Can't Save a Down Payment? There's an Alternative.

Zero Down Mortgage Financing from We Florida Financial

The real estate landscape can be tough for first-time homeowners with no equity. Many people struggle to meet the demands of everyday bills and still find space in the budget to put something away for a family home. Let's take a look at how long you could spend saving for a down home. Then, we'll look at an alternative loan program that can help you get into your dream home faster.

How Long Does It Take to Save a 20% Down Payment?

To get a competitive rate on your home, it's important to put down as high a down payment as you can, with 20% often considered ideal. However, the nationwide average to save 20% to put down on a median-priced home is now 14 years on a median income, according to Unison’s Home Affordability Report. Floridians could wait up to 36 years to save 20% down, meaning the average-earning Millennial would be in their 40s before realizing their dream of homeownership. Let's see how those numbers shakedown using another source and dropping the down payment goal to 10%.

How Long Does It Take to Save a 10% Down Payment?

According to a recent study by, Florida comes in second in a list of states where consumers spend a decade or more saving for a 10% down payment. Meanwhile, the average home cost in the state is $283,800, with a median income of just $47,463. That's compared to an average of 8 years nationwide.

  1. Hawaii: 26.79 years
  2. Florida: 22.64 years
  3. California: 21.91 years
  4. New York: 15.45 years
  5. District of Columbia: 13.56 years
  6. Nevada: 10.71 years
  7. Vermont: 9.93 years
  8. Oregon: 9.93 years
  9. Arizona: 9.34 years
  10. Mississippi: 9.13 years

The good news is that there are alternatives to waiting half a lifetime to buy your first home.

What is 100% Financing?

100% financing refers to mortgages that include 100% of the sales price. It allows you to finance the entire purchase price, so you don't need a down payment. New and repeat home buyers may be eligible for these mortgages.

How Does 100% Financing Work?

At We Florida Financial, our members choose a hybrid adjustable rate mortgage (10/1 or 5/5) to finance a home purchase. You don't need a down payment, which lets you save for the closing costs and leaves more money in your pocket.

How Do You Apply?

A Mortgage Loan Officer from We Florida Financial can help you apply today. Contact an MLO online or visit your local branch. Learn more about our program here.