Loan Options • Low Down Payment Options
Low down payment purchase options
VA, USDA, FHA and conventional loans each let you buy a home in Florida or Georgia with less money down. Pick the one that sounds like you below, or have a licensed loan officer compare them on your own numbers.
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At a glance
- Conventional low down payment programs
- FHA loans
- VA and USDA loans for eligible borrowers
- Down payment assistance where available
Talk with a licensed loan officer
Which one fits you?
Tap the line that sounds like you. Each one opens a short summary and a link to the full guide.
VA loans
VA backs these loans for eligible veterans, service members and some surviving spouses. You pay no monthly mortgage insurance. Most borrowers pay a one-time funding fee, and VA waives it if you receive VA compensation for a service-connected disability.
- VA sets no minimum credit score. Each lender sets its own.
- You can buy a primary home with one to four units.
VA loans explained · VA funding fee calculator
Have a licensed loan officer check your eligibilityUSDA loans
USDA guarantees loans for homes in eligible rural and suburban areas, and many small towns and outer suburbs in Florida and Georgia qualify. Your household income has to fall under the county limit. You pay an upfront guarantee fee and an annual fee.
- You check the address on USDA's eligibility map.
- The home has to be your primary residence.
USDA loans explained · USDA eligibility map (new tab)
Have a licensed loan officer check an addressFHA loans
HUD insures FHA loans, and their credit rules give you more room than most conventional loans. You pay an upfront mortgage insurance premium plus an annual premium. FLO Mortgage arranges FHA loans through partner lenders.
- HUD accepts scores down to 500. Below 580 you put more down.
- Approved condos and homes with one to four units qualify.
FHA loans in Florida · FHA loan requirements
Go over your credit with a licensed loan officerConventional low down payment loans
Fannie Mae's HomeReady and Freddie Mac's Home Possible, plus standard conventional programs, let you buy with a small down payment when your credit is solid. You pay private mortgage insurance, and you can have it removed once you build enough equity.
- HomeReady and Home Possible set income limits by area.
- First-time buyers may need a homebuyer education course.
Conventional loans explained · FHA vs conventional
Get both options priced by a licensed loan officerDown payment assistance
Florida and Georgia run programs that cover part of your down payment and closing costs. Most work as a second loan you repay when you sell or refinance. Funding opens and closes during the year.
- Florida: Hometown Heroes and Florida Assist.
- Georgia: Georgia Dream, covered in our Georgia FHA guide.
Down payment assistance in Florida and Georgia
Ask which programs are open nowGift funds from family
Most programs let a relative give you money toward the down payment and closing costs. The giver signs a gift letter saying you don't have to pay it back, and the lender follows the money from their account to yours.
- Keep the bank statements that show the transfer.
- Each program sets its own rules on who can give.
Side by side
How the options compare
Each program fits a different buyer. The table shows the differences that matter most when you put less down.
Swipe the table to see all four loans.
| VA | USDA | FHA | Conventional | |
|---|---|---|---|---|
| Who it fits | Eligible veterans, service members and some surviving spouses | Buyers in USDA-eligible areas under the income limit | Buyers who need flexible credit rules | Buyers with solid credit |
| Ongoing insurance | No monthly mortgage insurance; one-time funding fee unless exempt | Upfront and annual guarantee fees | Upfront and annual mortgage insurance premiums | Private mortgage insurance |
| Can it come off later? | No monthly insurance to remove | The annual fee lasts the life of the loan | Often lasts the life of the loan unless you refinance | Yes, once you build enough equity |
| Credit | VA sets no minimum; lenders do | Lenders set their own minimums | The most flexible of the four | The strictest of the four |
| Homes | Primary home, one to four units | Primary home in an eligible area | Primary home, one to four units, approved condos | Primary home for the low down payment programs |
Before you decide
The real cost of putting less down
A smaller down payment gets you into a home sooner. You pay for that in other ways, so compare the whole cost, not only the cash you bring to closing.
Mortgage insurance or fees
Most low down payment loans add mortgage insurance, a funding fee or a guarantee fee. Some come off later and some stay for the life of the loan.
A larger loan
You borrow more, so you pay interest on a bigger balance and build equity more slowly at the start.
Closing costs still count
You need money for closing costs too. Sellers can pay part of them, up to a limit each program sets.
How long you'll stay
If you plan to stay for years, a loan whose insurance comes off later may cost you less over time. Your loan officer can lay the options out side by side.
Florida and Georgia
Down payment help where you're buying
Florida
- Florida Hometown Heroes for first-time buyers in eligible jobs, such as health care, schools and first responders
- Florida Assist through Florida Housing
- County and city programs in some areas
Georgia
- Georgia Dream through the Georgia Department of Community Affairs
- An attorney handles your Georgia closing
- Home loans in Georgia
Program rules and funding change during the year. Read our down payment assistance guide, then ask a licensed loan officer which programs are taking applications now.
How it works
- Talk with usA quick, no-pressure call about your goals and budget.
- Apply onlineA secure application you can finish in minutes.
- Review your optionsClear numbers side by side so you can choose with confidence.
- CloseRegular updates from approval to the closing table.
FAQs
Common questions
Which loan needs the least money down?
It depends on your eligibility. VA and USDA loans are designed to minimize upfront costs for eligible borrowers, and FHA and conventional programs also offer low down payment options.
Can a family member help with my down payment?
Often, yes. Most programs allow documented gift funds from family members.
Will I have to pay mortgage insurance?
With most low down payment loans, yes. Conventional mortgage insurance can be removed later once you build enough equity.
When can I remove mortgage insurance?
On a conventional loan, you can ask your servicer to cancel it once your balance reaches 80% of the home's original value, and it ends on its own at 78% if your payments are current. FHA mortgage insurance lasts the life of the loan when the loan starts above 90% of the home's value, so most owners refinance to drop it.
Can the seller pay my closing costs?
Yes, up to a limit that each program sets. A licensed loan officer can check the limit before you sign the purchase contract.
Can I use down payment assistance with a VA or conventional loan?
Some programs accept conventional loans as well as FHA, and a few accept VA. Each program publishes the loan types it takes, so ask which ones fit your loan.
Do Florida and Georgia offer different programs?
Yes. Florida Housing runs Hometown Heroes and Florida Assist, and the Georgia Department of Community Affairs runs Georgia Dream. Georgia closings also use an attorney.
This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, property eligibility and program availability. Not all applicants will qualify. Terms and programs may change without notice. FLO Mortgage arranges FHA loans through partner lenders. FLO Mortgage is licensed as a mortgage lender in Florida (MLD2621) and Georgia (#1835856), Company NMLS #1835856; Broker Owner Joy McCoy Flores, NMLS #1096400. Equal Housing Opportunity. Licensing & Disclosures.
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