Question: Can I use first time buyer down payment assistance with the USDA loan? How does this work with the USDA mortgage?
Charlotte M - Sarasota, FL
Answer: The USDA mortgage program is 100% home financing by default. So no down payment would not be required like with FHA or Conventional loans. Remember USDA is the only 100% home loan left in Florida unless you are military. With that said, you can always choose to put money down if you desire to lower your loan amount, it's just not required. Your down payment can come from any state, county, city (government) sponsored assistance program like Florida SHIP, among others. Each first time buyers down payment assistance program is different from county to county and they have different terms and requirements. Some programs may also require first time buyer classes, please check with your local housing authority. In addition, you can use gift funds from family to pay for your down payment or closing costs. Having the home seller pay closing costs is also permitted.
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