Home / Zero down purchase
No down payment home loans · Florida
Zero Down Home Loans in Florida
Saving a down payment is the hardest part of buying for most people, especially while paying Florida rent. Several programs remove it entirely, and others can be paired with assistance so the down payment is covered for you. Here is who qualifies for each, and what you will still need to bring to closing.
Four ways to buy with nothing down
VA loans
Who: eligible veterans, active-duty members, Guard and Reserve members, and many surviving spouses.
How it works: 100% financing with no monthly mortgage insurance and no VA loan limit with full entitlement. A one-time funding fee is usually financed, and waived for veterans receiving disability compensation.
Best for: anyone who is eligible. It is usually the lowest-cost way to buy with nothing down.
USDA loans
Who: buyers with household income up to 115% of the area median, purchasing in an area USDA considers rural. That includes many small towns and outer suburbs, not just farmland.
How it works: 100% financing backed by the U.S. Department of Agriculture, with a 1% upfront guarantee fee (financed) and a 0.35% annual fee.
Best for: moderate-income buyers looking outside the big metro cores.
0% down for first-time buyers
Who: qualified first-time buyers, regardless of military service or location.
How it works: financing that covers the full purchase price on single-family homes, townhomes and condos, with credit, income and price guidelines set by the program.
Best for: first-time buyers who do not qualify for VA and are buying in a city or suburb where USDA is not available.
Low down plus assistance
Who: first-time buyers under the program income and price limits.
How it works: an FHA or conventional first mortgage with 3% to 3.5% down, where a Florida Housing or local assistance second mortgage supplies the down payment.
Best for: buyers who want FHA or conventional terms and have little saved.
Zero down is not zero cash
Removing the down payment does not remove closing costs, and Florida has some of its own. Every new mortgage pays documentary stamp tax on the note (0.35%) and intangible tax (0.2%). Title insurance follows a state-set rate. Then come the lender and third-party fees, and the prepaid items: the first year of homeowners insurance and a starting balance for your escrow account.
You will also spend some money before closing: the earnest money deposit with your offer (credited back to you at closing), the home inspection and, at many lenders, the appraisal. Here is roughly how a $350,000 purchase adds up.
| $350,000 Broward purchase, 100% financing | Estimate | Notes |
|---|---|---|
| Down payment | $0 | VA, USDA or a 0% first-time buyer program |
| Florida note stamps, 0.35% | $1,225 | Set by state law |
| Florida intangible tax, 0.2% | $700 | Set by state law |
| Lender, appraisal, title settlement, recording and survey | $4,200 | Varies by lender and title company; the owner’s title policy is usually a seller cost in Broward unless the contract says otherwise |
| First-year insurance and escrow deposit | $4,521 | A full year of homeowners insurance plus a few months of tax and insurance to start the escrow account |
| Estimated cash to close before credits | $10,646 | About 3.0% of the price |
Insurance and tax use Broward County averages for a homesteaded home. Your Loan Estimate will show exact figures. See closing costs to price your own purchase.
How buyers cover the rest
Seller credits
Ask the seller to pay part of your costs in the offer. VA allows the seller to pay all normal closing costs plus 4% in concessions; FHA allows up to 6%; conventional allows 3% with less than 10% down.
Lender credit
Choose a rate slightly above par and the lender pays part of your closing costs. Our rate engine shows the credit at each rate.
Gifts
A relative can give money for closing costs on most programs, with a signed gift letter and a clear paper trail.
Our closing cost credit
Buy with one of our prescreened agents and up to 1% of the price, capped at $10,000, comes off your costs. On this $350,000 example that is $3,500. See terms.
Assistance programs
Florida Housing and several counties, Miami-Dade and Broward among them, offer help that can go toward closing costs as well as the down payment, within income limits.
Free appraisal
On purchase loans we broker that close and fund, a lender credit at closing covers the appraisal, up to $600.
The trade-offs of buying with no equity
Zero down gets you into a home years sooner, and in a rising market that can matter more than the cost. It still pays to know what you give up.
- A larger loan and payment. Every dollar you do not put down is borrowed, and some programs add a financed fee on top.
- Little room if values dip. Selling within the first few years can mean bringing money to closing, because selling costs alone run several percent of the price.
- Refinancing waits for equity. A future rate drop is easiest to use through a VA or FHA streamline, which do not need an appraisal; conventional refinances need equity.
- Assistance has strings. Deferred seconds are repaid when you sell or refinance, and assisted first mortgages can carry a slightly higher rate.
If you have some savings, it can still make sense to keep them as an emergency fund rather than put them down. We will show you the payment both ways.
See if you qualify to buy with no money down
Tell us a little about yourself and the home you want. We will check every zero down and assistance option you are eligible for and estimate your cash to close with each one.
- VA, USDA, first-time buyer and assistance options compared
- Cash to close estimated before you make an offer
- A pre-approval letter for your search
Prefer to talk it through? Call 954-494-7288.
Tell us about the loan
No credit pull. A loan officer follows up, usually the same day.
Zero down home loan questions
Can I buy a house in Florida with no money down?
Yes. VA loans and USDA loans offer 100% financing to eligible buyers, there are 0% down options for qualified first-time buyers, and Florida assistance programs can cover the down payment on an FHA or conventional loan. You will usually still need money for closing costs unless seller or lender credits cover them.
Who qualifies for a zero down first-time buyer program?
Generally buyers who have not owned a home in the last three years, with credit, income and purchase price within the program limits. It covers single-family homes, townhomes and condos. Tell us about your situation and we will confirm what you qualify for.
Where are USDA loans available in Florida?
In areas USDA classifies as rural, which includes many small towns and outer suburbs across the state. Large urban areas are not eligible. We can check any address against the USDA eligibility map before you make an offer.
How much cash do I need to close on a zero down loan?
Often 2% to 4% of the price for closing costs and prepaid items, before credits. Seller concessions, a lender credit, gifts, assistance programs and our closing cost credit can reduce that, in some cases to nearly nothing.
Do zero down loans have mortgage insurance?
VA loans have none. USDA loans have a 0.35% annual fee. First-time buyer and assistance options that use a conventional or FHA first mortgage carry PMI or FHA premiums.
Is it better to put some money down if I can?
It lowers the payment and any financed fee, but keeping savings as a cushion is also valuable, especially in a new home. We price both so you can decide with the numbers in front of you.
From Florida first-time buyers
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
“Caroline Da Silva from Miami Mortgage Brokers just got us approved for our first mortgage, and we would definitely work with her again after this experience! From the moment our broker connected us with Caroline, she was always several steps ahead throughout the process. We were impressed that Miami Mortgage Brokers had us clear to close a week early,...”
“Chris was outstanding throughout the entire transaction! Always accessible and was able to provide the best financing option when others could not! I would highly recommend him and hope to do more transactions with him.”
“I recently had the pleasure of working with Chris as my loan officer, and I cannot speak highly enough of his exceptional service. He guided me through every step with clarity and patience. What truly sets Chris apart is his remarkable efficiency: not only was he incredibly responsive to my inquiries, but he also expedited the loan process, resulting in the...”
Find out what it takes to buy with nothing down
Tell us about your situation and we will check every zero down option you qualify for, with your cash to close estimated up front.