Mortgage
Florida Mortgage Programs Explained
The short answer
There is no universally best loan program. Conventional, FHA, and VA each fit different combinations of credit, cash, debts, and property type — and the right one is the one with the lowest total cost for how long you'll actually keep the loan.
Conventional loans
- Often a strong fit for buyers with solid credit and stable income.
- Mortgage insurance may apply below certain down payment levels and can typically be removed later once equity requirements are met.
- Widely used for primary residences, second homes, and investment properties.
FHA loans
- Designed to expand access, often with more flexibility on credit and debt ratios.
- Includes both upfront and annual mortgage insurance, which affects total cost.
- Property condition standards apply.
VA loans
- For eligible veterans, active-duty service members, and certain surviving spouses.
- No monthly mortgage insurance, and financing up to 100% of the value is commonly available for eligible borrowers.
- A VA funding fee may apply, with exemptions in some cases.
First-time buyer options and down payment assistance
Assistance programs may help with down payment or closing costs for eligible buyers, sometimes as a second lien or a forgivable amount. They can be a great tool, but they should be compared against a standard program on total cost and flexibility.
Residential refinancing
- Refinance options when the goal is a lower payment, a different term, or accessing equity.
- Rate-and-term and cash-out structures are compared on total cost, not just the rate.
- Available on conventional, FHA, and VA loans depending on eligibility and the property.
Explore each program
Every program has its own page with benchmarks, how it works, who it fits, and what to prepare.
Buy a Home
First-Time Buyer Help
Self-Employed, Investor & Non-QM
New Construction & Renovation
Business-Purpose & Investor Financing
Business-purpose and commercial loans are offered through Wrye Capital for investment properties and commercial transactions.
Business-Purpose Investor Loans
Flexible financing for non-owner-occupied residential investment properties, including DSCR, bank statement, 1099, P&L, asset utilization, full documentation, and ITIN investor loan programs.
Explore ProgramsReal Estate Investment Financing
Financing for investors and developers, including bridge loans, fix-and-flip, ground-up construction, renovation, and investment-property refinancing.
Explore ProgramsCommercial Real Estate Financing
Financing for multifamily, mixed-use, office, retail, industrial, and other commercial properties, including acquisition, construction, bridge, and refinancing solutions.
Explore ProgramsHow to compare programs fairly
- Compare cash to close, monthly payment, and total cost over your expected holding period.
- Ask how mortgage insurance works on each option and whether it can be removed.
- Confirm the property type qualifies — condos in particular have program-specific rules.
Frequently Asked Questions
Related Resources
Not sure which program fits?
Rates, mortgage insurance, and eligibility all depend on your specific numbers.
About the Author
Tanesha Tomlinson
Florida Mortgage Loan Advisor, Hometown Financial Group, LLC DBA Modus Mortgage
NMLS #1540854 · Company NMLS #1028232
Tanesha Tomlinson is a 24-year Florida mortgage industry expert who has originated over $100,000,000 in mortgages. She works with homebuyers, homeowners, and Realtor partners across South Florida, Broward County, Central Florida, and the Orlando area. Her focus is qualification, income calculation, loan programs, down payment assistance, and cash to close — explained plainly, with the numbers in front of you. As a licensed Florida Realtor® with United Realty Group, she also understands the property and contract side of the same purchase.
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Hometown Financial Group, LLC DBA Modus Mortgage · Company NMLS #1028232 · Tanesha Tomlinson NMLS #1540854 · Florida Real Estate License #SL3524613 (United Realty Group) · Equal Housing Lender. Licenses can be verified on NMLS Consumer Access and the Florida DBPR license portal. Content is educational only and is not a commitment to lend.
Last updated August 31, 2026
Tanesha Tomlinson · Mortgage Loan Advisor | Realtor® · Hometown Financial Group, LLC DBA Modus Mortgage · NMLS #1540854 · Company NMLS #1028232 · 140 S. Arthur St. #600, Spokane, WA 99202 · United Realty Group · FL Real Estate License SL3524613
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.
