Compare loan options side-by-side and discover programs designed to make homeownership more accessible—whether you’re buying your first home or your next one.
Compare loan types
Conventional Loans
A flexible option for qualified buyers with strong credit and stable income.
Primary & Second HomesCompetitive Rates
Down Payment
As low as 3%
Credit Score
Typically 620+
Loan Limits
Conforming up to $832,750 in Miami-Dade*
Private Mortgage Insurance
May be required if < 20% down
Best For
Buyers with strong credit seeking flexibility and low rates
Highlights
Competitive rates, flexible terms, and multiple loan types
Full conventional loan requirements
Conventional loans in detail
The 3% down programs have income caps.Standard conventional financing starts at 5% down. The 3% option comes through Fannie Mae HomeReady or Freddie Mac Home Possible, which limit household income to a percentage of the area median — so the lowest down payment and the highest income cannot usually be combined.
PMI is temporary, and that is the point.Private mortgage insurance applies above 80% loan-to-value. You may request cancellation once the balance reaches 80% of original value, and on most loans it must terminate automatically at 78% under the Homeowners Protection Act. That removable cost is the main structural advantage over FHA.
Credit score changes the price, not just the approval.Conventional pricing is tiered by score and down payment together. A 40-point credit difference can move both the rate and the PMI factor, so it is worth asking what the next tier up would cost before locking.
Miami-Dade condos get extra scrutiny.Since 2021, lenders have applied tighter condo review in Florida: reserve levels, deferred maintenance, structural inspection status, and litigation can make a building non-warrantable. A conventional approval on the borrower does not guarantee an approval on the building.
Above the conforming limit it becomes a jumbo loan.In Miami-Dade the 2026 conforming ceiling is $832,750 for a one-unit property. A dollar over that moves the file to jumbo underwriting.
FHA Loans
A government-insured option built for buyers with lower credit scores or smaller savings.
Primary ResidenceFlexible Credit
Down Payment
As low as 3.5%
Credit Score
580+ for 3.5% down, 500+ with 10% down
Loan Limits
$667,000 in Miami-Dade, 1-unit*
Mortgage Insurance
Upfront and annual MIP required
Best For
First-time and credit-building buyers with limited funds
Highlights
Lower credit thresholds and gift funds allowed
Full FHA loan requirements
FHA loans in detail
Mortgage insurance is the trade-off, and it may not go away.FHA charges an upfront premium of 1.75% of the loan amount, usually financed into the balance, plus an annual premium collected monthly. With less than 10% down, that annual premium generally lasts the life of the loan — removing it means refinancing. With 10% or more down it runs 11 years.
Two credit tiers, two down payments.580 and above qualifies for the 3.5% minimum down payment. Between 500 and 579 the minimum rises to 10%. Individual lenders often set higher minimums than HUD does, so a denial at one lender is not always an FHA denial.
The appraisal inspects, not just values.An FHA appraiser also checks HUD minimum property standards — roof life, peeling paint on older homes, water heater safety, functioning systems. Repairs can become a condition of closing, which matters on older Miami-Dade housing stock and on as-is sales.
The condo has to be approved too.The building must appear on HUD’s approved condominium list, or the unit must qualify for single-unit approval. This rules out a meaningful share of Miami-Dade inventory, so the building should be checked before an offer, not after.
Gift funds are broadly allowed.The entire down payment may come from an acceptable gift source with proper documentation, which is often why FHA fits buyers with family help but thin savings.
Miami-Dade limit: $667,000 for one unit in 2026.Two-to-four unit properties have higher limits, and the buyer may occupy one unit and rent the others while still using FHA financing.
VA Loans
A benefit earned through military service, with no down payment for most eligible buyers.
Primary ResidenceNo Down Payment
Down Payment
Often $0
Credit Score
No VA minimum, set by lender
Loan Limits
No VA limit with full entitlement*
Mortgage Insurance
None, though a one-time funding fee may apply (often waived for service-connected disability)
Best For
Veterans, active-duty service members, and eligible surviving spouses
Highlights
No down payment and no monthly mortgage insurance
Full VA loan requirements
VA loans in detail
Start with the Certificate of Eligibility.The COE confirms entitlement and is based on service period, duty status, and discharge character. Eligible surviving spouses may also qualify. Everything else in the file depends on it.
No monthly mortgage insurance at all.This is the structural advantage. Where FHA and low-down conventional loans carry a recurring insurance cost, VA does not — which often makes the monthly payment lower even when the rate is similar.
