VA, FHA, USDA, conventional, jumbo, construction, renovation, investor — which one is yours? Mortgage Broker Douglas Wilkerson compares every program side by side so you pick on real numbers, not guesswork.
It comes down to three things: who you are (veteran status matters most), what you’re buying (primary home, land, fixer, rental), and your credit and cash position. The fastest honest answer is a side-by-side: Douglas runs your scenario through every program you qualify for and shows you payment and cash-to-close for each — then you pick on numbers, not guesses.
Absolutely, and it’s a common strategy. Many buyers start with FHA’s 3.5% down, then refinance into conventional once they reach 20% equity to drop mortgage insurance. Others start USDA and refinance later. The key is choosing the right entry point for today without painting yourself into a corner.
For most programs, no. FHA, VA (with remaining entitlement), USDA, and conventional loans are all available to repeat buyers. Only specific 3%-down conventional options (like HomeReady/Home Possible income-targeted features) and some assistance programs carry first-time-buyer definitions. Don’t assume you’re excluded — ask.
No — it means that bank’s overlays didn’t fit your file. Banks routinely add minimum credit scores, reserve requirements, and DTI caps stricter than the actual agency guidelines. As a Mortgage Broker with roughly 200 lending partners, Douglas places files every week that a bank turned away. One lender’s “no” is never the last word.
Zero — through VA (eligible veterans/military) and USDA (eligible areas and income). Next lowest: 3% conventional options for qualified buyers, then 3.5% FHA. The right minimum for you depends on the program you qualify for, not just the smallest number.
For eligible veterans, VA almost always wins — no down payment and no monthly mortgage insurance. For everyone else it depends: USDA’s low fees often beat FHA on payment in eligible areas, while conventional beats FHA once your credit is strong enough to earn good PMI pricing. Run the actual numbers side by side before deciding.
Possibly. FHA goes down to 500 with 10% down (580 for 3.5% down). VA has no agency minimum score. Conventional generally needs 620. What matters is the full file — payment history, income stability, reserves — not just the score. Don’t diagnose yourself from a credit app; apply and get a real file review.
Yes, with project requirements. FHA needs condo project approval; conventional follows Fannie/Freddie project standards (including their condo review rules); VA has its own approved condo list. Townhouses are generally treated like single-family homes. Douglas checks project eligibility before you fall in love with a unit.
Construction-to-permanent loans combine the lot purchase and build into one closing, with draws paid to the builder as work is completed. VA and FHA both technically allow construction lending, though few lenders offer it — another place where having 200 lending partners matters. Land equity you already own usually counts toward your down payment.
Yes — renovation loans. FHA 203(k) (Limited for repairs up to $35,000, Standard for major rehab) and Fannie Mae HomeStyle (conventional, up to 75% of the as-completed value, even luxury items like pools) roll purchase plus renovation into a single mortgage with one payment.
Most buyers walk in thinking there’s one “best” loan. There isn’t. The right mortgage depends on three questions: Who are you (veteran? first-time buyer? investor?), what are you buying (primary home? land to build on? a fixer?), and where do you stand (credit, down payment, income)? Answer those three and the program usually picks itself.
Below is every major program Douglas brokers through his roughly 200 lending partners — with honest notes on who each one serves best. Read the cards, then use the comparison table to narrow it down.
The earned benefit for veterans, active-duty military, and eligible surviving spouses. Zero down, no monthly mortgage insurance, no loan limit with full entitlement.
The low-down-payment workhorse. 3.5% down with 580+ credit, gift funds allowed for the whole down payment, flexible qualifying.
Zero down outside city centers — and much of St. Johns, Clay, and Nassau County qualifies. Lower monthly fees than FHA.
Fannie Mae and Freddie Mac financing. 3% down options, PMI that cancels — never for the life of the loan — and strong pricing for good credit.
For luxury and high-price Florida homes above the conforming limit. 10–20% down typical, and pricing varies wildly by lender — which is exactly why you want a broker.
