Loan Programs


Different loan types fit different financial goals and lifestyles. Click on the images below to help guide you through the steps to determine which loan program is right for you.

Conventional financing with a down payment as low as 3% and private mortgage insurance (PMI) is available to first-time homebuyers.
Qualifying first-time homebuyers may be eligible for down payment and Florida Bond Money closing cost assistance. Income limitations apply.
A first-time homebuyer is defined as someone who has not owned a home in 3 years.
A VA loan is available to veterans, active duty military, and reservists; requiring a 0% down payment. This can significantly lower the funds needed the day of closing. Unlike a standard conventional loan with a down payment under 20%, VA loans do not require mortgage insurance and can have lower monthly payments as a result.
Yes you are able to receive gift funds. The Amount is reliant on product guidelines.

Product Guidelines Amount
Conventional Loan, Primary Residence with less than 10% down payment 3% Maximum
Conventional Loan, Primary Residence with greater than 10% down payment 6% Maximum
Conventional Loan, Second Home or Investment Property 2% Maximum
FHA, VA and USDA - must be a family member 6% Maximum
Loan Type Down Payment Required Qualification Notes*
Conventional 3% Available for qualifying first-time homebuyers; carries Private Mortgage Insurance (PMI), eligible to be removed at 78%
Conventional 5% Carries Private Mortgage Insurance (PMI), eligible to be removed at 78% loan to value.
FHA 3.5% Carries mortgage insurance for the life of the loan.
USDA 0% Home must be in qualifying area, income limitations apply
VA 0% Available for qualifying veterans, active-duty military and reservists.
Conventional loans with a down payment of 20% or more of the purchase price are not required to pay private mortgage insurance.
Loan amounts above $417,000 are determined to be Jumbo Loans.
VA Jumbo Loans offer a 0% down payment on loan amount up to $417,000 and require a 20% down payment on the difference.
Conventional, FHA, VA and USDA options are available for qualifying applicants with a short sale, bankruptcy, foreclosure or deed-in-lieu in the past.
Some programs allow for leniency with extensive documentation of extenuating circumstances, as determined by Fannie Mae.
Military transfer orders may allow for leniency in certain programs with proof of orders.
For those 62 or older, a reverse mortgage utilizes the equity in your home to eliminate monthly mortgage payments giving you the freedom to move closer to family, downsize, or live a more active lifestyle. You can never owe more than your home is worth.
Second homes are eligible for a conventional loan with a down payment as low as 10%.

Investment homes are eligible for a conventional loan with a down payment as low as 20%

* This is not a guarantee to lend. Each loan program has its own set of lending guidelines. Speak with your Bank of England Team to determine eligibility and obtain your Priority Qualification.