Loan Programs
Florida Mortgage Loan Programs
From first homes to investment properties, compare the programs Jennyffer Kurz uses to help Florida borrowers buy and refinance — then dive into the details of each.
Last updated October 7, 2026
Compare
Florida loan programs at a glance
| Program | Minimum down payment | Mortgage insurance | Best for |
|---|---|---|---|
| FHA | 3.5% | Upfront + annual MIP | Flexible credit, smaller down payment |
| VA | $0 (eligible borrowers) | None monthly; funding fee may apply | Veterans & service members |
| Conventional | 3% (qualifying buyers) | PMI under 20% down, removable | Solid credit, second homes |
| Jumbo | Often 10%–20% | Usually none | Loans above conforming limits |
| USDA | $0 (eligible areas) | Upfront + annual guarantee fee | Rural/suburban buyers within income limits |
| First-Time Buyer | 0%–3.5% + possible assistance | Depends on loan type | First-time buyers with limited savings |
| DSCR | Often 20%–25% | None | Rental property investors |
| Bank Statement | Often 10%+ | None | Self-employed borrowers |
General guidelines only; eligibility, terms, and requirements vary by borrower and property.
Loan Programs
The right program, matched to your situation
FHA Loans
An FHA loan is a mortgage insured by the Federal Housing Administration. It allows down payments as low as 3.5% for borrowers with a credit score of roughly 580 or higher and more flexible guidelines than many conventional loans. It requires upfront and annual mortgage insurance premiums and is for primary residences only.
VA Loans
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible service members, veterans, and some surviving spouses. Eligible borrowers can buy with $0 down and pay no monthly mortgage insurance. A one-time VA funding fee usually applies unless you are exempt, such as for a service-connected disability.
Conventional Loans
A conventional loan is a mortgage not insured by a government agency, typically following Fannie Mae and Freddie Mac guidelines. Qualifying first-time buyers may put as little as 3% down. Private mortgage insurance is required under 20% down and can usually be removed later. Conventional loans also work for second homes and investment properties.
Jumbo Loans
A jumbo loan finances an amount above the conforming loan limit set by FHFA for your county. Jumbo loans are common in Florida luxury markets and typically require stronger credit, larger down payments, and more cash reserves. Programs vary by investor, including options for self-employed and high-net-worth borrowers.
USDA Loans
A USDA Guaranteed loan helps low- and moderate-income buyers purchase homes in eligible rural and suburban areas with $0 down. Household income must fall within USDA limits for the county, and the home must be a primary residence. The program charges an upfront and annual guarantee fee instead of traditional mortgage insurance.
First-Time Homebuyer & Down Payment Assistance
Florida first-time buyers can combine low down payment loans — FHA at 3.5%, conventional at 3% for qualifying buyers, or VA and USDA at $0 down for eligible borrowers — with state and local down payment assistance programs. Most assistance has income and price limits and requires homebuyer education.
Refinance
Refinancing replaces your current mortgage with a new one. A rate-and-term refinance can change your payment, shorten your term, or remove mortgage insurance. A cash-out refinance lets you borrow against your equity for renovations, debt consolidation, or other goals. The right choice depends on costs, timing, and how long you'll stay.
DSCR Investor Loans
A DSCR (debt service coverage ratio) loan is a Non-QM investment property loan that qualifies you based on the property's rental income compared to its monthly housing costs, rather than your personal income. It's designed for investors buying or refinancing rentals and typically requires a larger down payment and reserves.
Bank Statement / Self-Employed Loans
A bank statement loan is a Non-QM mortgage that lets self-employed borrowers qualify using 12 or 24 months of personal or business bank deposits instead of tax returns. It helps business owners whose write-offs lower their taxable income. Expect larger down payments and different pricing than conventional loans.
Non-QM Loans
Non-QM (non-qualified mortgage) loans serve borrowers whose income, property, or credit doesn't fit agency guidelines. Options include bank statement, DSCR, asset depletion, and loans for non-warrantable condos or recent credit events. They still require verifying ability to repay, typically with larger down payments.
Condo Financing
Financing a Florida condo means qualifying both you and the building. Lenders review the association's budget, reserves, insurance, litigation, investor concentration, and structural safety requirements. Warrantable condos can use conventional, FHA, or VA loans; non-warrantable condos may need Non-QM or portfolio financing.
HELOC
A HELOC is a revolving line of credit secured by your home's equity, usually in second position behind your existing mortgage. You draw funds as needed during a draw period, then repay. It lets you keep your current first mortgage in place. Availability and terms depend on eligibility, underwriting, and Bold Mortgage program guidelines.
FHA 203(k) Renovation Loans
An FHA 203(k) loan lets you finance the purchase (or refinance) of a home plus the cost of repairs or renovations in one mortgage, with as little as 3.5% down for qualifying borrowers. Limited 203(k) covers smaller non-structural projects; Standard 203(k) covers larger work with a HUD consultant. Availability and terms depend on eligibility, underwriting, and Bold Mortgage program guidelines.
Reverse Mortgages
A reverse mortgage, most commonly the FHA-insured HECM, lets homeowners 62 and older convert part of their home equity into cash without a required monthly mortgage payment. You keep title and must live in the home, pay property taxes and insurance, and maintain it. HUD-approved counseling is required. Availability and terms depend on eligibility, underwriting, and Bold Mortgage program guidelines.
Down Payment Assistance Program Florida
Florida down payment assistance may help eligible homebuyers with upfront purchase costs. Explore Miami-Dade County, Broward County, and Florida Housing options below. Each program has its own eligibility, education, funding, and repayment requirements. County approval, mortgage underwriting, and confirmation of lender participation are required before relying on assistance.
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Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, and property eligibility. Program availability, terms, and guidelines may change without notice. Information is for educational purposes only.