Mortgage Broker in Lake Park, FL

Short answer

The median house in the Town of Lake Park sold for $500,000 in Q3 2026 and the median condo for $275,000, both under the Palm Beach County medians and well inside the $667,000 FHA limit. QMS Lending is an independent mortgage broker that compares Lake Park purchases and refinances across 100+ lenders, with FHA, conventional, VA and condo options.

Lake Park home prices in Q3 2026

13 single-family homes sold in the Town of Lake Park in Q3 2026 at a median of $500,000, up 6.2% from a year earlier, per Florida Realtors data published by MIAMI REALTORS (as of November 2026). The Palm Beach County median was $655,000, so Lake Park houses cost about $155,000 less than the county midpoint.

Houses moved fast. The median home went under contract in 29 days, down 59.2%, with only 13 active listings and 2.7 months of supply. Sellers got 92.1% of original list price. Only 4 of the 13 buyers paid cash, so financed buyers are the norm here, not the exception.

Condos are a different market. 9 townhouse and condo sales closed at a median of $275,000, but 65 units were listed, or 14.7 months of supply, and the median condo took 113 days to go under contract. 7 of the 9 condo buyers paid cash.

Lake Park started as Kelsey City, founded by Boston entrepreneur Harry S. Kelsey in the early 1920s and renamed Lake Park in 1939. Its 1927 Town Hall on Park Avenue is on the National Register of Historic Places. Today the town has nearly 9,000 residents and overlooks the Lake Worth Lagoon, between Riviera Beach and North Palm Beach.

FHA math for a Lake Park house

At the $500,000 house median (as of November 2026), FHA is the most common first-time buyer route and fits easily under the $667,000 Palm Beach County one-unit limit.

• FHA, 3.5% down: $17,500 down and a $482,500 base loan.
• Conventional, 5% down: $25,000 down and a $475,000 loan, with mortgage insurance until you reach enough equity.
• VA: eligible veterans may buy with no down payment on a VA-backed loan, subject to entitlement and credit approval.
• Two to four units: Lake Park has small multi-unit buildings. FHA limits for Palm Beach County are $853,900 for two units, $1,032,150 for three and $1,282,700 for four; you must live in one unit.

Closing costs on a $482,500 loan include Florida doc stamps on the note of about $1,689 ($0.35 per $100) and intangible tax of $965 (2 mills). Deed stamps are $0.70 per $100, or $3,500 on $500,000, and who pays them is set in the contract.

With homes going under contract in about a month, have a full pre-approval ready before you tour. Rates vary daily; call 305-425-1990 for today's pricing.

Buying a condo in Lake Park

At the $275,000 condo median, 3.5% FHA down is $9,625 and 10% conventional down is $27,500 (as of November 2026). The price is easy; the building is the hard part.

• FHA approval: FHA only lends in approved condo projects. Check the building before you offer.
• Condo questionnaire: lenders review the budget, reserves, owner-occupancy, litigation and any special assessment. Problems here can make a building non-warrantable.
• Milestone inspections: under F.S. 553.899, condo buildings three or more habitable stories tall need a structural inspection by December 31 of the year they turn 30, then every 10 years; the local official may require it at 25 years based on closeness to salt water.
• Non-warrantable condo loans: if the building fails conventional or FHA review, these can still work, usually with more down.

With 14.7 months of supply and most condo buyers paying cash, a financed buyer with the building already reviewed can negotiate price or seller credits.

Down payment help for Lake Park buyers

Lake Park's prices fall inside the caps of Palm Beach County's buyer programs, which is not true in most coastal towns (as of November 2026):

• Palm Beach County SHIP Purchase Assistance: up to $100,000 as a 0% deferred loan, forgiven after 30 years. The price cap is $568,557, above the $500,000 house median. Income limit is 140% of AMI: $114,660 for one person, $163,660 for four. The last round reached its application limit; call 561-233-3600 for the next one.
• Homebuyer Match Pilot: matches your cash dollar for dollar up to $50,000 if you put in at least $10,000, on homes up to $700,000. The 2026 window ran March 30 to April 20 and is closed.
• Florida Hometown Heroes: up to 5% of the first mortgage, from $10,000 to $35,000, as a 0% deferred second mortgage for eligible first-time buyers who work full time for a Florida employer.

