Loan Program
First-Time Homebuyer Loans & Down Payment Assistance in Florida
Florida first-time buyers can combine low down payment loans — FHA at 3.5%, conventional at 3% for qualifying buyers, or VA and USDA at $0 down for eligible borrowers — with state and local down payment assistance programs. Most assistance has income and price limits and requires homebuyer education.
Last updated October 7, 2026
First-Time Buyer requirements
| First-time buyer | Usually defined as no ownership interest in a home in the past three years |
|---|---|
| Down payment | 0%–3.5% depending on loan program |
| Assistance | Second mortgages or grants with program-specific terms |
| Income and price limits | Vary by county and program |
| Education | Homebuyer education course often required |
| Occupancy | Primary residence |
Florida-specific considerations
The Florida Housing Finance Corporation offers down payment and closing cost assistance programs through participating lenders, and many counties and cities — including Miami-Dade County and the City of Miami — have offered their own programs. Funding, amounts, and rules change, sometimes during the year, so availability is confirmed when you apply.
Florida buyers should budget beyond the down payment: homeowners insurance with windstorm coverage, flood insurance where required, HOA or condo fees, and closing costs including documentary stamp taxes on the mortgage note and intangible tax. Sellers can sometimes contribute toward closing costs.
After closing, apply for Florida's homestead exemption with your county property appraiser by the deadline to lower your property taxes on your primary residence.
Who a First-Time Buyer loan is for
- Buyers purchasing their first home
- Buyers who haven't owned in the past three years
- Renters with limited savings for a down payment
- Buyers who want guidance through every step
Step-by-step process
- 01
Budget conversation
Talk through savings, monthly comfort zone, and goals.
- 02
Pre-approval
Match the right loan program and check assistance eligibility.
- 03
Homebuyer education
Complete any required course.
- 04
Shop and offer
Make offers backed by a solid pre-approval.
- 05
Underwriting
Both the first mortgage and any assistance are approved.
- 06
Closing
Sign, get keys, and file for homestead.
Related programs
Related guides
First-Time Buyer loan FAQs
Who counts as a first-time homebuyer?
Most programs define a first-time buyer as someone who hasn't owned a principal residence in the past three years. Some programs have exceptions, for example for veterans or buyers in targeted areas.
How much do I need to buy my first home in Florida?
Down payments range from $0 with VA or USDA for eligible buyers to 3% conventional and 3.5% FHA. You'll also need funds for closing costs and reserves, though assistance programs and seller contributions can help.
What down payment assistance is available in Florida?
The Florida Housing Finance Corporation and many local governments offer assistance, typically as deferred or forgivable second mortgages. Amounts, income limits, and availability change, so Jennyffer confirms current options when you apply.
Do I have to repay down payment assistance?
It depends on the program. Some assistance is forgivable over time, some is deferred until you sell or refinance, and some is repaid monthly. Understanding the terms is part of choosing the right program.
Can I use gift money for my down payment?
Yes. Most loan programs allow gift funds from eligible donors, such as family members, with a signed gift letter and documentation of the transfer.
What credit score do I need as a first-time buyer?
Requirements vary by program and lender. FHA can work with lower scores, while conventional programs usually look for 620 or higher. Assistance programs may have their own minimums.
Ready to see what you qualify for?
Apply online in minutes, or estimate your payment first.
Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, and property eligibility. Program availability, terms, and guidelines may change without notice. Information is for educational purposes only.