0% Down
Available through VA loans (military/veterans) and USDA loans (eligible rural/suburban-fringe properties). No down payment required, though closing costs still apply.
Northeast Florida Buyer Guide
First-Time Buyer Financing Guide
Down payments, closing costs, seller concessions, and credit guidelines — everything you need to understand before you make an offer in Northeast Florida.
Down Payments
Myth vs. Reality
Most buyers overestimate what they actually need to put down. Here's what's really required across common loan types.
3–3.5% Down
FHA loans require 3.5% down; many Conventional programs allow as little as 3% for qualifying first-time buyers. On a $350,000 home, that's roughly $10,500–$12,250.
"You need 20% down"
20% avoids monthly mortgage insurance, but it is not a requirement to buy. Most first-time buyers put down far less — the trade-off is a PMI/MIP line item until enough equity builds up.
Closing Costs
What You'll Actually Pay at Closing
Typically 2–4% of the purchase price in Florida. Here's what's usually included.
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Lender Fees
Loan origination, underwriting, application, and credit report fees charged by your mortgage lender.
📄
Title & Escrow
Title search, title insurance (owner's & lender's policies), and the closing/settlement agent's fee.
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Prepaid Taxes & Insurance
Your lender collects an initial deposit into escrow for property taxes and homeowner's (and flood, if applicable) insurance.
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Florida Documentary Stamps
State excise tax on the deed and, in most counties, on the mortgage note — a Florida-specific closing cost line item.
Seller Concessions
Lower Your Out-of-Pocket Cash
A seller concession is a credit the seller agrees to pay toward your closing costs, negotiated as part of the offer. Each loan program caps how much you can use.
Conventional
3–9%
Scales with down payment size
FHA
6%
Of the purchase price
VA
4%
Plus normal/customary costs
USDA
6%
Of the purchase price
We regularly negotiate seller-paid closing costs into offers so buyers bring less cash to the table — ask us how in your specific scenario.
Qualifying Guidelines
Credit Scores & Debt-to-Income
General benchmarks lenders use — your specific rate and terms depend on the full financial picture.
Typical Minimum Credit Score
VA Loan
~580–620+
FHA Loan
~580+
USDA Loan
~640+
Conventional
~620+
Debt-to-Income (DTI) Benchmarks
Under 36%
Strong position
36% – 43%
Typical qualifying range
43% – 50%+
Program-dependent, needs compensating factors
The Path to Closing
Your 6-Step Buyer Roadmap
01
Financial Audit & Pre-Approval
Review credit, savings, and income; get a fully underwritten pre-approval letter before you shop.
02
Home Search & Private Tours
Target neighborhoods that fit your commute, schools, and budget with real-time MLS alerts.
03
Strategic Offer & Negotiation
Price, terms, and seller concessions are negotiated together — not price alone.
04
Inspections & Repair Requests
Home, 4-point, and wind mitigation inspections protect your deposit and can lower insurance premiums.
05
Appraisal & Underwriting
The lender verifies property value while underwriters clear final conditions on the loan.
06
Final Walkthrough & Closing Day
Confirm repairs, review your Closing Disclosure, and collect your keys.
Want the full breakdown with pitfalls to avoid at every step? See our detailed Buyer Roadmap and interactive Loan Program Quiz on the Buy page.
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Educational Disclaimer: Loan programs, rates, terms, down-payment requirements, credit requirements, income limits, and other qualifications vary by lender and borrower circumstances and are subject to change. The information provided above is for general educational purposes only and does not constitute a commitment to lend or a guarantee of qualification. S² Home Partners | Momentum Realty is a licensed real estate brokerage and does not originate or underwrite mortgage loans. Please consult a licensed mortgage loan originator for current program guidelines and personalized financial advice.