Learn · loan programs
Mortgage loan programs, compared
What each loan type is, who it fits, and the tradeoffs, in plain English. For 2026, the one-unit limits in Broward, Palm Beach and Miami-Dade are $832,750 for conventional (Fannie Mae/Freddie Mac) loans and $667,000 for FHA loans.
Compare the main purchase loans
| Loan | Minimum down payment | Credit score | Mortgage insurance | Best for |
|---|---|---|---|---|
| Conventional loans | 3% (HomeReady, Home Possible) | 620 minimum for manually underwritten fixed-rate loans; no set minimum in DU | Private MI below 20% down; can be cancelled later | Steady income, solid credit, approved condos |
| FHA loans | 3.5% with a 580+ score; 10% at 500–579 | 500 minimum (HUD); lenders may set higher | Upfront 1.75% plus annual MIP | Smaller down payments, credit rebuilding |
| VA loans | None required by VA (price at or under appraised value) | Set by the lender | No monthly MI; one-time funding fee (some exempt) | Eligible veterans and servicemembers |
| USDA loans | None (100% financing) | No USDA minimum; lenders may set one | USDA guarantee fees (ask for current amounts) | Eligible rural addresses only |
| Jumbo loans | Set by each lender | Set by each lender | Varies by lender | Loan amounts above $832,750 |
| Non-QM (DSCR, bank statement, ITIN/foreign national) | Set by each lender | Set by each lender | Varies by lender | Investors, self-employed, non-traditional documentation |
Last checked October 17, 2026. Sources: Fannie Mae, HomeReady mortgage · Freddie Mac, Home Possible · Fannie Mae Selling Guide B3-5.1-01, credit scores · HUD Handbook 4000.1, FHA Single Family Housing Policy · HUD Mortgagee Letter 2023-05, FHA annual MIP · VA, purchase loans · VA, funding fee and closing costs · USDA Rural Development, Single Family Housing Guaranteed Loan Program · FHFA, Conforming Loan Limit Values for 2026 · HUD FHA Mortgage Limits lookup (CY2026) · CFPB, What is a Qualified Mortgage?
All programs
Conventional loans
Loans that follow Fannie Mae or Freddie Mac rules, including 3%-down options for lower-income buyers.
FHA loans
Government-insured loans with a 3.5% minimum down payment for scores of 580 and up.
VA loans
Loans for eligible veterans, servicemembers and surviving spouses, often with no down payment.
USDA loans
No-money-down loans for eligible rural areas. Most of South Florida does not qualify.
Jumbo loans
Loans above the conforming limit ($832,750 for one unit in our three counties in 2026).
Condo loans (warrantable and non-warrantable)
How the building itself affects your loan, and what non-warrantable means.
DSCR loans (investment property)
Qualify mainly on the property’s rent compared with its payment.
Bank statement loans (self-employed)
Use bank statements instead of tax returns to document income.
HELOCs and home equity loans
Borrow against your home’s equity.
ITIN and foreign national loans
Options for borrowers without a Social Security number or who live outside the U.S.
Refinancing (rate/term and cash-out)
Replace your current loan to change the rate, term or take cash out.
Refinancing or a less typical file?
Refinance or take cash out
Rate-and-term, cash-out, HELOC vs cash-out, and refinancing with credit challenges.
Self-employed, investor, or turned down elsewhere
Bank statement loans, DSCR investor loans (2–4 and 5+ units) and getting a second look.
Availability depends on the lender and program funding; ask me which ones I can use for your loan.
Want to know what fits you?
Tell me a little about your situation and I’ll walk you through the options.