Home buyer programs in Florida

[Matthew Lamoreaux]

For prospective homebuyers in Florida, both statewide and local programs provide assistance with mortgages, down payments, and closing costs, particularly for first-time buyers and those in eligible professions. The Florida Housing Finance Corporation (FHFC) is the primary administrator of these programs. Statewide programs from Florida Housing Florida Hometown Heroes Housing Program
This initiative is for eligible community workers, offering a competitive first mortgage interest rate and assistance with down payments and closing costs.

• Eligible occupations: Includes military personnel, veterans, law enforcement, first responders, educators, healthcare professionals, and childcare workers.
• Assistance amount: Up to 5% of the first mortgage loan amount, with a cap of $35,000.
• Key features: The assistance is provided as a 0% interest, deferred second mortgage, with no monthly payments. The loan is non-forgivable and must be repaid if you sell, refinance, or no longer occupy the home as your primary residence.

Florida Assist (FL Assist) Second Mortgage
This program provides down payment and closing cost assistance, specifically for eligible first-time homebuyers.

• Assistance amount: Up to $10,000 as a 0% interest, deferred second mortgage.
• Key features: No monthly payments are required. The loan repayment is deferred until you sell, refinance, or pay off the first mortgage.

HFA Preferred and HFA Advantage PLUS Second Mortgage
This is a forgivable second mortgage for down payment and closing cost assistance, which must be paired with Florida Housing's conventional loan products.

• Assistance amount: 3%, 4%, or 5% of the total loan amount.
• Key features: The loan is forgiven at a rate of 20% each year, becoming fully forgiven after five years if you stay in the home.

Florida Homeownership Loan Program (FL HLP) Second Mortgage
The FL HLP offers a second mortgage with monthly payments, which is often used in combination with other FHFC programs.

• Assistance amount: Up to $12,500.
• Key features: This is a 3% interest, amortized second mortgage with a 30-year term. It requires a monthly payment.

Local and specialized programs Many cities and counties offer their own assistance programs, which can often be combined with statewide benefits.

• Miami-Dade County: Offers down payment assistance through its SHIP Program, with up to $28,500 available for eligible buyers.
• Orlando: The city's Down Payment Assistance (DPA) program provides up to $45,000 in a forgivable loan for qualified first-time homebuyers.
• Tampa: The "Dare to Own the Dream" program offers a deferred loan of up to $40,000 for first-time homebuyers who meet income and credit score requirements.
• Jacksonville: Offers the Head start to HOME Ownership (H2H) program, which provides up to $50,000 in down payment and closing cost assistance.

Federal and national programs Homebuyers in Florida can also use national programs, often in conjunction with state or local assistance.

• FHA Loans: Backed by the Federal Housing Administration, these loans have more lenient credit requirements, with down payments as low as 3.5%.
• VA Loans: Offered to veterans and active-duty military members, these loans require no down payment and no private mortgage insurance.
• USDA Loans: Available for low-to-moderate-income buyers in eligible rural areas, these loans also require no down payment.
• Good Neighbor Next Door Program: This HUD program provides housing aid to teachers, firefighters, police officers, and EMTs purchasing homes in revitalization areas.

How to get started

1. Check eligibility: You must generally have a credit score of at least 640 and meet income and purchase price limits for your county to qualify for Florida Housing programs.
2. Complete homebuyer education: Most Florida Housing programs require you to complete a homebuyer education course from a HUD-approved agency.
3. Find a participating lender: To access FHFC programs, you must work with a participating lender. You can use the "Homebuyer Loan Programs Wizard" on the Florida Housing website to find one and see which programs you may qualify for.

Any further questions don't hesitate to reach out, I have a few local lenders that are amazing and know the local ins and outs of what is available. 

      *****I am not financially tied to the lenders I use, I just appreciate there attention to detail and prompt work ethic.