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FHA 100% Financing Program In Florida

Updated: 4 days ago

100% FHA Zero Down Financing Program In Florida

Thinking about owning a home in Florida but worried about massive down payments? There's actually a unique program that can make that dream possible. Introducing the 100% FHA Financing Program, the only one of its kind in Florida that offers full financing for FHA loans to anyone with a FICO score of 600 or more.

In the following article, we're going to break down how you can leverage this exceptional opportunity without requiring a huge upfront cash payment. So prepare yourself, because your journey to homeownership might just be a few steps away. Ready to learn more? Let's dive in.

Key Takeaways

The 100 FHA Zero Down Financing Program in Florida allows first-time homebuyers to purchase a home without having to make a down payment.

This program offers low closing costs, minimizing the financial burden associated with buying a home.

Borrowers can benefit from competitive interest rates, potentially saving money on monthly mortgage payments.

To apply for this program, individuals need to find a lender who offers it and gather the necessary documentation before completing the loan application process.

Understanding the FHA 100% Financing Program

Understanding the FHA 100% Financing Program

To fully understand the 100 FHA Zero Down Financing Program, it is crucial to be aware of its eligibility requirements, loan terms and guidelines, borrower qualifications, and property eligibility.

Eligibility requirements

Eligibility for the 100% FHA Zero Down Financing program is quite transparent, aiming to guide first-time homebuyers. Here are some key criteria to note:

The borrower must have a minimum FICO credit score of 600 to qualify.

There's a maximum debt-to-income ratio of 56.99% that needs to be maintained.

It's not just for first - timers. Repeat home buyers in Florida can also apply for this program.

The property purchased should be the borrower's primary residence; second homes or investment properties aren't eligible.

The loan amount varies based on county and property type, but typically ranges from $472,030 to $874,000 for a single-family home in Florida. To search the limits visit the FHA loan limits page here

Another point in your favor can be gift funds from family or friends which are acceptable in addition to down payment and closing cost assistance from the program.

6% Max Seller Concessions, the seller can pay up to 6% of the sales price toward closing costs, prepaid expenses, discount points and other financing concessions.

Loan terms and guidelines

This mortgage loan program comprises two parts: your primary or 1st FHA mortgage loan and a second mortgage covering your down payment and potentially some closing costs. The first mortgage is up to 96.5% of the purchase price and the second mortgage covers the 3.5% downpayment. This 3.5% second is the Down Payment Assistance that makes this program a true 100% Financing FHA Mortgage.

The principal mortgage follows standard FHA loan guidelines, with lengths typically spanning between 15 - 30 years at competitive interest rates. These loans are insured by the Federal Housing Administration, lending you assurance over lender security.

Simultaneously, the secondary lien - covering either the entirety or part of your down payment plus an additional 1.5% towards closing costs - extends for ten years on its term. The interest rate for this portion stands slightly higher – around a 2% increase from your primary mortgage rate. This can vary, so its important to reach out to Bennett Capital Partners to get the exact rate that you qualify for. You can call 1-800-457-9057 or get a quick quote here

This two-tier setup, unique in design compared to conventional mortgages or other government-backed loans like USDA and VA loans, is crafted purposefully to eliminate upfront costs completely for eligible borrowers like yourself while keeping monthly payments manageable.

Though mindful planning should go into budgeting out repayments given long-term implications such as potential higher monthly payments due to dual interests being accounted for. Still, there's no denying this model brings promising affordability for many eager homeowners-to-be across Florida! This program is perfect for those looking for a No Minimum Down Payment On A House.

Borrower qualifications

For the 100 FHA Zero Down Financing Program in Florida, several borrower qualifications must be met. These criteria are designed to ensure that you can comfortably handle a mortgage loan.

Credit Score: You need a minimum FICO credit score of 600. This is slightly higher than the traditional FHA Loan Requirements, but your creditworthiness is critical for approval.

Debt-To-Income Ratio: Lenders examine your debt-to-income ratio (DTI), and it should not exceed 56.99%. That means half of your income or less should go towards existing debts.

Primary Residence Only: The program is only accessible if you're purchasing a primary residence, not second homes or investment properties.

Loan Limit: Depending on the county and type of property, there's a maximum loan amount that ranges from $472,030 to $1,680,800.

