First-Time Homebuyer Programs

Special programs designed to help first-time homebuyers in Lake Mary and throughout Florida achieve their dream of homeownership with low down payments and down payment assistance.

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First-Time Homebuyer Programs in Florida

Buying your first home in Lake Mary, FL, or anywhere in Florida can feel overwhelming, but Edge Home Loans offers specialized first-time homebuyer programs to make the process easier. These programs provide low down payment options, down payment assistance, and homebuyer education to help you succeed.

Available First-Time Buyer Programs

FHA First-Time Buyer Loans

FHA loans are ideal for first-time buyers in Lake Mary with lower credit scores and minimal down payment requirements.

3.5% down payment with 580+ credit score
Credit scores as low as 500 accepted
Gift funds allowed for down payment

Down Payment Assistance Programs

Florida offers several down payment assistance programs for first-time homebuyers.

Florida Housing Finance Corporation programs
Local city and county assistance programs
Employer-sponsored assistance programs

Homebuyer Education

Free homebuyer education courses to prepare you for the homebuying process.

Understanding the mortgage process
Budgeting and financial planning
Home maintenance and ownership responsibilities

Who Qualifies as a First-Time Homebuyer?

In Florida, you're considered a first-time homebuyer if you haven't owned a home in the past three years. This includes:

Never owned a primary residence
Haven't owned a home in the last 3 years
Displaced homemaker or single parent who only owned with a spouse

First-Time Buyer Tips for Lake Mary Homebuyers

1. Get Pre-Approved: Know your budget before house hunting
2. Save for Down Payment: Even with low down payment options, having savings helps
3. Check Your Credit: Review and improve your credit score before applying
4. Research Neighborhoods: Understand Lake Mary's market and neighborhoods
5. Work with Local Experts: Partner with a Lake Mary-based mortgage broker who knows the area

Frequently Asked Questions About First-Time Homebuyer Programs

Florida offers several first-time homebuyer programs including Florida Housing Finance Corporation programs, local city and county down payment assistance, FHA loans with 3.5% down, and various state and federal programs. See our Florida First-Time Homebuyer Programs guide for complete details.

First-time buyers in Lake Mary can purchase with as little as 3.5% down using an FHA loan, or 3% down with a conventional loan. Some down payment assistance programs can help cover part or all of the down payment. VA loans offer 0% down for eligible veterans.

Down payment assistance programs provide grants or low-interest loans to help cover your down payment and closing costs. Eligibility varies by program but typically includes income limits, first-time buyer status, and property location requirements. See our Best Down Payment Assistance in Florida guide.

Many first-time buyer programs require homebuyer education, but it's beneficial even when not required. These courses cover budgeting, the mortgage process, home maintenance, and ownership responsibilities. Some programs offer incentives like lower interest rates or down payment assistance for completing education.

FHA loans accept credit scores as low as 500 (with 10% down) or 580 (with 3.5% down). Conventional loans typically require 620+, though some programs may accept lower. VA loans generally require 620+, though some lenders may accept lower. The higher your credit score, the better your interest rate.

Ready to Buy Your First Home?

Contact Edge Home Loans in Lake Mary for expert first-time buyer guidance.

Call (855) 744-EDGE Apply Online

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First-Time Homebuyer Programs