First Time Home Buyer Loan Programs In Florida

Florida First Time Home Buyer Programs

There are many loan programs for first time homebuyers in Florida. Some of these programs do offer no money down mortgage, that can be extremely beneficial to first-time buyers as they might not have enough funds to cover down payment and closing costs.

Top 5 Programs for first-time buyers in Florida

  • FHA loan :A loan insured by the Federal Housing Administration (FHA), this loan type requires smaller down payment and you can qualify with average credit score unlike most conventional loans. First-time homebuyers can buy a home with a credit score of 580 and with only about 3.5% down. If your credit score is above 500 butless than 580 then you might need 10% down.
  • USDA loan :A loan program 100% guaranteed by the U.S. Department of Agriculture (USDA). To avail this program you have to buy the house in as USDA eligible area or what they more commonly call - a USDA zone. Ideally you will need a credit score of 640 to qualify for this loan program. USDA loans have income limits based on where you live, for most of Florida the income limits are $90,300/- (for 1-4 family members) and $119,200/- (for 5-8 family members).
  • Freddie/Fannie :These are conventional loans backed by Fannie Mae or Freddie Mac, that require only 3% down. To qualify, homebuyers will need a minimum credit score of 620 and a good credit history. Debt-to-income (DTI) ratio for Fannie Mae can be as high as 50%.
  • HomeReady Loan :This loan proram is again by Fannie and is a great fit for someone with low income. First-time or repeat homebuyers can avail this program even if they have limited cash for downpayment. Minimum credit score required is 620, but you can get better rates if your credit is above 680.
  • FHA Section 203(k) :As the name suggests, this one is again from FHA. It is basically 2 loans in one which which not only helps you pay for the home, but also pays for the home improvement. FHA calculates home's value after the improvements have been performed. This requires 3.5% down and cost of improvement must be at least $5,000/-

Fill in the following application and one of our loan experts will call and suggest the best loan program for your case along with discussing the following options:

Loan program options

  • 30 year fixed rates
  • Lowest interest rates
  • No money down programs
  • Flexible credit guidelines
  • Different Government guaranteed programs
  • Time that it will take from approval to closing
  • Options to roll in the closing costs into the loan
  • Key points to keep in mind while searching for a home
  • Possible mortgage options USDA, FHA, Conventional etc
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First Time Home Buyer

Loan programs tailored to suit the needs and wants of first-time homebuyers in Florida.

First Time Home Buyer Programs in Florida

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Get Current Programs

View the latest first-time home buyer programs that are being made available to those who plan on buying a home in Florida for the very first time. Most first-time home buyer programs have eligibility criteria that is based on the location (City & County) of the home that you plan on purchasing. Different counties in Florida offer different first-time home buyer programs.

Determine Your Eligibility

First time home buyer programs in Florida are structured to help first time homeowners who may not have enough money to pay closing costs and the entire down payment amount of a home loan. Our mortgage brokers can determine your eligibility for specific first-time home buyer programs in Florida once you provide the city, county and price range of the home you plan to buy.

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