Florida First Time Home Buyer
First time home buyer in Florida? Here is what actually matters.
Compare loan options, check condo rules early, and plan for insurance and taxes before you commit.
Reviewed by Travis Penny, NMLS 1649161
Last reviewed September 29, 2026
What loan options does a first time home buyer have in Florida?
FHA allows 3.5% down with a score of 580 or higher, conventional can allow 3% down for eligible first time buyers, and VA doesn't require a down payment for eligible buyers with full entitlement. Seller concessions may help with eligible closing costs. Your credit, income, and property, especially a condo, affect which loan fits. I compare the payment and cash to close for your file.
All loans are subject to credit and underwriting approval. Not all applicants will qualify. Program terms and availability can change. This page is for general education and is not a loan offer or a commitment to make a loan. Travis Penny, NMLS ID #1649161, is a mortgage broker with Vision Mortgage, LLC, NMLS #1286953. Equal Housing Opportunity.
Loan options and closing costs
Compare FHA, conventional, and VA loans, and ask whether seller concessions can help with closing costs.
Condo rules matter
Many Florida condos fail agency warrantability, which changes which programs will work.
Honest budgeting
Insurance and taxes are part of the payment. We plan for them from the first conversation.
Program information
This information is general education, not a loan offer or a commitment to lend. Down payment and credit requirements vary by client, property, and lender, and program guidelines change. For your own numbers, call or text me at (207) 615-7770 or email Travis@travis.mortgage.
FHA, conventional, VA, and seller concessions
FHA loans allow 3.5% down with a score of 580 or higher, or 10% down with a score from 500 to 579. Conventional loans can allow 3% down for eligible first time buyers. VA loans don't require a down payment for eligible veterans and service members with full entitlement.
You can also negotiate seller concessions to cover eligible closing costs, subject to the loan guidelines. I compare the loan options and the cash needed at closing so you can make a decision based on your own file.
Standard options: FHA, VA, and conventional
Your credit, income, available cash, and the property all affect your options. Compare the payment and cash to close before choosing between FHA, conventional, and VA financing.
Buying a condo? Warrantability changes everything
A lot of first time buyers in Florida look at condos, and many condo associations do not meet Fannie Mae, Freddie Mac, FHA, or VA standards because of reserves, special assessments, litigation, or investor concentration. When a building is not warrantable, standard loan options may not work. I review the condo questionnaire early so you do not lose time on a unit that cannot be financed the way you planned. Learn more about non warrantable condos in Florida.
Insurance and taxes, a reality check
Homeowners insurance in Florida depends heavily on the age of the roof, the wind mitigation features, flood zone, and location. Rather than guess, get a quote on the actual address before you write the offer, and ask for a wind mitigation inspection if the home has one on file.
Property taxes are based on the purchase price, not the seller's current bill, because homestead caps reset when a home sells. If you will live there full time, filing for the homestead exemption after closing can lower your bill. We use the actual quote and a tax estimate based on your price when we build your payment.
Moving down from Maine? See my Maine to Florida relocation guide. To talk it through, call or text (207) 615-7770, or email Travis@travis.mortgage.
Quick checklist
- Compare FHA, conventional, and VA options
- Ask whether seller concessions can cover eligible closing costs
- Get an insurance quote on the actual address
- Review the condo association before you commit
- File for homestead after closing if it is your primary home
Frequently asked questions
Who qualifies as a first time home buyer in Florida?
For many loan programs, you may qualify if you have not owned a primary residence in the past three years. I check the definition for the loan you are considering.
How much do I need to put down on my first home in Florida?
FHA can allow 3.5% down with a score of 580 or higher. Conventional can allow 3% down for eligible first time buyers, and VA doesn't require a down payment for eligible clients with full entitlement. Closing costs are separate, so we review both before you shop.
Can the seller help with my closing costs in Florida?
Yes, a seller may agree to pay eligible closing costs through a concession in the purchase contract. The amount allowed depends on your loan guidelines and the transaction.
Can I use a first time buyer loan on a Florida condo?
Only if the condo meets the loan's approval standards. Many Florida condos are non warrantable, which may rule out FHA, VA, or conventional financing, so we check the building first.
How much should I budget for insurance in Florida?
It varies widely by roof age, construction, wind mitigation, and flood zone, so the only reliable number is a quote on the specific address. I build your payment using that quote.
Do you help buyers moving from Maine to Florida?
Yes. I am licensed in both Maine and Florida, so I can plan your Florida purchase while you still own your Maine home.
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