First-time homebuyers in the Florida Keys have several excellent loan programs to choose from, each with distinct advantages.
FHA Loans
The most popular first-time buyer program. Requires just 3.5% down with a 580+ credit score. The lower credit requirement makes it accessible to buyers still building their credit history.
Conventional 97
Allows 3% down for first-time buyers with strong credit (typically 620+). PMI is required but can be removed once you reach 80% equity.
VA Loans
Zero down payment for eligible veterans and service members. No PMI. One of the best mortgage products available to those who qualify.
Florida Housing Bond Programs
State programs offering below-market rates and down payment assistance. Income limits apply, but many Keys buyers qualify.
Keys Considerations
Higher Keys property values may mean looking at condos or Lower Keys properties. Down payment assistance can significantly reduce upfront costs.
Learn more about first-time homebuyer loans or down payment assistance.