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Jumbo loans are portfolio loans (not sold the same way conforming loans are), so underwriting is stricter for one reason: the lender is taking more concentrated risk. In Miami, that risk gets amplified by condos, insurance volatility, and large asset movements. Here’s what underwriters focus on, what “reserves” really mean,

If you’re shopping “3% down” in Florida, you’re really choosing between two buckets: Affordable-lending conventional (HomeReady / Home Possible) Standard conventional at 97% LTV (often called “Conventional 97”) They can look identical on a pre-approval letter. Underwriting doesn’t treat them the same. The quick difference (what most buyers miss) HomeReady

VA loans are one of the best benefits in housing—but Miami is where sloppy assumptions get expensive. The three places buyers get blindsided are residual income, condo approval, and thinking “zero down” means “no money needed.” 1) Residual income: VA’s real affordability test Most loan programs obsess over DTI. VA

FHA can be a great path for Miami condo buyers—but only if the condo project (or your single unit) meets FHA rules. The #1 mistake is going under contract first and “hoping it’s FHA-approved.” That’s how timelines blow up. 1) How to check if a Miami condo is FHA-approved (the

FHA mortgage insurance (MIP) has two separate charges: an upfront fee at closing and an annual fee paid monthly. People mix these up—and that leads to bad payment expectations. 1) Upfront MIP (UFMIP): the one-time charge For most FHA forward loans, the Upfront MIP is 1.75% of the base loan

Down payment assistance (DPA) in Florida is real—but it’s not “free money.” Most programs are second mortgages (deferred, forgivable, or low-payment) with strict rules, income limits, and paperwork. If you wait until after you’re under contract to figure it out, you’re asking for delays. Below are the programs Miami-area buyers