When you get a mortgage in Florida, there are several options you can choose from, including FHA, VA, and USDA mortgages. The one you select will determine how big a down payment you’ll need, what credit score you should have and all the other requirements you’ll need to meet. But choosing the right mortgage product can be difficult — especially if you’ve never bought a home before.
FHA
FHA mortgages are insured by the Federal Housing Administration. They allow for lower credit scores than most other loans. In fact, with some lenders, you may be able to get approved with a credit score as low as 500.
The one caveat with FHA loans is that they require a Mortgage Insurance Premium both at closing and as part of your monthly payment. The exact cost of this varies based on your loan balance and down payment.
VA
VA loans are mortgage loans that are guaranteed by the Department of Veterans Affairs. Only homebuyers who are military veterans, current military members or their spouses can qualify for a VA loan. Applicants also need to meet certain service requirements, as well as obtain a Certificate of Eligibility from the VA.
VA loans come with some of the lowest interest rates around, and there are also no minimum credit score or down payment requirements.
USDA
USDA loans are mortgages backed by the U.S. Department of Agriculture. They’re reserved for buyers in more rural parts of the country, and they’re only available in certain areas. Borrowers also need to fall under the set income threshold for their community. Like VA loans, USDA loans require no down payment.
If you’re still not sure whether an FHA, VA, or USDA mortgage is the best fit for your home purchase, give us a call at (954) 370-4849. We can help point you toward the best option for your budget and goals.
Related Articles
Mar 10, 2026
Welcome to Our New Website
Home Financial Group is excited to announce the launch of our brand-new website, designed to better serve Florida homebuyers and homeowners.
Mar 6, 2026
Water Softeners: Pros and Cons for Your Home
If you’ve ever noticed white spots on your dishes, soap that doesn’t lather well, or dry skin after a shower, you might be dealing with hard water. Hard water contains high levels of minerals like calcium and magnesium, which can cause a variety of household issues. One common solution is […]
Feb 27, 2026
Get Your Home Ready Before the Heat Hits
As winter fades and the days start warming up, it’s easy to put off home maintenance. But tackling a few key tasks before the temperatures soar can save you money, prevent breakdowns, and make your home more comfortable all summer long. A little preparation now means fewer emergencies later — […]