The quiz output is not a loan application.

Always verify current figures with three or more Florida-licensed lenders before relying on any number for a financial decision. Consult a HUD-approved housing counselor for a neutral pre-purchase review.

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