Each program has its own lender list and timing. Start with Florida down payment assistance programs and the West Palm Beach first-time buyer guide, then call us to match one to an FHA or conventional loan.

Lake Park property taxes

Lake Park's district total was 20.8161 mills in 2025 (codes 36501 and 36507), about 2.08% of taxable value, per the Palm Beach County Property Appraiser. The town's own rate is 5.1000 mills, proposed unchanged for 2026. With the other 2026 proposed rates (county 4.5000 plus 0.0210 debt, fire-rescue 3.4581, schools 3.2480 and 3.0390, Children's Services 0.4908, Health Care District 0.6561, SFWMD 0.2301 combined, FIND 0.0270), the total is about 20.77 mills (as of November 2026). The county library levy is not part of the Lake Park district total.

Example: a $500,000 house with no exemptions pays about $10,385 a year. A homesteaded owner gets $25,000 off the first $50,000 of value plus an additional exemption on non-school taxes ($25,722 maximum in 2025), bringing the estimate to about $9,490. A $275,000 condo is about $5,710 before exemptions and $4,820 with homestead. Apply by March 1; the Save Our Homes cap then limits yearly assessed value increases to 3% or CPI, whichever is lower.

Your escrow will reset after the first year, because the new assessment follows your purchase price. Budget for the full bill, not the seller's.

The Lake Park CRA

The Lake Park Community Redevelopment Agency was created in 1996 and covers three districts: the Arts District, the Commerce District and the Hometown District. It funds work such as streetscapes on Park Avenue and 10th Street and alley improvements behind Park Avenue businesses, and lists housing rehabilitation among its goals.

The CRA runs on tax increment financing of about $1 million a year, with no added tax rate, so it does not change your millage. Its recent focus has been downtown parking and substandard multifamily housing. The town's CRA page does not list a homebuyer grant, so do not budget for one; check with the town before you buy in case that changes.

Flood zones and insurance in Lake Park

Lake Park sits on the Lake Worth Lagoon, and Palm Beach County's updated FEMA flood maps took effect December 20, 2024, adding thousands of eastern-county residents to high-risk zones. Look up each address on the FEMA Flood Map Service Center. If the home is in a special flood hazard area, your lender requires flood insurance.

Lake Park holds a CRS Class 6 rating, worth a 20% NFIP discount in special flood hazard areas, per the county's Community Rating System table (effective April 1, 2023). An elevation certificate can lower the premium further. See what a flood zone means for your loan.

Ask for wind mitigation and four-point reports on older houses; insurers often price older roofs and systems on them.

Why Lake Park buyers call QMS Lending

QMS Lending is an independent mortgage broker in Miami, FL, founded in 2018 (NMLS #1781090) and led by President Michael Fernandez (NMLS #1491775). We shop 100+ lenders, so an FHA buyer, a condo buyer in a hard-to-finance building and an investor can each find a fit. We hold 4.9 stars on 200+ Google reviews and work in English and Spanish.

Investors buying a Lake Park rental can use a DSCR loan, a business-purpose loan that qualifies on rent, not personal income. Current owners can lower their payment with an FHA streamline when the numbers work. Call 305-425-1990, or visit 3105 NW 107th Ave Ste 400-O6, Doral, FL 33172.

Down payment help for Lake Park buyers

• Palm Beach County SHIP Purchase Assistance Up to $100,000, 0% deferred, forgiven after 30 years; max price $568,557 (above Lake Park's $500,000 house median); income up to 140% AMI. Application limit reached; 561-233-3600. ↗
• Palm Beach County Homebuyer Match Pilot Match up to $50,000 on at least $10,000 buyer cash; homes up to $700,000. 2026 window (March 30 to April 20) closed. ↗
• Florida Hometown Heroes Up to 5% of the first mortgage ($10,000 to $35,000), 0% deferred, for eligible first-time buyers. ↗
• Lake Park Community Redevelopment Agency Created 1996; Arts, Commerce and Hometown districts; about $1 million a year in tax increment. No homebuyer grant listed. ↗

Nearby cities

North Palm BeachRiviera BeachPalm Beach GardensWest Palm BeachJuno Beach