Buyer Financing Guide
First-time homebuyer programs in coastal Florida
How Florida Hometown Heroes, Florida Housing down-payment assistance, VA 0% down, and coastal condo/townhome underwriting work across Duval, St. Johns, and Nassau counties.
Statewide assistance
Florida Hometown Heroes & Florida Assist
Eligible first-time buyers employed full-time by a Florida-based employer can access up to 5% of the first mortgage loan amount (capped at $35,000) in 0%-interest, deferred down-payment and closing-cost assistance through the Florida Housing Finance Corporation. We pair you with participating local lenders who verify current county income caps and funding availability for Duval, St. Johns, and Nassau counties.
Low & zero down options
VA 0% down and 3% down conventional loans
Active-duty service members and veterans stationed at Naval Station Mayport, NAS Jacksonville, or Kings Bay can purchase with 0% down and no monthly mortgage insurance using their VA entitlement. Conventional first-time buyers can also utilize Fannie Mae HomeReady or Freddie Mac Home Possible at 3% down across Jacksonville, the Beaches, St. Augustine, and Fernandina Beach.
Common questions
Can I buy an oceanfront condo with a VA loan?
Only if the project appears on the VA-approved condominium list. Plenty of coastal buildings are not on it. Check before you write, not after — this has ended more than one deal I have watched.
Does flood insurance affect how much I can borrow?
Yes. It is part of your monthly housing expense, so it counts in your debt-to-income ratio. On a low-elevation property a high flood premium can reduce your purchase power meaningfully.
Is a second home financed like an investment property?
No, they are separate categories with separate rules and pricing. A true second home you occupy part of the year prices better than a pure rental. Be accurate with your lender about which one it is — the occupancy you certify is a legal statement.
Does the dock add to the appraised value?
Sometimes, and less than owners expect. Marine improvements are difficult comparables and some lenders exclude them. If a dock is a large part of what you are paying for, discuss it with the lender before the appraisal is ordered.
Which lender should I use?
Whichever one gives you the best Loan Estimate for your file. Get at least three, in the same week, and compare page two. There is a factual directory of local lenders on my lender page.
Buying on the water, or trying to work out if you can?
I have owned the maintenance bill on a dock. Tell me the property and I will tell you honestly what the financing and the insurance are likely to do to the deal — even if the answer is that now is not the time.
Important notices
This page is general information for buyers on the First Coast. It is not financial, tax, legal, insurance or lending advice, and it is not a commitment to lend. Tim Sherman is a licensed Florida real estate sales associate, not a licensed mortgage loan originator or insurance agent.
Loan programs, limits, fees, credit requirements and eligibility rules change frequently. Figures on this page carry the date they were checked. Confirm all of them with a licensed lender and the official program source.
No lender or program provider is endorsed on this page. Tim Sherman receives no compensation of any kind for directing business to any lender, and you are free to use any lender you choose.
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