"How much do I need to save before I can buy a house?" It is the most common question I hear. And the answer might surprise you: for many buyers in Florida, the answer is $0. You do not need a big down payment saved up. Here are the four ways to buy with no money down.
Option 1: VA Loan (0% Down, No PMI)
If you are a veteran, active-duty service member, or surviving spouse, a VA loan is your best option. It requires zero down payment, has no PMI, and offers flexible credit requirements.
VA Loan Example
- Home price: $350,000
- Down payment: $0
- Credit score: 620+ (recommended)
- Monthly payment (PITI at 6.5%): ~$2,460
- Funding fee: 2.15% ($7,525, can be rolled into loan)
VA loans can be used multiple times. You can also have an active VA loan and still buy another home with VA financing.
Option 2: USDA Loan (0% Down, Low Fees)
USDA loans are available for homes in eligible suburban and rural areas. Many areas of Palm Beach and Broward counties qualify, including parts of Boynton Beach, Lake Worth, and Delray Beach.
USDA Loan Example
- Home price: $300,000
- Down payment: $0
- Credit score: 640+ (recommended)
- Income limit: Up to $110,650 for 1-4 person household
- Monthly payment (PITI at 6.5%): ~$2,100
Check the USDA eligibility map for your area. Learn more about USDA loans.
Option 3: Hometown Heroes + FHA (Effectively 0% Down)
The Hometown Heroes Program offers up to $35,000 in down payment and closing cost assistance. Combined with an FHA loan (3.5% down), this covers your entire down payment plus most closing costs. It is available to buyers in 100+ eligible occupations including teachers, healthcare workers, retail employees, and more.
FHA + Hometown Heroes Example
- Home price: $350,000
- FHA 3.5% down: $12,250 (covered by Hometown Heroes)
- Closing costs (3%): ~$10,500 (covered by Hometown Heroes)
- Your out of pocket: $0
- Hometown Heroes assistance: $22,750 (0% interest, deferred, no monthly payments)
You only repay the assistance when you sell, refinance, or move out. No interest accrues. See if you qualify.
Option 4: FL Assist + FHA (Effectively 0% Down)
FL Assist provides $10,000 in down payment assistance for first-time buyers. That covers the entire 3.5% FHA down payment on a $285,000 home.
What About Closing Costs?
Even with zero down payment, you still have closing costs typically ranging from 2% to 5% of the purchase price. Here is how to handle them with a no-money-down strategy:
- Seller concessions: Ask the seller to pay some of your closing costs. FHA allows up to 6% seller concessions. VA allows up to 4%.
- Hometown Heroes: The $35,000 in assistance can cover both down payment and closing costs
- Lender credits: Accept a slightly higher interest rate in exchange for the lender covering closing costs
The Bottom Line on Zero Down
Buying a home with no money down in Florida is not a gimmick. These programs exist specifically to help buyers who can afford a monthly mortgage payment but do not have a pile of cash saved up. Thousands of buyers close this way every year.
The first step is finding out which programs you qualify for. Use our affordability calculator to estimate your price range, then call or text Ryan or Austin to run your actual numbers.