Florida Home Loan Options for Every Buyer
FHA, Conventional, VA, USDA, and specialty programs — compare every loan type available to Florida buyers and find the one that fits your credit, income, and goals.
Compare Florida Mortgage Options
A side-by-side look at the major loan types and specialty mortgage paths available to Florida buyers.
| Loan Type | Min. Down Payment | Min. Credit Score | Best For | MI Required? | DPA Compatible? |
|---|---|---|---|---|---|
| FHA | 3.5% | 580 | First-time buyers, lower credit | Yes (life of loan) | Yes |
| Conventional | 3% | 620 | Good credit, want to drop MI | Yes (removable at 80% LTV) | Yes |
| VA | 0% | 580–620* | Veterans & active military | No | Yes (closing costs) |
| USDA | 0% | 640 | Rural area buyers | Yes (reduced rate) | Yes |
| Jumbo | 10%-20% | 680+ | Higher-balance purchases | No | Varies |
| Renovation / FHA 203(k) | 3.5%+ | 580+ | Fixer-uppers and repairs | Varies | Sometimes |
| Reverse Mortgage | N/A | N/A | Homeowners 62+ | Yes (FHA HECM) | No |
| Manufactured Home | 3.5%–5% | 580–620 | Factory-built homes | Varies by loan type | Yes |
| HELOC | N/A | 620–680 | Existing homeowners | No | No |
| Non-QM | Varies | Varies | Self-employed and 1099 borrowers | Varies | No |
| Alternative Programs | Varies | Varies | ITIN, DACA, foreign buyer scenarios | Varies | Varies |
*VA has no official minimum credit score, but most lenders require 580–620.
Best Loan by Buyer Type
Not sure where to start? Find your profile below.
| Buyer Profile | Recommended Loan | Why |
|---|---|---|
| First-time buyer, lower credit | FHA | Lowest credit requirements (580), 3.5% down, stackable with Hometown Heroes |
| First-time buyer, good credit | Conventional | Lower MI costs, MI removable at 80% LTV, competitive rates |
| Veteran or active military | VA | 0% down, no MI, competitive rates — best deal for eligible borrowers |
| Buying in a rural area | USDA | 0% down, reduced MI, designed for rural communities |
| Buying above conforming limits | Jumbo | Higher loan amounts with stronger reserve and credit requirements |
| Buying a fixer-upper | Renovation / FHA 203(k) | Purchase and eligible repairs can be financed into one mortgage |
| Self-employed, non-traditional income | Non-QM | Flexible income documentation — bank statements, 1099s accepted |
| Homeowner 62+, need cash flow | Reverse Mortgage | Convert home equity to income — no monthly mortgage payments |
| Own a home, need cash | HELOC | Access equity without refinancing your first mortgage |
| ITIN, DACA, foreign buyer, or tribal housing | Alternative Programs | Specialty financing depends on borrower status and documentation |
FHA Loans
Backed by the Federal Housing Administration, FHA loans are the most popular choice for Florida first-time buyers. With just 3.5% down and a 580 credit score, they offer the lowest barrier to entry. FHA loans can be paired with Hometown Heroes and other Florida DPA programs.
Conventional Loans
Conventional loans aren't backed by a government agency — they follow guidelines set by Fannie Mae and Freddie Mac. They require a 620+ credit score and as little as 3% down. The big advantage: private mortgage insurance (PMI) can be removed once you reach 80% loan-to-value, saving you money over time.
VA Loans
Available to veterans, active-duty service members, and eligible surviving spouses, VA loans offer 0% down payment and no mortgage insurance. They're backed by the Department of Veterans Affairs and typically offer the best rates available. VA loans can be combined with county DPA programs for closing cost assistance.
USDA Loans
USDA loans are designed for buyers purchasing in USDA-eligible rural areas — and many Florida suburbs qualify. They offer 0% down payment and reduced mortgage insurance rates. Income limits apply based on your county and household size.
Jumbo Loans
Jumbo loans are used when the mortgage amount is above conforming loan limits. They are common in higher-priced Florida markets and usually require stronger credit, larger reserves, and a more detailed review of income and assets.
Renovation Loans
Renovation loans, including FHA 203(k), can help buyers finance a home purchase and eligible repairs in one mortgage. They are useful for fixer-uppers, required property repairs, or homes that need improvements before move-in.
Reverse Mortgages
A reverse mortgage (HECM) lets homeowners age 62 and older convert home equity into cash — either as a lump sum, monthly payments, or a line of credit. No monthly mortgage payments are required. The loan is repaid when the borrower sells, moves, or passes away.
Manufactured Home Loans
Florida has one of the largest manufactured housing markets in the country. FHA, VA, and conventional loans are all available for manufactured homes on permanent foundations. Down payments start at 3.5% for FHA. The home must meet HUD code standards and be classified as real property.
HELOCs
A Home Equity Line of Credit lets existing homeowners borrow against their home's equity. It works like a credit card with a revolving balance. HELOCs are ideal for home improvements, debt consolidation, or large expenses. Most lenders require at least 15–20% equity and a 620+ credit score.
Non-QM & Self-Employed Loans
Non-QM and self-employed mortgage options can help borrowers whose income does not fit a standard W-2 file. That can include bank-statement income, 1099 income, DSCR investor scenarios, and other non-traditional documentation.
Alternative Borrower Programs
Some Florida buyers need a more specialized path because of immigration status, documentation, foreign income, or tribal housing program rules. These scenarios need a careful eligibility review before choosing a loan path.
Find Your Best Florida Loan
Compare your options with a licensed Florida mortgage expert — free, no obligation.