Reference
Loan options
Plain explanations of the programs Florida borrowers ask about, grouped by the kind of borrower they usually suit. Several appear in more than one group, because plenty of people fit more than one.
What these pages are, and are not
These pages explain how each program works. They are not offers, quotes, or statements that a given program is available to you. Whether a program is available depends on the lender, the property and your file — and in some cases on whether we have access to that lender at all.
Homebuyers
Buying a home in Florida
Whether it is your first home or your fifth, the useful work happens before you make an offer: understanding what you can borrow, what the loan will actually cost, and which program fits your situation.
First-time homebuyer financing
There is no single "first-time homebuyer loan." The term describes a borrower, not a product, and it unlocks certain assistance programs rather than a particular mortgage.
Read moreConventional loans
A conventional loan is a mortgage that is not insured or guaranteed by a government agency. Most conventional lending follows Fannie Mae or Freddie Mac guidelines, which is why the requirements are relatively consistent from lender to lender.
Read moreFHA loans
An FHA loan is a mortgage insured by the Federal Housing Administration, part of HUD. The insurance is what allows lenders to accept a lower down payment and a wider range of credit profiles than conventional financing typically does.
Read moreVA loans
A VA loan is made by a private lender and guaranteed in part by the U.S. Department of Veterans Affairs. For eligible service members, veterans and certain surviving spouses it is often the strongest option available, with no down payment required on many purchases and no monthly mortgage insurance.
Read moreUSDA loans
USDA Rural Development guaranteed loans allow eligible buyers to purchase in designated areas with no down payment. Eligibility has two separate tests: the property's location and the household's income.
Read moreJumbo loans
A jumbo loan is one that exceeds the conforming loan limit applicable to the property's county and unit count. Because it cannot be sold to Fannie Mae or Freddie Mac under those limits, the lender holds more risk and sets its own requirements.
Read moreConstruction-to-permanent loans
A construction-to-permanent loan finances the build and then converts to a long-term mortgage, so there is one transaction rather than two. The details depend heavily on the lender, the builder, the project and the property.
Read moreForeign national financing
Foreign national programs serve borrowers who do not have the residency status, Social Security number or U.S. credit history that standard programs require. These buyers purchase for many reasons — a primary home, a second home, or an investment — and the program should not be assumed to be an investor product.
Read moreHECM for Purchase
Using an FHA-insured reverse mortgage to buy a home rather than to borrow against one you already own. You combine the loan proceeds with your own funds in a single closing and take on no monthly principal and interest payment.
Read moreAdjustable-rate mortgages
An ARM starts at one rate for a fixed introductory period, then adjusts on a schedule for the rest of the term. The headline rate is the part people compare; the caps are the part that decides what you are actually exposed to.
Read moreRefinancing
Refinancing replaces your existing mortgage with a new one. It is a fresh loan with fresh underwriting and fresh closing costs, which is why the question is never just whether the rate is lower.
Read more
Real estate investors
Financing Florida investment property
Investment property financing is underwritten differently from a primary residence. Some programs lean on the property's income rather than yours, but every one of them still underwrites the borrower, the property, and the reserves.
Conventional loans
A conventional loan is a mortgage that is not insured or guaranteed by a government agency. Most conventional lending follows Fannie Mae or Freddie Mac guidelines, which is why the requirements are relatively consistent from lender to lender.
Read moreDSCR loans
A DSCR loan qualifies an investment property on the property's debt service coverage rather than on your personal income documents. It is a different way of measuring capacity to repay — not an absence of underwriting.
Read moreRental property financing
Conventional financing is available for one- to four-unit investment property and is often the lower-cost route for investors whose personal income and debt ratios support the file.
Read moreShort-term rental financing
Some lenders will underwrite a property intended for short-term rental use, and some will not. Where it is available, the income analysis and the local rules both matter.
Read moreAsset depletion loans
An asset depletion loan converts eligible assets into a qualifying income figure by dividing them over a number of months set by the lender. It is designed for borrowers with substantial assets and limited documentable income.
Read moreForeign national financing
Foreign national programs serve borrowers who do not have the residency status, Social Security number or U.S. credit history that standard programs require. These buyers purchase for many reasons — a primary home, a second home, or an investment — and the program should not be assumed to be an investor product.
Read moreAdjustable-rate mortgages
An ARM starts at one rate for a fixed introductory period, then adjusts on a schedule for the rest of the term. The headline rate is the part people compare; the caps are the part that decides what you are actually exposed to.
Read moreRefinancing
Refinancing replaces your existing mortgage with a new one. It is a fresh loan with fresh underwriting and fresh closing costs, which is why the question is never just whether the rate is lower.
Read more
Self-employed & business owners
Mortgages for self-employed borrowers
Being self-employed does not push you into a special loan. Many business owners qualify for standard conventional financing. Alternative documentation exists for the cases where tax returns understate what a business actually produces.
Conventional loans
A conventional loan is a mortgage that is not insured or guaranteed by a government agency. Most conventional lending follows Fannie Mae or Freddie Mac guidelines, which is why the requirements are relatively consistent from lender to lender.
Read moreJumbo loans
A jumbo loan is one that exceeds the conforming loan limit applicable to the property's county and unit count. Because it cannot be sold to Fannie Mae or Freddie Mac under those limits, the lender holds more risk and sets its own requirements.
Read moreBank statement loans
A bank statement loan derives qualifying income from deposits into your business or personal accounts over a defined period, instead of from tax returns. It suits business owners whose returns understate the cash the business produces.
