you have several options at your disposal.
USDA- a wonderful 100% loan with No mortgage insurance with an option to finance closing costs without raising the sales price or asking for seller concessions. Qualifications: 620 min score, property must be in USDA eligible area,household income cannot exceed a certain amount ( i think it's somwhere around 70K, depending on the area of FL). Has a guarantee fee of about 2% that can be put on top of the loan. Really good rates!
FHA - Requires 3.5% down, Upfront mortgage insurance of 1% (eff. october 4th), monthly Mortgage Insurance, credit score 620 min. property must be in a decent condition. Decent rates.
VA- an option for veterans ( very similar to USDA)
Conventional ( Fannie, Freddie)- 20% down ( can be less but rates are not good with less than 20% down, you'd be better off going with FHA), no Mortgage Insurance. Min scores vary, but are higher than FHA or USDA ( 640 to 660), more streamlined process. Great rates!
Let me know if you'd like to discuss this more and get pre-qualified. We do it for free- just give us a call at 239-206-4500. I can also give you a rate quote- our rates are really good right now.
Faith Home Loans