Florida Mortgage Guide for New Buyers

• Conventional loan: usually 5-20% down and best for borrowers with strong credit.
• FHA loan: 3.5% down with qualifying credit and popular with first-time buyers.
• VA loan: zero down for eligible veterans, active-duty service members, and spouses.
• USDA loan: zero down for qualifying rural properties, including parts of eastern Sarasota and Manatee counties.
• Jumbo loan: for loan amounts above conforming limits, typically requiring larger down payments and excellent credit.

• Apply for homestead exemption after buying. The deadline is March 1 of the year following purchase.
• If the property is in a FEMA Special Flood Hazard Area, your lender will require flood insurance.
• Closings during hurricane season can be delayed if storms trigger updated inspections or binding restrictions.
• Florida sellers must disclose known sinkhole activity or repairs.
• Wind mitigation features such as impact windows, shutters, and roof attachments can lower insurance premiums.

• Check your credit and correct errors before applying.
• Gather tax returns, pay stubs, bank statements, W-2s, and ID.
• Shop lenders and compare interest rates, lender fees, and closing costs.
• Submit a pre-approval application with a hard credit pull.
• Use your pre-approval letter when making offers; most are valid for 60-90 days.

Florida offers several down payment assistance programs through the Florida Housing Finance Corporation, including Florida Assist, Florida HFA Preferred, and programs for veterans. Income and purchase-price limits apply, and most programs require a homebuyer education course.