Construction-to-permanent financing: buy the lot and fund the build with a single closing, then roll into a normal mortgage when the home is done.
FHA 203(k) and Fannie Mae HomeStyle roll the purchase price and renovation costs into one loan — the smart way to buy a Jacksonville fixer.
Conventional investor financing and DSCR loans that qualify on the property’s rental income — not your pay stubs. Build the portfolio.
| Program | Min. Down | Credit (Guideline) | Monthly Mortgage Insurance | Best For |
|---|---|---|---|---|
| VA | 0% | No VA minimum (lenders vary) | None | Eligible veterans & military |
| FHA | 3.5% | 580 (500 w/ 10% down) | Yes — MIP | Low down payment, rebuilding credit |
| USDA | 0% | 640 typical | Yes — low annual fee | Eligible areas, modest income |
| Conventional | 3% | 620 | PMI over 80% LTV — cancels | Good credit, 3–20% down |
| Jumbo | 10–20% | 680–720+ | Usually none | Loans above $832,750 |
| Construction | 20–25% | 680+ | n/a during build | Building on your lot |
| Renovation | 3.5% (FHA) / 5% (conv.) | 580 / 620 | Per underlying program | Buying a fixer-upper |
| Investment | 15–25% | 620–680+ | PMI or none (DSCR) | Rental property buyers |
These are program guidelines — the agencies’ actual rules. Individual banks stack their own stricter requirements (“overlays”) on top. Douglas brokers through roughly 200 lenders, so when one lender’s overlay says no, there are many more doors to knock on.
Start with the VA loan. Zero down, no monthly mortgage insurance, and no loan limit with full entitlement — it beats every other program on payment for eligible buyers in nearly every scenario. Douglas is a Marine Corps veteran and runs this comparison daily.
Buying in an eligible area of St. Johns, Clay, or Nassau County? USDA offers 0% down with lower monthly costs than FHA. Buying land to build on? That’s construction-to-permanent. Eyeing a dated bungalow in Springfield or Riverside with good bones? A renovation loan folds the repair budget into the mortgage. Buying a rental? Investor programs — including DSCR loans that qualify on rent, not your W-2.
Strong credit and 5%+ down? Conventional usually wins — its PMI cancels, and its pricing rewards good scores. Rebuilding credit or working with minimum cash? FHA’s 3.5% down and 580 credit tier were built for exactly that. Price above $832,750? You’re in jumbo territory, where shopping lenders — a broker’s whole job — matters most.
A bank sells you the bank’s products. If their FHA desk overlays a 640 minimum, or their jumbo pricing is uncompetitive this month, you’ll never hear about the better fit — you’ll just hear “no” or get a worse rate. Douglas brokers every program above through roughly 200 wholesale lending partners. That means:
If a bank already told you no on any program listed here, that was one lender’s answer — not the program’s. Apply and find out where you actually stand.
Answer a few quick questions and Douglas will personally price your scenario — no automated guesswork, no obligation.
No pressure, no credit pull to have the conversation — just straight answers from a Jacksonville Mortgage Broker.
Douglas Wilkerson — Mortgage Broker, NMLS #1680719
Freeman Douglas Corporation
1548 The Greens Way, Ste. 4, Jacksonville Beach, FL 32250
Direct: (904) 517-4049 · Office: (904) 906-8869
Email: [email protected]
Serving Jacksonville, Jacksonville Beach, St. Augustine, Orange Park, Fernandina Beach, and all of Duval, St. Johns, Clay, and Nassau counties — plus borrowers across Florida and additional states where licensed.
Freeman Douglas Corporation is a DBA of Edge Home Finance. This is not a promise to lend — all credit decisions are subject to approval. Douglas Wilkerson, NMLS #1680719 | Edge Home Finance, NMLS #891464. Verify licensing at nmlsconsumeraccess.org. Equal Housing Opportunity.