Learn how Florida and Michigan homebuyers can purchase a home with no money at closing using the 3.5% FHA Down Payment Assistance grant
Buying a home is one of the biggest financial steps someone can take, but many first-time buyers believe they need thousands of dollars saved for a down payment and closing costs. The reality is that there are programs designed specifically to help buyers overcome this hurdle.
At First Team Lending, we recently helped a client purchase a home with no money due at closing using our 3.5% FHA Down Payment Assistance (DPA) Program. Even better — the loan closed in just one week.
If you're looking to buy a home in Tampa, Miami, or anywhere in Florida, this program could help you get into a house sooner than you think.
What Is a Down Payment Assistance (DPA) Program?
A Down Payment Assistance program helps homebuyers cover the upfront costs required to purchase a home, such as:
Down payment
Closing costs
Prepaid expenses
With our 3.5% FHA grant program, eligible buyers can receive funds that cover the entire FHA minimum down payment requirement.
That means many buyers can purchase a home without bringing cash to closing.
Real Example: A Client Bought a Home With $0 Due at Closing
Recently, one of our clients used this program to purchase a home with:
$0 due at closing
Competitive mortgage rates
Only one week to close
Fast closings like this are one of the reasons many buyers and real estate agents choose First Team Lending.
How the 3.5% FHA Grant Works
FHA loans typically require a 3.5% down payment, but with this program the down payment is covered through a grant.
Key benefits include:
Grant Covers the Down Payment
The program provides a 3.5% grant, which covers the FHA down payment requirement.
No Repayment Requirement (With Conditions)
The grant does not have to be repaid if you live in the home for at least three years.
Competitive Mortgage Rates
Many buyers are surprised to learn that these programs still offer very competitive interest rates.
Fast Closings
At First Team Lending, we are known for closing loans quickly. In some cases, like the one above, we can close in as little as one week.
Who Qualifies for Down Payment Assistance?
While guidelines can vary, many buyers qualify if they:
Are purchasing a primary residence
Meet FHA credit requirements
Fall within program income limits
Complete a simple homebuyer education course
Many first-time buyers in Tampa and Miami qualify for this program without realizing it.
Why Many First-Time Buyers Use FHA Loans
FHA loans remain one of the most popular mortgage options because they offer:
Low down payment requirements
Flexible credit guidelines
Competitive interest rates
Programs like down payment assistance
When paired with a grant program, FHA loans can become one of the most affordable ways to buy a home.
Why Work With First Team Lending?
At First Team Lending, we specialize in helping buyers navigate mortgage programs that make homeownership possible.
What sets us apart:
✔ Fast closings
✔ Personalized service
✔ Competitive mortgage rates
✔ Access to grant and assistance programs
✔ Easy online application process
We proudly help buyers throughout Tampa, Miami, and across Florida find the best mortgage options available.
Find Out If You Qualify
If you’re thinking about buying a home but worried about the upfront costs, our Down Payment Assistance program could make it possible to buy with little or no money out of pocket.
Message First Team Lending today for a free mortgage consultation and find out if you qualify for the 3.5% FHA grant program.
Homeownership may be closer than you think.
Frequently Asked Questions (FAQ)
What is Down Payment Assistance?
Down Payment Assistance (DPA) programs help homebuyers cover the upfront costs of purchasing a home, including the down payment and sometimes closing costs. These programs are often designed to help first-time homebuyers qualify for homeownership sooner.
How does the 3.5% FHA Down Payment Assistance grant work?
The program provides a 3.5% grant that covers the FHA minimum down payment requirement. This allows eligible buyers to purchase a home without bringing money for the down payment at closing.
Do I have to repay the FHA grant?
In many cases, the grant does not have to be repaid if you live in the home for at least three years. If the home is sold or refinanced before that timeframe, repayment requirements may apply.
Can I buy a house with no money at closing?
Yes. Depending on the purchase price, seller concessions, and the down payment assistance program, many buyers can purchase a home with little or even no money due at closing.
How fast can a home loan close with Down Payment Assistance?
Many people believe DPA loans take longer to close, but that is not always the case. At First Team Lending, we recently helped a client close in just one week using this program.
Who qualifies for Down Payment Assistance in Florida?
Eligibility varies by program, but many buyers qualify if they:
Meet FHA credit requirements
Stay within income limits
Use the home as their primary residence
Complete a homebuyer education course
Is this program only for first-time homebuyers?
Many Down Payment Assistance programs are designed for first-time homebuyers, but some allow repeat buyers who have not owned a home within the past three years.
What credit score is needed for an FHA loan?
FHA loans typically allow credit scores as low as 580 with a 3.5% down payment, though requirements may vary depending on the program and lender guidelines.
Can I use Down Payment Assistance in Tampa or Miami?
Yes. Buyers purchasing homes in Tampa, Miami, and throughout Florida may be eligible for Down Payment Assistance programs.
How do I apply for Down Payment Assistance?
The easiest way to find out if you qualify is to contact a mortgage professional who offers DPA programs. At First Team Lending, we help buyers review their options and determine the best program available.