There is no single best mortgage, only the best mortgage for your situation. This guide compares the main programs used across the Treasure Coast and South Florida, with who each one usually fits best.
Wiz's tip
Run the mortgage calculator with each program's rate and down payment before you choose. A 0.5 percent rate difference on a $600,000 loan is roughly $180 a month, which is thousands of dollars a year in lifestyle decisions.
Conventional loans
The workhorse: as little as 3 to 5 percent down, competitive rates for strong credit, and no up-front funding fee. These fit most buyers with good credit and manageable debt ratios, and private mortgage insurance drops off once you reach 20 percent equity.
FHA and VA loans
FHA loans allow 3.5 percent down with more lenient credit, at the cost of an up-front and annual mortgage insurance premium. VA loans for eligible veterans offer zero down payment and no monthly mortgage insurance, among the best terms in lending. Both bring specific requirements for the property itself.
Jumbo loans and cash
Above the conforming loan limit, jumbo loans carry different underwriting and rates, common on the Gold Coast where medians reach $600,000-plus. Cash offers remain the region's strongest negotiating position, and Palm Beach County is the top all-cash market in the country, so cash buyers set the pace there.
Which one fits you?
Your credit, down payment, income stability, and the property itself all point to a program. Michael's role is to help you understand the options and coordinate the advisor team, lender included, around your long-term goals, while your lender executes the funding.