Florida Mortgage : Learning Center

As a Florida first time home buyer down little or no down payment options are frequently requested.  Florida mortgage programs available to any qualified first time home buyer are prevalent.  Consider the following mortgage loan avenues:

Inquire about an FHA home loan.  The down payments are as little as 3.5% of the purchase amount.  Part or all of the down payment can be a gift form a relative.  And an FHA mortgage allows more flexibility with less than perfect credit scores.

Veterans should ask for VA home loan details.  Veterans looking to purchase their first home in Florida can purchase without no down payment at all!.  There is no monthly private mortgage insurance requirement and no prepayment penalty.  Also, sellers can contribute up to 4% of the purchase price towards the Veterans closing costs.  Veterans seeking to purchase a larger and more expensive home should inquire about a Florida VA Jumbo home loan.

Another option is the USDA home loan.  This program is available with no down payment, however, is geographically limited in availability.  Ask your Florida mortgage professional to review areas you are looking to purchase and you too may take advantage of this great program.  If sellers wont contribute towards buyers costs, this program allows you to roll them into the loan amount. 

All of the Florida first time program listed above do require income, asset and credit approval.  Make sure you gather this information together and call your Florida mortgage professional today to see how you can purchase your first home here in Florida.

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