Down Payment Assistance - Florida
Down Payment Assistance Options for Florida
Florida Housing
Along with a fixed mortgage program for first-time homebuyers, Florida Housing also offers assistance programs to aid cover the down payment and closing costs associated with the purchase.
Click here for products under the Florida Housing Program.
Requirements:
- Minimum Credit Score of 640.
- Must work with an approved, participating, Program Lender
- "Approved" Home Buyer Education is required to be completed.
- Property purchase price must be below the limits for the county in which you purchase.
- Income must be below the limits for the county in which you purchase.
- Cannot have owned AND occupied your primary residence for the last three years prior to purchase
Hometown Heroes
Another program by Florida Housing, Hometown Heroes makes owning a home more affordable for eligible applicants working under Florida-based employers. This program provides down payment and closing cost assistance of up to 5% of the total mortgage amount in a 0%, non-amortizing, 30-year deferred mortgage.
Requirements:
- Must be a full-time employee under a Florida-based employer as an eligible occupation
- Servicemember under US military or military reserves, US Coast Guard or reserves, or Florida National Guard
- Veteran employed full-time by a Florida-based employer
Florida Housing Program Products
Florida Assist Program
- Up to $10,000 on FHA, VA, USDA, and Conventional loans
- 0%, non-amortizing, deferred second mortgage
FL HLP Second Mortgage
- Up to $12,500
- 3% fully-amortizing, second mortgage
- 30-year term
HFA Preferred / Advantage PLUS
- Can receive 3%, 4% or 5% of the total loan amount
- Forgivable second mortgage at 20% annually