Question 1

How much money do I need to buy a house in Florida?

Accepted Answer

Less than you may think. With FHA loans you may put down as little as 3.5%. Conventional loans can start at 3% down for eligible buyers, and VA/USDA loans can be $0 down. Some Florida down payment assistance programs can reduce or eliminate your out-of-pocket need.

Question 2

Can I buy a home with less than 20% down?

Accepted Answer

Yes. The 20% down rule is a myth for most buyers. Conventional loans allow as little as 3% down, FHA from 3.5%, and VA/USDA can be $0 down. Mortgage insurance often applies under 20% down.

Question 3

What credit score do I need to qualify?

Accepted Answer

FHA loans may be available with scores as low as 580 (sometimes lower with compensating factors). Conventional loans typically start around 620. Higher scores generally mean better rates and lower mortgage insurance.

Question 4

What is Florida Hometown Heroes?

Accepted Answer

A state-supported program offering down payment and closing cost assistance for eligible Florida community workers — teachers, nurses, law enforcement, firefighters, and many more frontline professions.

Question 5

What is Florida Assist?

Accepted Answer

A Florida Housing down payment assistance program offered as a 0% deferred second mortgage. It pairs with eligible first mortgages to help cover down payment and closing costs.

Question 6

How long does the mortgage process take?

Accepted Answer

From application to closing typically takes 30–45 days, though timelines vary. Pre-qualification can happen in a single conversation.

Question 7

Do I have to be a first-time buyer to qualify for assistance?

Accepted Answer

Many Florida programs are designed for first-time buyers, but several allow repeat buyers — especially if you haven't owned a home in the past three years. Eligibility depends on the specific program.

Question 8

Can I use gift funds for my down payment?

Accepted Answer

Often yes. FHA, VA, and most conventional programs allow documented gift funds from eligible donors such as family members.

Question 9

What's the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is a quick estimate based on the information you provide. Pre-approval involves a more detailed review (credit, income, assets) and carries more weight with sellers.

Question 10

Will checking my eligibility hurt my credit?

Accepted Answer

Our quiz does not perform a credit pull. A full mortgage application later in the process typically includes a credit check.

Question 11

Do these programs work with new construction?

Accepted Answer

Many do — but program rules vary. A specialist can confirm which programs are compatible with the home you're considering.

Question 12

What are closing costs, and can they be covered?

Accepted Answer

Closing costs typically run 2%–5% of the loan amount. Several Florida assistance programs help cover them, and seller concessions can also reduce out-of-pocket costs.

Question 13

What documents will I need?

Accepted Answer

Generally: recent pay stubs, two years of W-2s or tax returns, bank statements, and ID. Your specialist will provide a tailored checklist.

Question 14

Are there income limits for these programs?

Accepted Answer

Many state and local assistance programs have income limits that vary by county and household size. Your specialist will check current limits.

Question 15

What happens after I submit the quiz?

Accepted Answer

You'll see immediate confirmation, and a licensed Florida mortgage specialist will review your information and reach out to walk you through your options.

Frequently Asked Questions

See what Florida programs you may qualify for.