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FIRST HOME BREVARD · LOAN OPTIONS

The smallest down payment is not always the cheapest mortgage.

Buyers may hear that FHA requires a modest down payment while some qualified conventional borrowers can buy with even less. Those headlines miss the details: qualifying requirements, mortgage insurance, funding sources, seller credits and the property's eligibility can shift the better fit. Compare the complete financing package, not only the starting percentage.

Locally focusedPractical questionsOfficial resources
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For Brevard County homeowners and buyersJesse Griffith · NMLS #2023557Mortgage services: New American Funding
01

Start with written options for the same property

A qualifying conventional low-down-payment product may offer a three-percent down payment, while FHA often begins at three and a half percent for eligible applicants. Availability is not universal. Ask a lender to price both for the same purchase amount, credit profile, occupancy, loan term, closing date and insurance assumptions. A useful comparison includes the complete monthly payment as well as cash needed after any approved gift and seller credits.

Action checklist
  • Request both loans using identical purchase and tax inputs
  • Verify eligibility rather than assuming advertised minimums
  • Include earnest money and lender fees in cash-to-close estimates
02

Compare mortgage insurance and the expected holding period

A lower initial down payment can be offset by differences in upfront and ongoing mortgage insurance, interest rates and discount points. FHA and conventional insurance follow different rules for cancellation or duration. A borrower who expects to stay for many years may evaluate those structures differently than someone planning to move soon. Never compare a principal-and-interest figure on one estimate with a fully escrowed payment on the other.

Action checklist
  • Compare the full monthly payment with insurance included
  • Ask how and when mortgage insurance could end
  • Check interest rate, points and multi-year borrowing cost
03

Check whether assistance or gift funds change the result

For some borrowers, down-payment assistance may come with a second lien, deferred repayment or special first-mortgage pricing. Family gift funds may offer a different route if permitted and fully verified. Also consider property condition, condo rules and the lender's final underwriting review. A reliable recommendation comes from current program documentation and Loan Estimates, not a single marketing headline.

Action checklist
  • Ask for assistance repayment terms in writing
  • Confirm available gift sources and account evidence
  • Review condo or repair issues before relying on one program
VERIFY CURRENT GUIDANCE

Official information

Terms, loan rules, funding and eligibility can change. These references are for education; always confirm the current written terms with the appropriate agency and lender.

CFPB — Compare mortgage Loan Estimates ↗
FREE TAKE-HOME RESOURCE

Leave with a plan you can actually use.

Print a First Home Brevard worksheet or save it as a PDF. It includes questions to ask, a checklist to bring to your next conversation, and room for notes. No account or personal financial information required.

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SPACE COAST HOMEOWNER RESOURCE

First Home Brevard

The smallest down payment is not always the cheapest mortgage.

Planning worksheet

Buyers may hear that FHA requires a modest down payment while some qualified conventional borrowers can buy with even less. Those headlines miss the details: qualifying requirements, mortgage insurance, funding sources, seller credits and the property's eligibility can shift the better fit. Compare the complete financing package, not only the starting percentage.

Before your next appointment

  • Request both loans using identical purchase and tax inputs
  • Verify eligibility rather than assuming advertised minimums
  • Include earnest money and lender fees in cash-to-close estimates
  • Compare the full monthly payment with insurance included
  • Ask how and when mortgage insurance could end
  • Check interest rate, points and multi-year borrowing cost
  • Ask for assistance repayment terms in writing
  • Confirm available gift sources and account evidence
  • Review condo or repair issues before relying on one program

Questions to bring with you

  1. Is FHA always easier than conventional?
  2. Does conventional always avoid mortgage insurance?

Notes / follow-up

firsthomebrevard.comJesse Griffith · NMLS #2023557 · New American Funding · 321-501-9579

Educational worksheet only. Not a financing quote, preapproval, promise of assistance funds, commitment to lend or legal/tax advice. Program rules, availability and property costs must be independently confirmed. All loans are subject to lender approval. Do not write Social Security numbers, account numbers or other sensitive information on this handout.

COMMON QUESTIONS

Frequently asked questions

Is FHA always easier than conventional?

No. Credit, debt, income, property and mortgage-insurance factors vary by borrower and product. Obtain qualifying scenarios rather than relying on a general rule.

Does conventional always avoid mortgage insurance?

No. Private mortgage insurance may apply when putting less than twenty percent down, depending on the loan structure and lender.

CONTINUE LEARNING

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First Home Brevard

Independent local education for Brevard County. Mortgage consultation: Jesse Griffith, NMLS #2023557, New American Funding. Equal Housing Opportunity.

Not a commitment to lend. All loans subject to lender approval and applicable program, borrower and property requirements. No rate, financing, savings, assistance or closing-time guarantee.

Information is general educational material, not financial, tax or legal advice. Rates, funding, loan rules and local market conditions can change.