As of 2023 The FHA Loan Limit Ranges are

  • 1 Unit - $472,030 - $874,000

  • 2 Units - $604,400 - $1,118,900

  • 3 Units - $730,525 - $1,352,450

  • 4 Units - $907,900 - $1,680,800

Gift Funds: If you receive gift funds from family or friends, they can supplement down payment and closing cost assistance.

Closing Time: Be prepared for an approximate closure time of around 15-30 days with Bennett Capital Partners on your FHA mortgage loan in Florida

Consultation with an FHA Mortgage Expert: It's recommended to consult with qualified professionals like Philip Bennett who has over two decades of experience helping customers achieve their home purchase goals.

Property eligibility

When looking to purchase a home through the 100 FHA Zero Down Financing Program in Florida, it's important to understand the eligibility criteria for the property you are interested in. Here are some key points regarding property eligibility:

The property must be located in an eligible area within Florida.

Single - family homes, townhouses, and approved condominiums can qualify for the program.

Multi - unit properties of up to four units may also be eligible if one of the units will serve as the borrower's primary residence.

The property must meet certain standards set by the Federal Housing Administration (FHA), including safety, soundness, and livability requirements.

Homes that require extensive repairs or renovations may not be eligible for financing through this program. You can still take advantage of the FHA 203K loan program.

Benefits of the 100 FHA Zero Down Financing Program

Benefits of the 100 FHA Zero Down Financing Program

The 100 FHA Zero Down Financing Program offers numerous benefits for homebuyers in Florida. Purchase a home without the need for a down payment and enjoy low closing costs and competitive interest rates.

Discover how this program can make your dream of homeownership a reality. Keep reading to learn more!

Purchase a home without a down payment

Are you dreaming of becoming a homeowner but don't have the funds for a down payment? Well, I've got great news for you! With the 100% FHA Zero Down Financing program in Florida, you can purchase a home without having to worry about coming up with a hefty down payment.

This program offers qualified individuals and families the opportunity to achieve homeownership without breaking the bank. By utilizing down payment assistance and closing cost assistance, you can secure your dream home without spending a dime out of pocket.

So, if you're eager to start building equity and reaping the benefits of homeownership, this program might be just what you need. We can also tell you how much are closing costs in fl.

📞 Reach out to us today 305-407-0747

Low closing costs

One of the major benefits of the 100 FHA Zero Down Financing Program in Florida is the low closing costs. When purchasing a home, closing costs can add up quickly and become a significant financial burden.

However, with this program, first-time homebuyers have the opportunity to minimize these costs and save money. The down payment assistance provided by the program can be used not only for the down payment itself but also for covering closing costs.

This means that borrowers can avoid excessive out-of-pocket expenses typically associated with buying a home. With lower closing costs, individuals and families can focus more on finding their dream home without worrying about additional financial strain.

Competitive interest rates

One of the benefits of the 100% FHA Zero Down Financing program in Florida is that it offers competitive interest rates. This means that compared to other loan options, you can potentially save money on your monthly mortgage payments.

With lower interest rates, you'll be able to keep more money in your pocket and afford the home of your dreams without breaking the bank. It's important to note that interest rates can vary based on factors such as credit score and loan terms, but overall, this program aims to provide borrowers with affordable financing options.

So whether you're a first-time homebuyer or looking to upgrade your current living situation, take advantage of the competitive interest rates available through this program in Florida.

How to Apply for the 100 FHA Zero Down Financing Program

How to Apply for the 100 FHA Zero Down Financing Program

To apply for the 100 FHA Zero Down Financing Program, you will need to contact Bennett Capital Partners, they can walk you through the application process. Whether you are a first time home buyer or an experienced home owner, our professionals are licensed and experienced to assist with this program.

Start by filling out our pre-approval form

Start by filling out our online pre-approval form here.

Gather necessary documentation

After we receive your pre-approval request, one of our mortgage professionals will follow up with you. Some of the documentation that you make be required to have are as follows

2 Most Recent Paystubs (If Employed)

Last 2 Years W2's, 1099's

Proof of Retirement Income (If Retired0

Last 2 Years Filed Tax Returns

2 Most Recent Months Bank Account Statements

Sales Contract or Purchase Price Range

Drivers License

Bennett Capital Partners will also require a copy of your credit report and score to assess your eligibility for the program. Having these documents ready can streamline the loan application process and help you move forward with your home purchase more quickly.

Remember, having a complete set of documentation can demonstrate your readiness as a borrower and increase your chances of getting approved for this program.

