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First-Time Homebuyer

What Is a First-Time Homebuyer?

Florida home buyers can be eligible for first-time homebuyer benefits even if you’ve owned a residential house prior. There are quite a few programs and benefits that could include low down payment options, down payment assistance, but your credit and FICO scores are definitely aspects that lenders take into account upfront. You could qualify for a state / local grants, depending upon your situation. The Fidelity Home Loan officers can tell you more during the preapproval process.


What Am I Eligible for As a First-Time Homebuyer in Florida?

It's never been easier to qualify for first-time homebuyer programs. The Fidelity loan officers will work with you to see if you are eligible for state / federal housing assistance programs. There are also Florida programs that offer down payment assistance. The requirements or areas that have the most importance include:

  • Down payment total
  • Family income limitations
  • Credit score

How Much Money Do I Need to Put down?

Depending on your income, a down payment could make a significant effect on your monthly mortgage payments. However, an FHA loan down payment can be as low as 3.5%. Also, eligible homebuyers may qualify for a Home Possible / Home Ready program at just 3% down.  Moreover, a VA mortgage can be secured with no down payment. However, it’s important to note that Florida homebuyers can escape certain fees associated with mortgages, and lower your monthly payment, by maximizing your down payment. A 20% down payment generally removes the added cost of private mortgage insurance (PMI).

first-time homebuyer

What Are the Best Options for First-Time Homebuyers?

Depending on your homeownership / financial goals, we have a bunch of home loan alternatives for first-time buyers in Florida. For example, we offer conventional loans for those homebuyers with strong credit scores and down payments of 20% or more. This typically offers the best rates and terms as a reward for credit worthiness and lower associated risk. At the same time, FHA loans can assist if you're seeking a lower down payment. Also, military personnel can qualify for a VA mortgage without any down payment at all.  The Fidelity Home Loans team will help you decide which mortgage option is best for you and your first-time Florida home purchase.

Is There a Minimum Credit Score to Qualify for a Florida Mortgage?

Mortgage product variety in today’s world has made this a subjective question. While you don’t need perfect credit to attain a mortgage, a higher credit score will yield the lowest rates and savings. That said, there are some government insured loan programs that will lend to Florida homebuyers with credit scores as low as 580. During the preapproval process, your Fidelity loan officer will go over the best options for your particular credit score and other variables. The mortgage business is no longer one-size-fits-all. In fact, it’s more inclusive than it’s ever been.

Related Links
Vacation Home
Home Loan Glossary


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