GOOD NEWS
You Don't Need 20% Down
One of the biggest myths in real estate is that you need a 20% down payment. The truth? Most first-time buyers put down far less. In Florida, you have access to multiple programs that can get you into a home with as little as 0-3.5% down.
With Volusia County's median home price around $337,000, even a 3% down payment is only about $10,000 — and there are programs that can help cover even that.
0%
VA & USDA Loans
3%
Conventional
3.5%
FHA Loans
640
Min Credit (DPA)
FREE MONEY
Florida Down Payment Assistance Programs
Florida Hometown Heroes
UP TO $35,000The most generous program available. Provides up to 5% of the loan amount for down payment and closing costs. Available to 50+ eligible occupations including teachers, nurses, law enforcement, firefighters, and military.
- • 0% interest, no monthly payment second mortgage
- • Forgiven after staying in home
- • 640+ credit score required
FL Assist (Florida Housing)
UP TO $10,000Deferred second mortgage with 0% interest and no monthly payments. Repayment due when you sell, refinance, or no longer occupy the home.
- • Works with FHA, VA, USDA, and conventional loans
- • No monthly payment required
- • 640+ credit score required
FL PLUS (Forgivable)
3-5% OF LOANForgivable second mortgage — 20% forgiven each year for 5 years. Stay in the home 5 years and owe nothing.
- • 0% interest rate
- • Fully forgiven after 5 years
- • Best for buyers planning to stay long-term
💡 Who Qualifies as "First-Time"?
In Florida, a "first-time homebuyer" is defined as someone who has not owned and occupied a primary residence in the past 3 years. So if you owned a home 4+ years ago, you qualify again!
UNDERSTAND YOUR OPTIONS
Loan Types for First-Time Buyers
FHA Loan
Most popular for first-time buyers. More lenient credit requirements.
- ✓ 3.5% down with 580+ credit
- ✓ Seller can pay up to 6% closing costs
- ✗ Mortgage insurance for life of loan
Conventional Loan
Best rates for those with strong credit. PMI drops at 20% equity.
- ✓ 3% down available
- ✓ PMI removed at 20% equity
- ✗ Usually needs 620+ credit
VA Loan
Best deal available — for veterans and active military.
- ✓ 0% down payment
- ✓ No PMI ever
- ✗ Must have qualifying service
USDA Loan
Zero down for eligible rural areas. Parts of Volusia qualify!
- ✓ 0% down payment
- ✓ Below-market rates
- ✗ Property location restrictions
BUDGET REALITY
What First-Time Buyers Actually Pay
Example: $300,000 Home in Port Orange
Upfront Costs
*Can be reduced with DPA programs
Monthly Costs (Est.)
READY TO START?
Let's Make Homeownership Happen
I specialize in helping first-time buyers navigate the process. From finding the right DPA program to avoiding coastal insurance pitfalls, I'll guide you every step.