Home Possible Loan Program in Florida (2026)
The Freddie Mac Home Possible program in Florida offers 3% down payment with removable PMI and lower mortgage insurance than FHA. Charlie Shami (NMLS #1097497) at Sonic Loans® is a loan officer licensed in Florida who helps buyers in Tampa, Miami, Orlando, and across the state close in an average of 8.2 days.
Key considerations
- Only 3% down payment (lower than FHA's 3.5%)
- PMI is removable at 80% LTV, unlike FHA's permanent MIP
- Florida's no state income tax helps you qualify with more take-home pay
- Works with Florida Hardest Hit Fund and local down payment assistance
- Condos eligible when they meet Freddie Mac project requirements
Eligibility and questions to review
- Minimum 660 credit score (some lenders accept 620)
- Income must not exceed 80% of area median income for the property location
- Available for first-time and repeat homebuyers in Florida
- At least one borrower must occupy the property as primary residence
- Single-family homes, condos (including Florida condos), and 2-4 units eligible
- Florida condo projects must meet Freddie Mac eligibility requirements
- Homeownership education may be required for first-time buyers
- No state income tax in Florida can help maximize qualifying income
Documents to prepare
- Government-issued photo ID (driver's license or passport)
- Social Security number
- Pay stubs from the last 30 days
- W-2s and/or 1099s from the last 2 years
- Federal tax returns from the last 2 years
- Bank statements from the last 2-3 months
- Proof of any additional income sources
- Employment verification letter
- Proof of income eligibility (at or below 80% AMI)
- Florida condo association documentation (for condo purchases)
- Homeownership education certificate (if applicable)
Typical process milestones
- Contact & Consultation: prompt
- Pre-Approval: a timeframe that depends on documentation
- Home Shopping: Your pace
- Underwriting: 3-5 days
- Closing: Timing varies by borrower, property, and closing conditions
Current limits and program details
Home Possible loans in Florida follow conforming loan limits, which vary by county. Florida's no-income-tax advantage means more of your earnings count toward qualification. Income limits based on 80% AMI apply.
Apply for Home Possible in Florida
Sonic Loans® is licensed in Florida and helps buyers from Jacksonville to Miami access Home Possible with just 3% down. Get started with Charlie Shami.
Frequently asked questions
What is the minimum credit score for Home Possible in Florida?
The minimum credit score for Home Possible in Florida is typically 660. Charlie Shami at Sonic Loans® (NMLS #1097497) is licensed in Florida and can help you determine if you qualify. Call (313) 488-4888.
How much down payment do I need for Home Possible in Florida?
Home Possible requires just 3% down. On a $350,000 Tampa or Orlando home, that is only $10,500. Down payment can come from gifts, grants, or Florida-specific assistance programs.
Can I buy a Florida condo with Home Possible?
Yes, condos are eligible for Home Possible in Florida as long as the project meets Freddie Mac eligibility requirements. Charlie Shami at Sonic Loans® can verify your condo project's eligibility and guide you through the process.
How should I compare Home Possible lender in Florida?
Charlie Shami at Sonic Loans® is ranked in the nationwide (UWM, 2021-2025) and Licensed in Florida, Sonic Loans® (NMLS #1955855) averages timing that varies by the transaction closings.
What are the income limits for Home Possible in Florida?
Income must not exceed 80% of the area median income for the property location. Limits vary by Florida county. Sonic Loans® can quickly verify your eligibility based on your income and desired property area.
How long does it take to close a Home Possible loan in Florida?
Sonic Loans® averages 8.2 days from clear-to-close, far different from the other timelines of a timeline that varies. Charlie Shami provides true pre-approvals so you can compete confidently in Florida's active housing market.