Read moreProfit and loss statement loans
A P&L loan uses a profit and loss statement prepared by a licensed professional as the basis for qualifying income, sometimes with supporting bank statements. Availability and requirements vary considerably between lenders.
Read moreAsset depletion loans
An asset depletion loan converts eligible assets into a qualifying income figure by dividing them over a number of months set by the lender. It is designed for borrowers with substantial assets and limited documentable income.
Read moreRefinancing
Refinancing replaces your existing mortgage with a new one. It is a fresh loan with fresh underwriting and fresh closing costs, which is why the question is never just whether the rate is lower.
Read more
Homeowners 62+
Reverse mortgages for Florida homeowners
A reverse mortgage converts part of your home equity into money you can use, without a monthly principal and interest payment. You keep the title. What you do not shed are the obligations — taxes, insurance, maintenance and living there — and that is where the real decisions are.
Reverse mortgages (HECM)
A reverse mortgage lets an eligible homeowner aged 62 or older convert part of their home equity into loan proceeds without a monthly principal and interest payment. The balance grows rather than shrinks, and the loan is repaid when you sell, move out permanently, or die.
Read moreProprietary reverse mortgages
A reverse mortgage offered by a private lender rather than insured by FHA. These exist mainly to serve higher-value homes and, with some lenders, borrowers who do not meet HECM requirements.
Read moreHECM for Purchase
Using an FHA-insured reverse mortgage to buy a home rather than to borrow against one you already own. You combine the loan proceeds with your own funds in a single closing and take on no monthly principal and interest payment.
Read more
Index
All 19 programs
The full list, for when you know what you are looking for.
First-time homebuyer financing
There is no single "first-time homebuyer loan." The term describes a borrower, not a product, and it unlocks certain assistance programs rather than a particular mortgage.
Read moreConventional loans
A conventional loan is a mortgage that is not insured or guaranteed by a government agency. Most conventional lending follows Fannie Mae or Freddie Mac guidelines, which is why the requirements are relatively consistent from lender to lender.
Read moreFHA loans
An FHA loan is a mortgage insured by the Federal Housing Administration, part of HUD. The insurance is what allows lenders to accept a lower down payment and a wider range of credit profiles than conventional financing typically does.
Read moreVA loans
A VA loan is made by a private lender and guaranteed in part by the U.S. Department of Veterans Affairs. For eligible service members, veterans and certain surviving spouses it is often the strongest option available, with no down payment required on many purchases and no monthly mortgage insurance.
Read moreUSDA loans
USDA Rural Development guaranteed loans allow eligible buyers to purchase in designated areas with no down payment. Eligibility has two separate tests: the property's location and the household's income.
Read moreJumbo loans
A jumbo loan is one that exceeds the conforming loan limit applicable to the property's county and unit count. Because it cannot be sold to Fannie Mae or Freddie Mac under those limits, the lender holds more risk and sets its own requirements.
Read moreConstruction-to-permanent loans
A construction-to-permanent loan finances the build and then converts to a long-term mortgage, so there is one transaction rather than two. The details depend heavily on the lender, the builder, the project and the property.
Read moreDSCR loans
A DSCR loan qualifies an investment property on the property's debt service coverage rather than on your personal income documents. It is a different way of measuring capacity to repay — not an absence of underwriting.
Read moreRental property financing
Conventional financing is available for one- to four-unit investment property and is often the lower-cost route for investors whose personal income and debt ratios support the file.
Read moreShort-term rental financing
Some lenders will underwrite a property intended for short-term rental use, and some will not. Where it is available, the income analysis and the local rules both matter.
Read moreBank statement loans
A bank statement loan derives qualifying income from deposits into your business or personal accounts over a defined period, instead of from tax returns. It suits business owners whose returns understate the cash the business produces.
Read moreProfit and loss statement loans
A P&L loan uses a profit and loss statement prepared by a licensed professional as the basis for qualifying income, sometimes with supporting bank statements. Availability and requirements vary considerably between lenders.
Read moreAsset depletion loans
An asset depletion loan converts eligible assets into a qualifying income figure by dividing them over a number of months set by the lender. It is designed for borrowers with substantial assets and limited documentable income.
Read moreForeign national financing
Foreign national programs serve borrowers who do not have the residency status, Social Security number or U.S. credit history that standard programs require. These buyers purchase for many reasons — a primary home, a second home, or an investment — and the program should not be assumed to be an investor product.
Read moreReverse mortgages (HECM)
A reverse mortgage lets an eligible homeowner aged 62 or older convert part of their home equity into loan proceeds without a monthly principal and interest payment. The balance grows rather than shrinks, and the loan is repaid when you sell, move out permanently, or die.
Read moreProprietary reverse mortgages
A reverse mortgage offered by a private lender rather than insured by FHA. These exist mainly to serve higher-value homes and, with some lenders, borrowers who do not meet HECM requirements.
Read moreHECM for Purchase
Using an FHA-insured reverse mortgage to buy a home rather than to borrow against one you already own. You combine the loan proceeds with your own funds in a single closing and take on no monthly principal and interest payment.
Read moreAdjustable-rate mortgages
An ARM starts at one rate for a fixed introductory period, then adjusts on a schedule for the rest of the term. The headline rate is the part people compare; the caps are the part that decides what you are actually exposed to.
Read moreRefinancing
Refinancing replaces your existing mortgage with a new one. It is a fresh loan with fresh underwriting and fresh closing costs, which is why the question is never just whether the rate is lower.
Read more
Talk it through before you start shopping
Bring your situation, not your paperwork. A first conversation is about which programs actually fit and what the numbers look like — no documents, no credit pull, no commitment.