Florida First-Time Home Buyers Assistance Programs
First-time buyers in Florida who need help with their purchase have a number of resources available to them. The Florida Housing Finance Corporation, known simply as Florida Accommodation, offers several down payment and help with closing costs programs to help you buy your first home.
Florida housing programs are available to first-time home buyers or anyone who has not owned or occupied a home for three years. Serving military personnel, qualified veterans, and anyone purchasing from a federally designated target area may also be eligible.
Florida First-Time Buyer Loan Programs
Florida Housing’s loan programs are all 30-year fixed rate mortgages. Here is an overview:
Programs for Florida Home Buyers
Florida Housing offers a few loan categories for first-time home buyers, including the Florida First program for federally guaranteed loans, FL HFA conventional loan programs, and Preferred or Advantage 3, 4, and 5% PLUS programs. , which include a second mortgage to help pay for the down payment and closing costs.
Borrowers eligible for these conventional 30-year fixed rate mortgages will see lower mortgage insurance costs than a comparable federal loan program. The loans can usually be combined with a down payment and closing cost assistance program.
Salute Our Soldiers Military Loan Program
Aimed at serving qualified military personnel and veterans, these programs offer 30-year fixed rate mortgages for government guaranteed loans (FHA, VA and USDA). Salute Our Soldiers offers lower rates than Florida First, but you don’t have to be a first-time buyer to use either program. Borrowers can combine these loans with a down payment and closing cost assistance program for housing in Florida.
- Must be a primary residence located in the State of Florida
Florida down payment and closing cost assistance programs
Florida Assist Second Mortgage Program (FL Assist)
Through Florida Housing, eligible borrowers receive up to $ 7,500 at zero percent interest on a second deferred mortgage to use for a down payment. Repayment is deferred until the home is sold or ownership transferred, or until the loan is repaid or refinanced.
HFA preferential grants (3, 4 and 5%)
This program offers qualified borrowers 3, 4 or 5% of the purchase price of the home to use for the down payment and closing costs. This second mortgage is canceled at 20 percent after five years.
Florida Home Loan Program (FL HLP)
This program offers buyers up to $ 10,000 in a second mortgage with 3% amortization. The mortgage must be repaid over 15 years unless you move, in which case the balance must be paid in full.
Note: These programs must be used with a Florida home loan program.
Other First-Time Home Buyers and Loans
There are also a number of national programs to help first-time homebuyers settle into a home. These include FHA, USDA, and VA loans, as well as a handful of more specialized programs based on your mortgage lender, or whether or not you’re considering renovating your new property. To verify Guide to bank rates for more information.
Now that you know the help available to buying your first Florida home, you’re ready to take the next steps. For more details on loan programs and requirements, visit Florida Housing website. Keep in mind that Florida Housing is not a lender and does not make borrowing decisions. Contact one of its approved lenders to apply for a mortgage or to find out more about the program that best meets your needs. Note that lenders may have their own income and credit rules to qualify for a loan.