2020 Florida first time home owners have limited choices in which home loans are available to them. The most popular are the three government loan programs – USDA mortgages, VA mortgages and FHA mortgages. In most cases, first time home buyers prefer a minimum or zero down payment home loan option.
Today there is only one choice non-military homebuyers – the Florida 100% USDA Rural Development home loan. Veterans or current military personal also have the 100% VA loan option available – but for citizens, the only 100% option is USDA Rural Housing.
USDA does have some eligibility and qualifying factors that must be met. Income must be below the county income limit see here. Also, the property must be located in an approved Florida USDA location. As for qualifying, generally a stable 2-year work history and 620 credit score are required. Review all the latest USDA loan requirements on our website.
Florida first time homebuyers looking to purchase a home outside of the USDA approved locations, check into the FHA loan at www.FhaMortgageSource.com With the Florida FHA program the property to be purchased can be located anywhere, plus there is no income restrictions. However, the FHA mortgage does require a min 3.5% down payment.