Start the loan application process

Once the pre-approval is completed, Bennett Capital Partners will reach out to you with the exact terms for which you qualify. We will also issue a pre-approval letter that you can use to make offers.

Once your offer gets accepted and a contract is in hand, the loan application process begins. Because we have already collected and verified your documents, we can submit your loan application right away without losing any time.

Working with an experienced mortgage professional like Philip Bennett can greatly help you navigate through this process smoothly and efficiently while ensuring you meet all the eligibility requirements.

Exploring Other 100% Financing Options in Florida

Exploring Other 100% Financing Options in Florida

In addition to the 100% FHA Zero Down Financing program, homebuyers in Florida can also consider other options for 100% financing. These include USDA loans and VA loans, which offer favorable terms and benefits for eligible borrowers.

USDA loans

USDA loans are another option for first-time homebuyers in Florida looking for 100% financing. Unlike FHA loans, which are insured by the Federal Housing Administration, USDA loans are backed by the United States Department of Agriculture.

These loans are specifically designed to help low-to-moderate-income borrowers purchase homes in eligible rural areas.

One key benefit of USDA loans is that they have more flexible credit requirements compared to traditional mortgage options. This makes them a great choice for individuals with lower credit scores or limited credit history.

Additionally, USDA loans offer competitive interest rates and do not require private mortgage insurance (PMI).

It's important to note that while these loans can be used for both purchase and refinancing purposes, they have income restrictions based on the area's median income levels. Borrowers must also meet certain property eligibility guidelines.

VA loans

Another option to consider when looking for zero down financing is a VA loan. VA loans are specifically designed for active-duty military personnel, veterans, and their families. These loans are backed by the Department of Veterans Affairs and offer several advantages for first-time homebuyers.

One key benefit of a VA loan is that they do not require a down payment, making it easier to purchase a home without having to save up for a large upfront cost. Additionally, VA loans often have lower interest rates compared to traditional mortgages, resulting in more affordable monthly payments.

It's important to note that eligibility requirements apply and vary depending on factors such as length of service and discharge status. However, if you meet the criteria, exploring the benefits of a VA loan can be an excellent choice for achieving your dream of homeownership in Florida.



In conclusion, the 100 FHA Zero Down Financing Program in Florida is a fantastic opportunity for first-time homebuyers to fulfill their dreams of homeownership. With no down payment required and low closing costs, this program provides an accessible path to purchase a home. You can also check out our blog post on FHA Loans For Investment Properties.

By understanding the eligibility requirements, benefits, and application process outlined in this blog post, individuals can confidently explore this option and make informed decisions about their future.

Take advantage of this program today and start your journey towards owning a home in Florida!



What is the 100 FHA Zero Down Financing Program in Florida?

The 100 FHA Zero Down Financing Program in Florida is a government-backed loan program that allows eligible homebuyers to purchase a property with no down payment required. The Downpayment assistance comes in the form of a 3.5% second mortgage

Who is eligible for the 100 FHA Zero Down Financing Program in Florida?

To be eligible for the 100 FHA Zero Down Financing Program in Florida, applicants must qualify for a traditional FHA mortgage. There are no income or geographical restrictions needed to be eligible for this 3.5% down payment assistance.

How does the 100 FHA Zero Down Financing Program work?

Under this program, qualified borrowers can secure a mortgage loan without making any down payment. Instead of providing a traditional down payment, borrowers can get a 3.5% down payment assistance second mortgage. Coupled with a 96.5% loan-to-value first mortgage borrowers are able to buy a house with 100% financing.

Are there any limitations or restrictions with the 100 FHA Zero Down Financing Program in Florida?

This program is available to borrowers who qualify for traditional FHA financing. There are no geographic or income limitations to be eligible for this program. A borrower must have a minimum 600 middle fico score and also the property must be their primary residence.

 ​Philip Bennett

​Philip Bennett

Philip is the owner and Licensed Mortgage Broker at Bennett Capital Partners, Bus. NMLS # 2046828. He earned his degree in Accounting and Finance from Binghamton University and holds a Master's Degree in Finance from NOVA Southeastern University. With more than 20 years of experience, Philip has been a leader in the mortgage industry. He has personally originated over $2 billion in residential and commercial mortgages.

Learn more about Philip Bennett's background and experience on our Founder's page. Whether you're a first-time homebuyer or a seasoned real estate investor, our team is here to help you achieve your real estate goals. Don't wait any longer, contact us today and let us help you find the right mortgage for your needs.

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