First-time Homebuyer Loans Florida, 3% Down
This low down payment First-time Homebuyer loan in Florida allows you to obtain loan amounts up to $715,000 with only a 3% down payment. To be considered a first-time buyer, you must not have owned a home in the past three years. However, with this loan program, you simply must not own any properties currently.
You can use your own funds or gift funds from a family member for the down payment are allowed, and the home must be an owner-occupied single-unit home (including condos). This means you can’t buy two- to four-unit properties, a second home, or investment properties with this loan.
Conventional 97% of mortgages are 30-year fixed loans and do require mortgage insurance. Mortgage insurance is an extra fee on top of the monthly mortgage payment.
Florida First-time homebuyer loan program requirements
- 620 minimum credit score.
- Condos, single-family homes, and townhomes.
- 4-year waiting period for prior short sales, and bankruptcies.
- 50% maximum DTI.
- A 3% down payment can be gifted from a relative.
If you’re a first-time buyer in Florida with a 20% down payment, you can get a conventional loan with a low-interest rate. And you never have to pay for private mortgage insurance (PMI). The same goes for buyers anywhere in the nation.
Of course, few first-time buyers have saved a 20% down payment. But the good news is, you don’t need one.
Florida buyers have access to mortgage programs that require as little as 3% down or even no money down:
- Conventional 97: From Freddie Mac or Fannie Mae. 3% down payment and 620 minimum credit score. You can usually stop paying mortgage insurance after a few years
- FHA loan: Backed by the Federal Housing Administration. 3.5% down and a 580 minimum credit score. But you’re on the hook for mortgage insurance until you refinance to a different type of mortgage, move, or pay off your loan
- VA loan: Only for veterans and active-duty service members. Zero down payment is required. The minimum credit score varies by lender but is often 620. No ongoing mortgage insurance after closing. These are arguably the best mortgages available, so apply if you’re eligible
- USDA loan: For those on low-to-moderate incomes buying in designated rural areas. Zero down payment required. Credit score requirements vary by lender but are often 640. Low mortgage insurance rates
Can you get a First-time Homebuyer Loan in Florida with only a 3 Percent Down Payment?
Yes, you can for primary residence purchases!
Do you have to pay Monthly Mortgage Insurance (PMI) on a Florida First-time Homebuyer Loan?
Yes, mortgage insurance is required for our First Time Home Buyer Loan in Florida!
Comparing Current First-time Homebuyer Loan Florida Mortgage Rates
Finding the lowest First-time Home Buyer mortgage loan rates is very important, that’s why we’ve already searched them for you, getting the lowest loan rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best loan rates is a big deal.
Current Mortgage Rates
When you “CLICK HERE” you’ll instantly see today’s lowest First-time Homebuyer Loan Florida mortgage rates. If you see an interest rate you like, you can click to head straight to get your custom rate quote.
Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
Why should you choose us for your First-time Homebuyer loan in Florida?
We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines.
Credit scores a little low?
We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours.
We’ve streamlined the mortgage process, close in 30 days or less.
From application to closing, all from the palm of your hand.