Low down payment mortgages still exist in today’s tighter lending environment.  Once  I recognize a first time home buyer; 3 current FL mortgage programs come to mind.  They are USDA Rural Housing, FL VA home loans, and of course, FL FHA first time home buyers.

Mortgage professionals must inquire whether a first time home buyer is a Veteran or not before beginning to determine a FL mortgage solution.  A qualified Veteran seeking a VA home loan will enjoy no down payments, no monthly mortgage insurance, and seller contributions ( up to 4%) towards the Veterans closing costs and prepaid taxes, insurances and interest.

If the first time buyer is not a Veteran, then determining where the first time home buyer is purchasing should follow.  The USDA Rural Housing program allows 100% mortgage financing but is limited in geographic locale.  Your FL mortgage professional should be able to provide more information with this FL mortgage loan which allows no down payments, no private mortgage insurance and seller contributions of up to 6%.  In fact, the closing costs can be rolled into the loan amount if needed; saving you more money out of pocket.

The next best and most popular FL mortgage program geared for first time home buyers is the FHA home loan.  FHA allows a small 3.5% down payment, seller contributions of up to 6% towards the buyers closing costs and prepaids, and all of this can be a gift from a relative or family member. 

Today’s FL mortgage markets are much tighter than previous years; however, there are still several options for FL first time home buyers to consider while purchasing their first home.  Experience is the difference between spending too much money with the wrong FL mortgage loan.  Get it right – ask for experience.

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