First Time Home Buyer Mortgage Options - Florida

Mortgage and Lending with Canopy Mortgage 89769




First time Florida home loan programs are for homebuyers seeking a home as primary residence. First time Florida loan applicants with not much money for a down payment will find that the FHA government insured or VA guaranteed Florida home loans are easier and less expensive for many first time Florida homebuyers. One program that is often overlooked and well worth looking into is the USDA home loan program.

Florida Down Payment Assistance Grants are another great option for Florida First Time Home Buyers but they come with many more hurtles and run out of funds quickly which suspends or terminates the program(s).

Below you will find information on Florida first time homebuyer loan programs

USDA Loans:

A USDA government insured loan is a special program designed to help low-income buyers in less populated areas. The USDA home loan program offers a 100% financing option to borrowers that qualify for this beneficial government program. NO monthly mortgage insurance premium charged to the first time Florida home buyer. The upfront 2% USDA Guarantee fee may be added to the USDA loan amount.

In order to be eligible for this program, your income must meet certain guidelines and the home purchased must be in designated rural areas as defined by the USDA.  You might be surprised at areas that qualify for USDA Loans in Florida, contact me today to find out more about Florida USDA Home Loans and to see if the house you are looking to buy fits the USDA defined area.  Call 904-712-1500


FHA Loans

FHA loans are available to Florida first home buyers and moving up buyers to purchas a home as their primary residence. An FHA loan is available to borrowers with as little as 3.5% down. That means if you’re looking for a Jacksonville mortgage using the sales price of $175,000, your down payment could be as low as $6,125. With plenty of options in the $100,000 range, you could be looking at as little as $3,500 out of pocket for your down payment.

Down Payment Gifts are another great benefit for FHA borrowers is that the down payment can be a gift.

The down payment of 3.5% can be a gift, as long as the person gifting the down payment meets FHA guidelines. A relative, charity, your employer or workers’ union, even a friend can gift you the funds for your down payment as long as the friend has invested interest in the borrower. This is a way that an FHA loan can provide the borrower 100% financing with no down payment out of pocket. You will need to fill out a gift letter for the mortgage down payment.

The FHA loan program is a perfect first time Florida loan program for the buyer with less than perfect credit and not much money for a down payment and or closing cost. Find out If You Qualify Now

VA Loans

This is another zero down payment option that many potential Jacksonville homeowners can qualify for.

The amazing benefit of being able to purchase with $0 down helps veterans and active military members get a slice of the American Dream without having to spend years scraping and saving for a sizable down payment. That means those who serve our country can get into homes in the present, not years down the road.

Backed by the U.S. Department of Veterans Affairs, VA loans are designed to help active-duty military personnel, veterans and certain other groups become homeowners at an affordable cost. Benefits of the VA loan include:


  •         No down payment requirements, making the VA a truly no-money-down opportunity
  •         No mortgage insurance requirements and low closing costs, saving you money upfront and over time
  •         More credit and income flexibility, making it easier for eligible borrowers to qualify. Apply for a VA loan  .

Contact me today for a No Obligation Mortgage Consultation or Pre-approval to get you on your way to Buying a House in Florida  


Leo Namiot

Florida Mortgage Lender

NMLS# 89769




Florida First Time Home Buyers



Jacksonville Florida First Time Home Buyers



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