When a FL first time home buyer chooses a licensed Realtor and begins the search for their new FL dream home; many are eager to keep as much of their savings to furnish or spruce up their new home. There are several mortgage programs with low down payment requirements and these are just two:

One of the best FL mortgage programs available with no down payment requirement is a VA Home Loan. Veterans may qualify for their first home without the need of any down payment. In fact, a seller can contribute up to 4% of the purchase price towards the Veterans closing costs, prepaid interest, property taxes and homeowners insurance. With little or sometimes no out of pocket expense, Veterans can keep more of their savings.

Another practical first time home buyer program is the use of a FL FHA home mortgage. FHA mortgages allow first time buyers to put as little as 3.5% towards a down payment. Also, sellers can contribute up to 6% towards the buyers closing costs, prepaid interest, property taxes and homeowners insurance. At a loan-to-value of 96.5%, an FHA mortgage has proven to be one of the most popular mortgage loan choices of first time home buyers.

Although there are more FL mortgage programs with little or no down payments; the VA home loan and FHA mortgage loan are a couple of the most popular choices for qualified first time buyers and Veterans. For more specific information on these mortgage loans and others, please feel free to contact me, Stephen Thaggard, at 407.733.6425 or email.