Borrower pathway
Buying a home in Florida
Whether it is your first home or your fifth, the useful work happens before you make an offer: understanding what you can borrow, what the loan will actually cost, and which program fits your situation.
Questions worth asking early
- How much can I borrow, and how much should I borrow?
- What will the monthly payment actually include?
- Which loan program fits my down payment and credit profile?
- What does the process look like from pre-approval to closing?
Loan options
Programs that apply to homebuyers
Each page sets out what the program is, who it tends to suit, and which terms the lender decides rather than us.
First-time homebuyer financing
There is no single "first-time homebuyer loan." The term describes a borrower, not a product, and it unlocks certain assistance programs rather than a particular mortgage.
Read moreConventional loans
A conventional loan is a mortgage that is not insured or guaranteed by a government agency. Most conventional lending follows Fannie Mae or Freddie Mac guidelines, which is why the requirements are relatively consistent from lender to lender.
Read moreFHA loans
An FHA loan is a mortgage insured by the Federal Housing Administration, part of HUD. The insurance is what allows lenders to accept a lower down payment and a wider range of credit profiles than conventional financing typically does.
Read moreVA loans
A VA loan is made by a private lender and guaranteed in part by the U.S. Department of Veterans Affairs. For eligible service members, veterans and certain surviving spouses it is often the strongest option available, with no down payment required on many purchases and no monthly mortgage insurance.
Read moreUSDA loans
USDA Rural Development guaranteed loans allow eligible buyers to purchase in designated areas with no down payment. Eligibility has two separate tests: the property's location and the household's income.
Read moreJumbo loans
A jumbo loan is one that exceeds the conforming loan limit applicable to the property's county and unit count. Because it cannot be sold to Fannie Mae or Freddie Mac under those limits, the lender holds more risk and sets its own requirements.
Read moreConstruction-to-permanent loans
A construction-to-permanent loan finances the build and then converts to a long-term mortgage, so there is one transaction rather than two. The details depend heavily on the lender, the builder, the project and the property.
Read moreForeign national financing
Foreign national programs serve borrowers who do not have the residency status, Social Security number or U.S. credit history that standard programs require. These buyers purchase for many reasons — a primary home, a second home, or an investment — and the program should not be assumed to be an investor product.
Read more
What happens next
A first conversation, not an application
Nothing about getting in touch commits you to anything.
- We talk about what you are trying to do and what is in the way. No documents needed for that.
- If a program looks like a fit, we explain what the lender will want to see and what it is likely to cost.
- When you decide to move forward, documents and identifiers go through a secure portal — never an email or a web form.
- You will get a written estimate of costs before you commit to anything.
Where to check for yourself
Program rules are set by these organizations and are updated periodically. Where this page and an official source disagree, the official source is correct.
- Owning a home: guides and checklists (opens in a new tab) — Consumer Financial Protection Bureau
- Explore loan options (opens in a new tab) — Consumer Financial Protection Bureau
- Find a HUD-approved housing counselor (opens in a new tab) — Consumer Financial Protection Bureau
- Homebuyer program overview (opens in a new tab) — Florida Housing Finance Corporation
Questions we get from this group
- Do I need a 20% down payment to buy a home?
- No. Several programs allow a down payment well under 20%, and some allow none at all for borrowers who qualify. A down payment below 20% on a conventional loan usually means mortgage insurance until you reach a certain equity threshold, which raises the monthly payment. The right comparison is the total monthly cost and the cash you need at closing, not the down payment alone.
- What is the difference between pre-qualification and pre-approval?
- A pre-qualification is an informal estimate based on what you tell a loan officer. A pre-approval involves documentation and a credit review, so it carries more weight with sellers. Neither is a loan commitment: the lender still has to underwrite the file and the property, and the terms can change if your situation does.
- How long does the process usually take?
- Timelines depend on the lender, the program, the property, and how quickly documentation comes together. Ask for a realistic timeline for your specific file rather than relying on a general figure.
Talk it through before you start shopping
Bring your situation, not your paperwork. A first conversation is about which programs actually fit and what the numbers look like — no documents, no credit pull, no commitment.