Buying a Florida Home with No Down Payment

Buying a Florida Home with No Money Down

Have you been sitting on the computer, looking at Florida homes and dreaming of the possibilities?  Are you tired of hearing about how everyone else is taking advantage of this killer real estate market and record low mortgage rates?  If you are like most people, the one giant obstacle in your way has been…THE DOWN PAYMENT! (cue scary music)

In this article, we will reveal some little known secrets that you can apply TODAY to get yourself into that dream home you’ve been eyeing.  Keep reading, these strategies could very well change your life forever.

TIP # 1    GO RURAL!

There is a little known mortgage loan product that is whispered about quietly in the corners of experienced mortgage professionals’ offices across the nation.  This wonderful loan is a perfect fit for a hard working American family looking to buy a home without the necessity of a down payment.  What is this 100% financed, no money down little ‘wonder loan’ called?  Why it’s none other than the USDA mortgage loan (yes, that stands for the United States Department of Agriculture and no, that’s not a typo).  

In short, the USDA mortgage allows for borrowers (within income limits) to purchase a home with down payment required.  What’s the catch?  Well, you have to choose a home that is within their designated ‘zones’ which have been indicated as rural.  The truth of the matter is that with the speed that areas in Florida are developed nowadays, there are tons of ‘loopholes’ that allow gorgeous, top quality homes to qualify for this program.  One example that comes to mind is the Independence subdivision in Winter Garden, Florida.

More Info about the USDA Mortgage Loan including Income Limits and Address Search Toola; a highly sought after community that is everything but rural.

TIP # 2    ‘GIFT’ IT!

You might be saying to yourself, ‘Self…tip #1was a good tip but I don’t fit the criteria for the USDA loan..what now?’   Well, USDA isn’t the only way to go if you are short on funds for a down payment.  A FHA loan may be an option for you as well.  FHA mortgage loans feature rock-bottom interest rates but higher mortgage insurance premiums than standard mortgage products.  The good news is that there are no income limits or location requirements for an FHA loan.  You may or may not have heard that FHA loans require a 3.5% down payment…this is absolutely true!

WAIT! The fine print says that the money doesn’t even have to be yours! FHA loans are one of the only loans that allow a ‘gift’ from a family member or close relative for the use of down payment and/or closing costs.  What this means is that your mother or brother or uncle or (well, you get the idea)..could GIFT you (not loan) the money for the 3.5% down payment.  What does this really, really mean?  You could technically get an FHA loan with none of your OWN funds!


TIP # 3    ‘FIGHT’ FOR IT!

Veterans, there is great news! If you’ve ever been in the US Armed Forces; you may be eligible for 100%, no money down, VA mortgage financing!  VA loans take the cake as the best overall loan product for Florida home buyers.  With no money down, no mortgage insurance and rates about as low as FHA, combined with the lower credit score requirements than standard mortgage products, make the VA loan a must for anyone that is eligible.  You may qualify for this awesome loan if you are:

  • Active duty personnel
  • Reservists/National Guard member
  • Surviving Spouse (in most cases)

Eligibility info on the VA website



Home ownership is a part of the American Dream, now and forever.  Let us help you realize those dreams and get you pre-approved for your new home.  The first step only takes 5 minutes, so go ahead and get started!


Posted in:
About the Author

Jason Gonzalez

Jason is a lifelong student of the mortgage industry that prides himself on his innovative ability to consistently find the best deals for his clients. With well over a decade of industry knowledge and experience, you can trust that he will help guide you in the right direction for your home financing needs. What separates Jason from everyone else is the fact that he cares so much about the people he helps, driving him to go above and beyond to make the dream of homeownership possible for all.

Leave a Reply