The funding fee replaces it, once.A one-time funding fee applies instead, priced by down payment and whether the benefit has been used before. It can be financed into the loan, and it is waived for veterans receiving compensation for a service-connected disability, for certain Purple Heart recipients on active duty, and for some surviving spouses.
Full entitlement means no loan limit.With full entitlement there is no VA-imposed ceiling; the limit is what the lender will approve. If entitlement is partially used by an existing VA loan, county limit math returns and a down payment may be required.
Occupancy is required.The buyer must intend to occupy the home as a primary residence, generally within 60 days of closing. VA financing is not for investment purchases.
The benefit is reusable.Entitlement can be restored after a sale and payoff, so a VA loan is not a once-in-a-lifetime option.
USDA Loans
A zero-down option for buyers in eligible areas who meet household income limits.
Primary ResidenceEligible Areas Only
Down Payment
Often $0
Credit Score
Typically 640+
Loan Limits
No set limit, but income limits apply*
Mortgage Insurance
1% upfront fee and 0.35% annual fee
Best For
Buyers in USDA-eligible areas, which cover very little of Miami-Dade
Highlights
No down payment and lower fees than a comparable FHA loan
Full USDA loan requirements
USDA loans in detail
Geography decides first.The property must sit inside a USDA-eligible rural area. Very little of Miami-Dade qualifies — eligibility is limited to the agricultural south of the county, and the built-up areas are excluded. For most buyers this route means looking at the county’s far southern edge or outside Miami-Dade entirely.
Income counts the whole household, not just the borrowers.Household income is generally capped at 115% of the area median, and USDA counts income from adult household members even when they are not on the loan. This is the requirement that most often surprises applicants who assumed only their own income mattered.
The fees are lower than FHA’s.A 1% upfront guarantee fee may be financed into the loan, and a 0.35% annual fee is collected monthly — meaningfully less than a comparable FHA loan over time.
Primary residence, modest property.The home must be owner-occupied and cannot be income-producing. Working farmland and properties with commercial use do not qualify.
Automated underwriting usually wants 640.USDA does not publish a hard credit minimum, but most lenders look for 640 to run the file through automated underwriting; below that, manual underwriting and compensating factors come into play.
Jumbo Loans
Financing above conforming limits, for higher-priced Miami-Dade properties.
Primary & Second HomesHigher Limits
Down Payment
Often 10–20% or more
Credit Score
Typically 700+
Loan Limits
Above $832,750 in Miami-Dade*
Mortgage Insurance
Usually not required, varies by lender
Best For
Buyers purchasing above conforming loan limits
Highlights
Finances higher-value homes on lender-set terms
Full jumbo loan requirements
Jumbo loans in detail
It begins one dollar above the conforming limit.In Miami-Dade that is $832,750 for a one-unit property in 2026. Above it, Fannie Mae and Freddie Mac cannot buy the loan, so the lender either holds it or sells it privately — and sets its own rules.
Reserves are usually the real hurdle.Many jumbo programs ask for several months of full payments held in reserve after closing, sometimes six to twelve. Buyers who plan around the down payment alone are often caught by this requirement rather than by the rate.
Documentation runs deeper.Expect more years of tax returns, verification of large deposits, and closer review of variable, self-employed, or bonus income. Two appraisals are still requested by some lenders on higher loan amounts.
Terms vary between lenders more than on any other loan type.Because there is no single agency rulebook, down payment, credit minimum, reserve requirement, and rate can differ substantially between two lenders on the same file. Comparing more than one jumbo quote is worth more here than anywhere else.
Mortgage insurance is usually avoided, not required.Most jumbo structures are built to stay at or below 80% loan-to-value, so monthly mortgage insurance is typically not part of the payment — though some lenders offer higher-LTV jumbo options with their own pricing.
*2026 limits for one-unit properties in Miami-Dade County. Conforming and FHA limits are reset annually and differ by county — contact us to confirm the limits that apply to your purchase.
Down Payment Assistance & Buyer Programs
Reduce your upfront costs and build confidence on your path to homeownership.
Lower Upfront Costs
Grants and assistance programs can help with down payment and closing costs.
Education & Planning
Access homebuyer education and budgeting resources to prepare with confidence.
Flexible Options
Explore a variety of programs designed for different needs and financial situations.
Guidance on Eligibility
We’ll help you understand requirements and find programs you may qualify for.
