Conventional, FHA, VA, and jumbo loans compared — and how First Coast buyers typically choose between them.
The most common option, backed by Fannie Mae or Freddie Mac rather than a government agency. Well-qualified buyers can put down as little as 3–5%, though 20% avoids private mortgage insurance (PMI). Conventional loans typically want a credit score of 620 or higher and a debt-to-income ratio under 45%.
Backed by the Federal Housing Administration, FHA loans are popular with first-time buyers because they accept lower credit scores (often 580+) with just 3.5% down. The tradeoff is mortgage insurance premiums that stick around for the life of most FHA loans, and loan limits that cap how much home you can buy this way.
Available to eligible veterans, active-duty service members, and some surviving spouses, VA loans allow 0% down with no private mortgage insurance — a meaningful advantage given how many military families relocate to Northeast Florida's bases and their surrounding communities.
Ponte Vedra Beach's luxury market regularly exceeds the conforming loan limit, which is where jumbo loans come in. They finance amounts above that limit but typically require stronger credit, larger down payments (often 10–20%), and more cash reserves than a conventional loan.
A lender who closes loans on the First Coast regularly understands coastal insurance timelines, flood-zone quirks, and local appraisal comparables — all of which can make or break a tight closing timeline. It's worth getting quotes from at least two or three before committing.
Talk through your loan options with a local expert who knows the First Coast market.