Conventional loans are for people who have mid to good credit. Here are some quick facts:

• 720 credit score or better gets a good rate
• 660 gets a higher rate and you might want to consider FHA
• 10-19% down payment requires a good credit score and PMI
• 20% down or better does not require PMI
• 0-9% down payment not available due to PMI restrictions
• loan amounts up to $417,000 in order to be conforming

Occupancy types available for conventional:

• Owner Occupied
• Second Home (not the same as a rental)
• Investment (rental) (may require 25% down, depends on lender)

Types of properties available:

• Single Family
• Condo
• Multi Family
• PUD
• Townhouse

FHA loans are for people with less than perfect credit, but still have the ability to purchase and maintain a home.

Quick facts:

• As little as 3.5% downpayment available
• Closing cost be be paid by the seller, family, or some other options
• Down payment can be a documented gift from a family member
• Competitive rates
• Special appraisal required which includes a home inpection (Home must pass inspection)
• Alternative credit accepted
• Many property types available( condos must be approved by FHA)
• Non-occupying co-borrower allowed
• MI required on low down payment loans
• Limits on debt and housing ratios
• There are loan limits( https://entp.hud.gov/idapp/html/hicostlook.cfm )

Apply For an FHA loan: www.floridadreamloans.com/loanapplication  

FHA website: http://portal.hud.gov/portal/page?_pageid=73,1&_dad=portal&_schema=PORTAL

HUD homebuying guide: http://www.hud.gov/buying/index.cfm

 

 Va offers a guarantee program to help services members and in some cases their spouses to get a home loan.

Quick facts:

• 100% financing available
• Loan is assumable
• Closing costs are limited
• competitive rates
• Certificate of eligability required
• dishonorable discharge not allowed(see VA for details)
• There are guarantee limits but not housing price limits
• Ability to finance the VA funding fee
• No mortgage insurance premiums
• Right to prepay without penalty

Here is how to calculate the VA guarantee limit: http://www.homeloans.va.gov/docs/guaranty_calculation_examples.pdf 

The VA has homes for sale: https://va.reotrans.com/index.cfm?  

Homes for Hero's Program:

Veterans or servicemembers who have specific service-connected disabilities may be entitled to a grant from the Department of Veterans Affairs (VA) for the purpose of constructing an adapted home or modifying an existing home to meet their adaptive needs.  The goal of the Specially Adapted Housing (SAH) Grant Program is to provide a barrier-free living environment that affords the veterans or servicemembers a level of independent living he or she may not normally enjoy.

Grants provided under the SAH program may also be used outside the United States.  However, it must be reasonably practicable for VA to provide assistance in acquiring specially adapted housing for the designated country or political subdivision outside the United States.  For more information on use of such grants, please contact Brian N. Bixler, Chief, Specially Adapted Housing, on (202) 461-9546 or via Email at: brian.bixler@va.gov.

There are two types of grants administered by VA, which are available to assist severely disabled veterans or servicemembers in adapting housing to their special needs.

Access more information about this @ http://www.homeloans.va.gov/sah.htm 

Main VA Loan website http://www.homeloans.va.gov

 The Housing and Community Facilities Programs provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. HCFP also makes financing available to elderly, disabled, or low-income rural residents of multi-unit housing buildings to ensure they are able to make rent payments.

USDA has a loan guarantee program and a direct loan program. Details of the loan guarantte program are provided.

Quick facts:

• 100% financing available
• income limits apply(115% of median for the area) limits are here: http://www.rurdev.usda.gov/rhs/sfh/sfh%20guaranteed%20loan%20income%20limits.htm 
• terms are for 30 years, rate is set by the lender
• low income allowed
• Housing must be modest in size, design, and cost
• applicants must have reasonable credit histories
• Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance

They do have homes for sale: http://www.resales.usda.gov/ 

USDA has a lot more to offer including rental assistance food assisance and other programs, if you are in a rural area and need assistance please view their website: http://www.usda.gov/wps/portal/usdahome Some people in need do not have a computer so please tell them about these programs and give them my number 727-239-2188 I will help the get in touch with someone at the USDA.

There are more programs available but these are the main ones. You can get a loan for a lot of scenerios, contact your mortgage broker for details and they will help you choose the correct program for your situation.

Getting a home loan has a lot of factors and a decision on a product and a broker to work with should not be taken lightly. It should also not be an afterthought, don't choose the home first, choose the loan first.