Learn & Reference
Compare Florida Loan Programs
All loan programs, one view. Filter to match your situation, compare side by side, then dig deeper. This is education — not a determination of what you qualify for.
How to use this comparison
Choose any filters that fit you. Programs matching every selected filter stay visible.
Conventional
- Minimum down payment
- As low as 3% for eligible buyers (Fannie Mae / Freddie Mac)
- Mortgage insurance / fees
- Private mortgage insurance (PMI) generally applies below 20% down
- Limit reference
- FHFA conforming limit
- Best for
- Buyers who want flexibility and the option to remove PMI later.
FHA
- Minimum down payment
- 3.5% with a 580+ credit score (HUD)
- Mortgage insurance / fees
- Upfront and annual mortgage insurance premium (MIP)
- Limit reference
- HUD FHA county limit
- Best for
- Buyers who need flexible credit guidelines and a low down payment.
VA
- Minimum down payment
- 0% for eligible borrowers (U.S. Department of Veterans Affairs)
- Mortgage insurance / fees
- No monthly mortgage insurance; one-time VA funding fee unless exempt
- Limit reference
- No VA loan limit with full entitlement
- Best for
- Eligible Veterans, service members, and certain surviving spouses.
USDA
- Minimum down payment
- 0% in eligible areas, subject to household income limits (USDA)
- Mortgage insurance / fees
- Upfront and annual guarantee fee
- Limit reference
- USDA income and property eligibility rules
- Best for
- Buyers purchasing in USDA-eligible areas.
Conventional first-time buyer (HomeReady / Home Possible)
- Minimum down payment
- As low as 3% (Fannie Mae HomeReady / Freddie Mac Home Possible)
- Mortgage insurance / fees
- PMI generally applies below 20% down
- Limit reference
- FHFA conforming limit; program income limits apply
- Best for
- Buyers who meet the program's income limits.
Florida down payment assistance (incl. Hometown Heroes)
- Minimum down payment
- Assistance amounts and availability change — confirm current program terms
- Mortgage insurance / fees
- Depends on the first mortgage
- Limit reference
- Program income and purchase-price limits apply
- Best for
- Eligible Florida buyers who need help with down payment or closing costs.
Jumbo
- Minimum down payment
- Varies by program and lender
- Mortgage insurance / fees
- Varies by program and lender
- Limit reference
- Loan amounts above the FHFA conforming limit
- Best for
- Loan amounts above the county conforming limit.
Bank statement / 1099 (non-QM)
- Minimum down payment
- Varies by program and lender
- Mortgage insurance / fees
- Varies by program and lender
- Limit reference
- Varies by program and lender
- Best for
- Self-employed borrowers whose tax returns may not reflect cash flow.
DSCR (business purpose)
- Minimum down payment
- Varies by program and lender
- Mortgage insurance / fees
- Varies by program and lender
- Limit reference
- Varies by program and lender
- Best for
- Investors qualifying on the property's rent rather than personal income.
Manufactured / mobile home
- Minimum down payment
- Varies by program and lender
- Mortgage insurance / fees
- Varies by program and lender
- Limit reference
- Varies by program and lender
- Best for
- Eligible manufactured homes meeting property requirements.
One-time close construction
- Minimum down payment
- Varies by program and lender
- Mortgage insurance / fees
- Varies by program and lender
- Limit reference
- Varies by program and lender
- Best for
- Buyers building a new home who want one loan and one closing.
HELOC / home equity second lien
- Minimum down payment
- Not applicable — uses existing home equity
- Mortgage insurance / fees
- Varies by program and lender
- Limit reference
- Varies by program and lender
- Best for
- Homeowners who want to access equity without refinancing the first mortgage.
Credit-score minimums, reserves, debt-to-income limits, and many other requirements vary by program, lender, and borrower profile and are not shown here. Program terms change — confirm current requirements with Tanesha.
Common Florida loan scenarios
Smaller down payment, still building credit
FHA and Florida down payment assistance are often compared side by side. Eligibility depends on program rules and your full file.
Strong credit, first home
Conventional low-down-payment options and FHA are worth comparing — mortgage insurance works differently on each.
Self-employed with tax write-offs
Bank statement programs may use deposits instead of tax returns to document income. Requirements vary by lender.
Buying a duplex to live in one unit
Conventional and FHA county limits are higher for 2–4 unit properties. Check your county's limits first.
Moving from South Florida to Central Florida
Equity from a current home can change the down payment and program picture.
Information and tools on this website are educational only and should not be considered individualized financial, legal, or tax advice. Estimates are not a pre-approval, loan approval, or commitment to lend. Mortgage approval, rates, APRs, payments, taxes, insurance, closing costs, and loan terms are subject to borrower qualifications, property information, applicable loan-program requirements, and underwriting. This website disclaimer does not replace Modus Mortgage's official disclosures.
