Sarasota First Time Buyer Programs

Mortgage and Lending with USDA / FHA Mortgage Source

Sarasota First Time Buyer

If you are a Sarasota Florida first time home owners looking to purchase your first home, you will generally start with one question…. what is the best home financing option available to me?  That answer depends on many variables like -  down payment, location, etc. However, most first time buyers in Sarasota want to purchase a home with a limited or NO down payment loan.  Below we will discuss some options and provide some clarity to the subject. 

There are basically four different mortgage programs that offer limited to NO money down in Sarasota Florida today. Below we will discuss each program in detail:

  • Down payment assistance (DPA) with the FHA mortgage –  some home buyers choose the available down payment assistance program that may be available through certain Florida county programs, like Sarasota County. FHA requires home buyers to put 3.5% down payment as a minimum.  These down payment assistance programs kick in and provide the 3.5% down payment requirement.  However, many of these programs require classes, re payment clauses ( you need to live in the home for a certain length of time) and low income caps. Additional, funding for these programs can be sporadic in addition to waiting times. It really just depends on the county/ city program.
  • FHA HUD $100 Down mortgage for HUD owned homes. Read all about this speical HUD $100 down program here. Please note this is only for houses that are being sold by HUD. 
  • 100% USDA home loan.  The Florida USDA Rural Housing loan program is available to all qualified home buyers, just not first time home owners.  One advantage is theirs no special class or waiting needed with a USDA loan.  No pre payment penalties, secure 30 year fix rates and you can close in as little as 40 days.  The USDA mortgage program is 100% financing and also allows home sellers to pay buyers closing costs.  The result? Buyers can move into their home with little to no money out of pocket.  With USDA there are two major eligibility factors that must be met below:

First, the home you decide to buy has to be located in a rural defined location.  1-75 is the cut off area around Sarasota - anything EAST of this is still approved for USDA financing.   Any single family home (general good move in condition) is eligible as long as it’s located in the approved area, regardless of the home seller.  Mobile homes are not allowed.  First time buyers that have questions about the approved USDA map and location can contact us at ph: 904-302-6060. 

Income is the second major eligibility factor.  The USDA 502 and Direct program has income limits that apply to all members of the household.  For a household of 1-4 members in Sarasota – the income limits start at $75,200 per year gross income. Now this income limit increases depending on certain factors.  Example -  some factors like the number of dependants living in the household, disability, elderly, county, etc.  The income limits for some counties that have 5+ members in the household are well above $100,000 per year.  The USDA income chart can be found below.  Again, please contact us below if you have questions about calculating your household income.  All of the general loan qualifying requirements (credit, job, debt to income) are pretty much the same the as other mortgage programs.



1- 4 person household

5 – 8 person household




All Florida counties EXCEPT those listed below:


$ 99,850

Clay, Duval, Nassau, St Johns






Manatee and Sarasota



Okaloosa and Wakulla


$103,000 /101,450

Palm Beach



NOT ELIGIBLE are Broward, Pinellas and Monroe


Add 8% of 1-4 person limit for each person in excess of 8 persons.



  • VA (Veterans Affairs) 100% financing home loan. This program is reserved only for past and active military that have VA mortgage entitlement.  This is without a doubt the best mortgage option for those that have VA eligibility.   Click here to learn more about the VA mortgage in Sarasota. 

Any buyers in Florida or Georgia that have question, please contact us at by calling 904-302-6060 or visit

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