Financing options.

Conventional loans are available with only a 5% down payment, or 3% down for first time home buyers. If the buyer puts down less than 20%, private mortgage insurance (PMI) is generally required. The buyer can request PMI be removed once the loan reaches 80% of the property's original value.

Compared with conventional loans, FHA financing offers more flexibility on credit scores and debt-to-income ratios. FHA financing allows down payments as low as 3.5% and is available on one-to-four unit properties. The tradeoff is mortgage insurance. FHA borrowers pay both an upfront mortgage insurance premium and an annual mortgage insurance premium. That added cost can make the monthly payment higher than expected even when the rate looks competitive.

A VA loan is a benefit available to eligible veterans, active-duty service members, and some surviving spouses. VA-backed loans can offer no down payment, no private mortgage insurance, limited closing costs, and competitive rates, although lender underwriting still applies and the buyer must meet eligibility, credit, income, and occupancy requirements. The buyer must also qualify for a Certificate of Eligibility (COE).

• VA loans are one of the strongest financing tools available when a buyer qualifies.
• The main limitation is that the program is only for eligible borrowers and generally requires owner occupancy.
• Some buyers may also pay a VA funding fee unless exempt.

Non-QM means non-qualified mortgage. A Qualified Mortgage is a loan category defined under federal consumer finance rules and is intended to have safer features and underwriting protections. A non-QM loan does not fit that standard QM box, but that does not automatically mean it is bad. It usually means the borrower's income, assets, debt structure, or property scenario does not fit standard agency guidelines.

• Non-QM financing is commonly used by self-employed buyers, real estate investors, foreign nationals, buyers using bank statement programs, DSCR programs, or other alternative documentation methods.
• These loans can solve problems that conventional and government loans cannot, but they often come with higher rates, larger down payment requirements, and stricter reserves or risk-based pricing.

A jumbo loan is a mortgage that exceeds the conforming loan limits set by the FHFA. In Broward County for example the loan limit in 2026 for a single-family home is $832,750 for a conventional loan and $667,000 for FHA. Jumbo loans are designed for those higher-value properties and luxury markets.

• Lenders often require a stronger financial profile, including stronger credit scores, lower debt-to-income ratios, and more substantial reserves.
• Despite the stricter hurdles, many jumbo products offer very competitive rates for well-qualified buyers.

A cash purchase means there is no mortgage financing involved. This makes an offer stronger because there is no financing risk and it can allow for quicker closings.