First time home buyers purchasing their dream homes in Florida should know their home financing options. Many Florida first time home buyers are seeking low to no down payment mortgages.  Here are a few mortgage programs to consider.

My favorite of course is the 100% guaranteed VA Home Loan.  A qualified Veteran can borrow as much as $417,000 with no down payment requirement. There is no prepayment penalty and no private mortgage insurance.  Fixed interest rates for these 100% Florida VA home loans are very low.  And the sellers can contribute up to 4% towards the Veterans closing costs, and/or prepaids. 

Next, of course, is the ever popular FHA mortgage. With an Florida FHA home loan, a new home buyer can put down as little as 3%.  The best part is this 3% down payment requirement can be provided as a “Gift” from a relative or even from an approved non-profit organization such as Nehemiah or Ameridream.

Although Fannie Mae’s FLEX 100% programs are no longer available in Florida; you might consider their FLEX 97% Program.  This mortgage program allows you to borrow up to 97% of your new Florida home purchase price.  The seller can contribute up to 3% towards your closing costs and prepaids; and the down payment can be from flexible sources such as “gift” from relatives, or a non-profit organization.

For more information on these or other Florida first time home buyer programs with little or no down payments; please call our Mortgage Professionals at 888.399.0520 or email.

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