Every program, side by side, in plain English.
Mortgage programs differ in who they’re for, what they require, and what they cost over time. This page compares the main ones and points you to the detail. The right fit depends on your credit, down payment, property, and plans, which is a conversation, not a table.
- See how down payment, mortgage insurance, and eligibility differ
- Jump to the detailed page for any program
- Understand how property type changes the rules
- Then ask Jared which options can actually close for you
The main programs compared.
| Program | Typically fits | Minimum down | Mortgage insurance | Credit & limits | Watch for |
|---|---|---|---|---|---|
| Conventional | Solid credit and stable income; most purchases and refinances | 3% for eligible first-time buyers; 5% otherwise; 10% second homes; 15–25% investment | PMI below 20% down; cancellable at 80% LTV on request, automatic at 78% | Usually 620+; conforming limit $832,750 baseline for 2026 confirm current limit | Pricing is credit-sensitive; condo and 2–4 unit rules add steps |
| FHA | Thinner credit, higher debt ratios, smaller down payment | 3.5% with 580+ score; 10% with 500–579 | Upfront 1.75% plus annual MIP; lasts the life of the loan if under 10% down | County loan limits apply; owner-occupied only | MIP cost over time; condo must be FHA-approved; stricter property condition |
| VA | Eligible veterans, active duty, Guard/Reserve, some surviving spouses | 0% with full entitlement | None monthly; one-time funding fee (waived for many with service-connected disability) | No VA-set maximum with full entitlement; lender guidelines apply | Owner-occupied; VA appraisal and property requirements; residual income test |
| USDA | Moderate-income buyers in eligible rural and suburban-edge areas | 0% | 1% upfront guarantee fee, 0.35% annual fee | Household income up to 115% of area median; property must be in an eligible area | Most of urban Broward is ineligible; check the USDA map early |
| Jumbo | Loan amounts above the conforming limit | Often 10–20% | Usually none; priced into the rate | Often 700+ credit, 6–12 months reserves, lower debt ratios | Lender-by-lender guidelines; sometimes two appraisals |
| Non-QM | Self-employed, investors, recent credit events, foreign nationals | Often 10–20%+ | Varies | Qualifies on bank statements, assets, or property cash flow instead of tax returns | Higher rates and fees; prepayment penalties on investment loans |
Figures summarize public agency and investor guidelines as of this writing and change periodically. Program availability, overlays, and pricing depend on Jared’s lender. Availability and exact terms through Jared’s lender to be confirmed before launch.
The property often decides the program.
Agency loans need a “warrantable” project: budget reserves, owner-occupancy, insurance, and no disqualifying litigation or deferred maintenance. Florida’s post-2021 structural inspection and reserve laws make the project review the key step. Condo financing
Conventional second-home loans typically need 10% down and a property you occupy part of the year, not one you rent full-time. Pricing sits between primary and investment. Short-term rental intent can shift it into investment territory. Conventional loans
Conventional needs 15% down on a one-unit rental and 25% on 2–4 units; part of the expected rent can count as income. Owner-occupying a 2–4 unit opens FHA and VA at low down payments. Investment property · DSCR
Eligible when built to the HUD code, titled as real property with the land, and set on a permanent foundation. FHA, VA, USDA, and conventional each have versions; single-wide and leased-land situations are more limited. Availability through Jared’s lender to be confirmed.
Finance the purchase (or refinance) plus the work in one loan based on the after-improved value: FHA 203(k), Fannie Mae HomeStyle, Freddie Mac CHOICERenovation. Renovation loans
Construction-to-permanent loans fund the build in draws and convert to a regular mortgage at completion, with one closing. Builder approval, plans, and budget are part of underwriting. Construction loans
Where to start if you’re…
Buying
- A first-time buyerDown payment options and assistance realities
- Ready to make offersPre-approval done right
- A veteran or service memberWhat VA eligibility changes
Already own
- Reconsidering your loanRate-and-term, streamline, break-even
- Funding something with equityCash-out vs. HELOC vs. equity loan
- Improving the houseRenovation financing
Income that’s complicated
- Self-employedBank statement qualification
- 1099, asset-based, ITIN, foreign nationalNon-QM options
- InvestorQualify on the property’s rent
Describe your situation. Jared will tell you which programs are realistic.
A few sentences about what you’re trying to do is enough to start.
- No credit pull, no obligation
- Not an application; no guarantee of approval or terms
- Rather talk? Call or text 954-649-0020
Programs are the tools. Your plan is the point.
Tell Jared the plan and he’ll match the tools to it.