All of the Florida mortgage loan programs in one place: government-backed, conventional, jumbo, non-QM and specialty. Start by working out which family you belong in.
Choosing between the Florida mortgage loan programs
The Florida mortgage loan programs below fall into four families, and three questions place almost every borrower. Answering them first saves reading every page here.
Can you document your income on tax returns? If yes, you belong in the government-backed or conventional groups, and those price best. If your returns understate what you earn, look at the non-QM group instead.
How much do you have for a down payment? Under 5% points toward FHA or a 3% down conventional program. VA and USDA ask for nothing at all, if you qualify.
Will you live there? Government-backed loans require it. Investors need conventional, DSCR or portfolio financing, so start in the specialty group.
Government-backed loans
- FHA loans: 3.5% down with credit from 580, and the most common route for first-time Florida buyers
- VA loans: no down payment and no mortgage insurance for eligible veterans and active military
- USDA loans: no down payment across eligible rural and suburban Florida
Conventional loans
- Conventional loans: 3% to 20% down, with mortgage insurance that cancels at 80% loan-to-value
- High balance loans: above the baseline limit but still on agency rules, in high-cost counties
- Jumbo loans: above $832,750 for higher-value Florida property
- ARM loans: a lower opening rate that adjusts after five, seven or ten years
- 3% down conventional: HomeReady, Home Possible and Conventional 97
Non-QM and alternative loans
- Non-QM loans: alternative documentation for borrowers outside agency guidelines
- Bank statement loans: 12 to 24 months of deposits instead of tax returns
- DSCR loans: qualifying on rental income rather than personal income
- ITIN loans: for borrowers using an Individual Taxpayer Identification Number
- Foreign national loans: for buyers without US credit or residency
- Interest-only loans: a lower payment for a fixed period, then full amortisation
Specialty and refinance
- First-time homebuyer: programs and assistance for your first Florida home
- Reverse mortgage: drawing equity from age 62
- Refinance: lower the rate, take cash out, or change the term
- Construction loans: building from the ground up
- Investment property: financing Florida rentals and portfolios
- Doctor loans: physician mortgages that set student debt aside
- Manufactured home loans: where retiring the vehicle title unlocks mortgage rates
- Land loans: buying the lot before you build
- Loan assumption: taking over a seller’s existing low-rate FHA or VA loan
Where we lend in Florida
We place loans in all 67 counties. These pages cover what is specific to each market, because insurance, condominium rules and county assistance vary far more across Florida than the loan programs themselves do.
South Florida: South Florida · Miami · Fort Lauderdale · West Palm Beach
Southwest Florida: Southwest Florida · Naples · Fort Myers · Cape Coral · Sarasota
Tampa Bay: Tampa · St. Petersburg
Central Florida: Central Florida · Orlando · Lakeland · Melbourne · Daytona Beach · Ocala · Port St. Lucie
North Florida and the Panhandle: Northeast Florida · Jacksonville · Gainesville · Tallahassee · Panhandle · Pensacola
Buying outside the mainland? See Puerto Rico, Hawaii, and the US territory mortgage guide.
Two things that decide the outcome more than the rate
Whichever program you choose, these apply across all of them in Florida.
Insurance. Premiums here feed the debt-to-income ratio a lender uses, so a high quote reduces what you can borrow rather than simply costing more later. Therefore get an insurance quote in the first week of your contract, not the last.
Mortgage insurance. FHA charges it for the life of the loan at 3.5% down, while conventional insurance ends at 20% equity. Consequently the cheaper-looking rate is often the more expensive loan across a decade. Compare total monthly payments, never rates alone.
Not sure where you land among the Florida mortgage loan programs? Request a free quote with no credit pull, or check whether down payment assistance applies to you first.
Program terms come from HUD, the VA, USDA and the agencies. The CFPB guide to loan types is a useful neutral overview. Confirm current terms before you rely on any figure here.