Financing is the part of buying a home that feels the most like a foreign language, and it is usually the biggest source of worry for anyone relocating here. This guide gives you a plain-language head start: what the loan types are called, what help might be available, and what to ask. It is meant to give you an idea and a little hope, not your actual prequalification. That part still comes from a licensed lender, and we will help you get there.
A quick, important note before you dive in. Kim and Niles Pfeiffer are licensed Florida real estate agents, not mortgage lenders, loan officers, or financial advisors. Nothing on this page, including the quick estimate tool below, is a loan offer, a rate quote, a prequalification, or individual financial, tax, or legal advice, and none of it replaces one.
Down payment minimums, closing cost ranges, and assistance programs described below are general, publicly available facts meant to give you an idea of what might be possible, not a guarantee of what you will receive. They change often and vary by lender, by loan program, and by your own credit and income. A licensed mortgage lender is the only one who can tell you what you actually qualify for today.
Think of this as a menu, not a recommendation, and think of the calculator below as a warm-up, not the real thing. Every buyer's situation, credit, income, savings, and goals, points toward a different loan. Our job is to make sure you recognize the names and the tradeoffs, and leave with a little hope, before a lender starts using them in a phone call. Their job is to run your actual numbers and tell you what you specifically qualify for.
Fill this in for a rough, private estimate. It is not saved anywhere and it is not your prequalification, it is just a head start so the real conversation with a lender feels less like starting from zero.
This estimate is general and does not check your credit, verify your income, or reflect a specific lender's guidelines. Your actual numbers may be higher, lower, or simply different.
These are the loan types relocation buyers ask us about most. This is not an exhaustive list of every program that exists, and it is not advice on which one is right for you.
| Loan Type | Down Payment Can Start Around | Often Good For | Keep In Mind |
|---|---|---|---|
| Conventional | As low as 3%* | Strong, documented credit | PMI until enough equity builds |
| FHA | As low as 3.5% | More flexible credit history | Mortgage insurance can last the life of the loan |
| VA | As low as 0% | Eligible veterans & service members | Requires a Certificate of Eligibility |
| USDA | As low as 0% | Eligible rural/suburban address | Property & income both must qualify |
| Jumbo | Typically higher | Larger or luxury purchases | Stricter credit & reserve requirements |
*For eligible first-time buyer programs. These are general ranges only, not quotes, and your actual down payment depends on the lender, the property, and your own financial picture.
Not backed by a government agency, and the most widely used loan type overall. Some programs allow down payments as low as 3% for eligible first-time buyers, though putting down less than 20% typically means paying private mortgage insurance (PMI) until you build enough equity, at which point PMI can usually be dropped.
Tends to fit buyers with solid, well-documented credit and income. Loan limits are set annually and vary by county.
Insured by the Federal Housing Administration, with down payments as low as 3.5% for borrowers who meet the credit requirements. Historically more forgiving of lower credit scores and higher debt-to-income ratios than conventional financing.
Comes with mortgage insurance premiums (MIP), both upfront and annual, that in some cases last for the life of the loan. A lender can walk you through whether that tradeoff makes sense for your numbers.
Guaranteed by the Department of Veterans Affairs for eligible veterans, active-duty service members, and some surviving spouses. Often allows financing with no down payment at all and no ongoing PMI, though most borrowers pay a one-time VA funding fee.
Eligibility is based on service history and is confirmed through a Certificate of Eligibility, not by us or by a general estimate.
Backed by the U.S. Department of Agriculture for eligible low-to-moderate income buyers in qualifying rural and suburban areas, with no-down-payment financing where it applies. Also carries an upfront and annual guarantee fee, similar in spirit to FHA's mortgage insurance.
More of Central Florida qualifies than people expect, some pockets outside the dense metro core, but a lender needs to confirm the specific address and your income against current program limits.
Used for loan amounts above the conventional conforming limit for the county. Common for larger or luxury purchases in areas like Windermere or Bella Collina.
Usually comes with stricter requirements: larger down payments, higher credit score expectations, and proof of cash reserves after closing.
This decision applies on top of whichever loan type you choose above, and it is worth understanding on its own.
Your interest rate is locked in for the entire loan term, commonly 30 years or 15 years. Your principal and interest payment never changes, which makes budgeting predictable, even if it means paying more upfront if rates ever move lower later.
Starts with a fixed rate for an introductory period (often 5, 7, or 10 years), then adjusts periodically based on market conditions. Can mean a lower starting payment, but real uncertainty afterward. Worth understanding the adjustment caps and schedule in detail with your lender before choosing this path.
Buyers are often surprised there is more help available than they expected. None of this is guaranteed for every purchase, and this is not a complete list of every program that exists, but it is always worth asking about.
In some contracts, a seller agrees to contribute toward your closing costs as part of the negotiation. Every loan type sets its own cap on how much a seller can contribute, generally somewhere between 2% and 9% of the purchase price depending on the loan, occupancy, and your down payment. Whether this is realistic depends on market conditions and how the offer is structured. This is something we help negotiate as your agents, your lender confirms the exact cap that applies.
Florida runs state-level programs such as the Florida Hometown Heroes Program and Florida Assist, and some counties and employers run their own on top of those. These are only two examples among many, not the full list, and not a promise you will qualify. Availability and funding shift throughout the year, so ask a licensed lender to check the complete, current list of what you personally might qualify for.
Some lenders offer a credit toward closing costs in exchange for a slightly higher interest rate. It is a real tradeoff worth asking about, especially if cash at closing is tighter than your monthly budget.
Central Florida draws real estate buyers and investors from around the world. Financing, and taxes, work a little differently if you are not a U.S. citizen or resident. Here is a general idea of how it works, and the kind of team we can help connect you with to handle the details.
This section is general education only, not tax, legal, or immigration advice. Rules for foreign buyers and investors are detailed and change. Always confirm your specific situation with a licensed CPA, attorney, and lender.
There is no citizenship or U.S. residency requirement to own property in the United States. International buyers purchase in Central Florida every year, for a future home, a rental, or both.
Some lenders offer foreign national loan programs built for buyers without U.S. credit history, and others offer ITIN loans for buyers who have an Individual Taxpayer Identification Number instead of a Social Security number. Down payments on these programs are typically higher than for U.S. resident buyers, and many international buyers choose to purchase in cash instead. A lender who specializes in international buyers can walk you through what actually applies to you.
When a foreign owner eventually sells U.S. property, federal law (FIRPTA) generally requires a portion of the sale price to be withheld at closing and sent to the IRS, with the final tax liability settled afterward. Rules and exceptions vary by situation. This is general information, not tax advice, and a CPA who works with international clients can walk you through what it actually means for you.
We can introduce you to lenders experienced with foreign national and ITIN financing, and to accountants who regularly work with international buyers and investors, so the process feels turnkey from search to closing and beyond. It is always your choice, and we do not accept a referral fee for either.
Lenders will use these terms as if everyone already knows them. Now you will.
A good lender will welcome every one of these.
We work with lenders and accountants we personally trust and can point you to more than one so you can compare. It is always your choice, never required.
We do not accept compensation for recommending any lender or accountant. Our only interest is that you end up with a team you are actually comfortable with.
We are not loan originators, tax preparers, or attorneys. Anything specific to your credit, income, taxes, or eligibility has to come from a licensed professional, not from us.
The quick estimate above gives you an idea in minutes. When you are ready for your real prequalification, send us your numbers or reach out directly and we will point you toward a lender.