Most first time home buyers seeking to purchase their first Florida home may take advantage of lower down payment requirements available with the following Florida mortgage programs.

For those seeking to avoid a down payment altogether; two Florida mortgage programs come to mind. 

• First the USDA Rural Development Loan which allows for no down payments and the ability to roll-in the mortgage closing costs.  It comes with no prepayment penalty and no private mortgage insurance is required. 
• Second, is the VA 100% guaranteed Home Loan, available to qualifying US Veterans.  Highlights include no prepayment penalty and no monthly private mortgage insurance.  Sellers can contribute up to 4% towards the Veterans closing costs and escrows.   

For Florida first time buyers wanting to put down less than 10%, one must consider an FHA insured mortgage.  This Florida mortgage program has become so popular that qualified home owners, trying to pull cash out of their homes, are obtaining  FHA loans over conventional Fannie Mae or Freddie Mac programs.  This is mostly due to the fact that obtaining private mortage insurance for cash-out Florida mortgages is currently unavailable.  The minimum down payment requirement is 3.5% which can be “gifted” from a family member.

For immediate Florida professional mortgage assistance regarding these and more Florida first time home buyer programs; please contact our office at 888.399.0520 or email info@beechtreemortgage.com.

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