What most people think of when they think if Florida is “The Sunshine State”, after-all this is what has been on the license plates since the 1960s. What many people do not know is Florida is actually Spanish for “Land of Flowers”. Another less known name for this region of the US, located in the furthest southeast corner, is the Orange State. What is a major attraction for first time buyers is the notion of how large a state Florida is, in fact it is actually the 3rd most populous just under California and Texas.

What Makes People Want To Move To Florida

If you enjoy golf you will be pleased to find out Florida has more golf courses than any other state, FL is also home to the World Golf Hall of Fame (in St. Augustine).

Within the Everglades National Park, you can put on your boots to explore the only place in the world where Alligators and Crocodiles live together. Along the coastlines in the Florida Keys, you’ll find it’s best to enjoy the ocean in July when the average water temperate is 88°F.

It wouldn’t be Florida without mentioning the John F. Kennedy Space Center in Merritt Island, Florida, where the first Apollo flights were launched to the moon. When you aren’t dabbling and learning in rocket science, take precious time away with the family to Disney’s worldwide flagship destination, The Walt Disney World Resort and Amusement Park.  The suburbs around the park, Davenport FL, is home to one of the more famous real estate destinations, “Champions Gate” with arches almost more famous than hamburger place.

If you are an amusement park lover, you may find joy and happiness living close by the 84-acre, nonprofit “storybook” resort in Kissimmee, Central Florida, where children with life-threatening illnesses and their families are treated to weeklong, dream-filled, cost-free vacations.  For more information and how to help, please visit here.

You can also not forget to buy passes at the famous The Universal Orlando Resort once you have moved in.

2017 First Time Buyer Programs & Loan Pre-Approval In Florida

Looking for a buyer program specific to FL?

Loan Program Name
Loan Program Requirements
Downpayment Requirements
Program Limiations
Loan Program Benefits
USDAProperty must be located in an eligible area. Check property eligibility.100% financing and 0% down paymentIncome restrictions do apply. These are determined by county.100% financing and 0% down payment
HomeReady Program - Purchase or Limited cash-out rate and term refinance.1.) Home Ownership education is required and certificate must be retained in the mortgage file.
2.) Occupancy is 1-4 units Principal Residence.
1.) Standard debt to income is 45%, in certain cases up to 50%.
2.) Occupant may not have an ownership interest in any other property at the time of closing.
1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.
2.) Loan to Value up to 97%.
1.) NO First Time home-buyer requirement.
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
100% GIFT FOR DOWN PAYMENTCan be Conventional or FHA LoanGift can come from a family member, church, employer, etc..
FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.3.5% down payment required
Check single family, condo, and 2-4 unit property loan limits1.) Flexible underwriting guidelines
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed

Are you a first time buyer? It doesn’t matter if you’re buying a home New York, Minnesota, Colorado or Utah we can help you get pre-approved!