Yes, you can buy a house in Florida with no money down. Three loan types do it: VA loans for eligible veterans, service members and surviving spouses, USDA loans in eligible rural areas, and FHA 100% financing, which pairs a standard FHA loan with a down payment assistance second mortgage. Closing costs come on top of the down payment, and seller credits and family gifts usually cover them.
The three ways to $0 down
VA. Eligible veterans, service members and surviving spouses put $0 down with no monthly mortgage insurance. The VA funding fee (2.15% on first use with less than 5% down) is added to the loan instead of paid in cash, and veterans receiving VA disability compensation don't pay it at all. With full entitlement, VA has no loan limit.
USDA. USDA finances 100% of the price on single-family homes in eligible rural and small-town areas, and Florida has many of them outside the big metro cores. The 1% upfront guarantee fee is financed, and an annual fee of 0.35% is added to the payment. Household income has to fall under USDA's limit for the county, and that limit counts every adult in the home.
FHA 100% financing. FHA requires a 3.5% minimum investment, and HUD lets a government agency or housing finance agency provide it as down payment assistance. The first mortgage is a standard FHA loan for 96.5% of the price, and the assistance second covers the other 3.5%. It's available from a 580 score, and some programs set a higher floor. Depending on the program, the second is repaid with a small monthly payment, deferred until you sell or refinance, or forgiven over time.
Florida Housing Finance Corporation runs its own assistance seconds through participating lenders, with a homebuyer education course required. The Hometown Heroes page covers its program for Florida's workforce.
A worked example: $300,000 three ways
Here's the same $300,000 single-family home with nothing down, at a 5.75% rate, with property tax of 0.95% a year and homeowners insurance of $283 a month.
| FHA 100% financing | VA, first use | USDA | |
|---|---|---|---|
| Down payment from you | $0 | $0 | $0 |
| First mortgage | $294,566.25 | $306,450.00 | $303,000.00 |
| Principal and interest | $1,719.01 | $1,788.36 | $1,768.23 |
| Property tax and insurance | $520.50 | $520.50 | $520.50 |
| Mortgage insurance or annual fee | $132.69 | $0 | $88.38 |
| House payment | $2,372.20 | $2,308.86 | $2,377.11 |
The FHA first mortgage is the $289,500 base loan (96.5%) plus the 1.75% upfront mortgage insurance premium. The $10,500 down payment comes from the assistance second, and this example assumes a deferred second with no monthly payment. The VA loan includes the 2.15% funding fee of $6,450. The USDA loan includes the 1% guarantee fee of $3,000.
Covering the closing costs
Closing costs and prepaids (the first year of insurance, prepaid interest and the opening escrow deposit) usually run a few percent of the price. On a $350,000 FHA purchase, the cash to close guide adds them up to $13,295.59.
- Seller credits. The seller can pay up to 6% of the price on FHA and USDA, and all normal closing costs plus up to 4% in concessions on VA. With FHA 100% financing and a 3% seller credit, that $350,000 buyer brings $2,795.59.
- Gifts. A parent or other relative can gift the rest with a signed gift letter.
- Financed costs on USDA. When the home appraises above the price, USDA can roll closing costs into the loan.
Two costs leave your account early: the earnest money deposit, which is credited back at closing, and the home inspection.
If you don't qualify for $0 down yet
- Score under 580: FHA allows 10% down from 500 to 579, and the whole amount can be a family gift.
- Income over USDA's limit: FHA 100% financing has no USDA-style household cap, though some assistance programs set their own.
- Not a veteran: FHA 100% financing is open to every qualified buyer.
The cash to close calculator shows the check you'd write with a seller credit and a gift on any price. When you want to know which $0 down option approves you at the best payment, call AAA Capital Funding at 888-601-8344 and we'll run all three side by side.