Down Payment Assistance Programs

Florida Housing offers a Homebuyer Program that offers 30-year fixed rate first mortgage loans to first time homebuyers through participating lenders and lending institutions throughout the State of Florida. Eligible borrowers may also participate in one of Florida Housing’s second mortgage programs to assist borrowers with down payment assistance and closing costs.

There are some requirements in order to qualify for our Homebuyer Loan Program:

• Minimum Credit Score of 640.
• Must work with an approved, participating, Program Lender 
• “Approved” Home Buyer Education is required to be completed.
• Your purchase price must be below the limits for the county in which you purchase.
• Your income must be below the limits for the county in which you purchase.
• You must meet the IRS definition of a first-time homebuyer which means, you cannot have owned AND occupied your primary residence for the last three years prior to purchase.

Florida Housing offers down payment and closing cost assistance in the form of a second mortgage loan to assist eligible homebuyers with their down payment and closing costs. Down payment assistance is only available when used with Florida Housing’s first mortgage loan. Down payment assistance is NOT available as “stand alone” down payment assistance. Florida Housing offers the following Down Payment Assistance Programs to eligible buyers:

The Florida Assist (FL Assist)

• Offers up to $10,000 (on FHA, VA, or USDA loans) and $7,500 (on Conventional Loans).
• 0%, non-amortizing, deferred second mortgage.

The FL Assist is not forgivable. Repayment is deferred, except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become due and payable, in full.

The Florida Homeownership Loan Program (FL HLP) Second Mortgage

• Offers $10,000.
• 3% fully-amortizing, second mortgage.
• 15-year term.

The FL HLP Second Mortgage carries a monthly payment. The remaining unpaid principal balance (UPB) is deferred, except in the event of the sale, transfer of deed, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor(s) ceases to occupy the property as his/her primary residence at which time, the FL HLP Second Mortgage will become due and payable, in full.

Since the FL HLP Second Mortgage carries a monthly payment, this payment may need to be considered in a borrower’s debt-to-income (DTI) ratio when credit underwriting. 

3%, 4% and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage:

Borrowers utilizing these down payment and closing cost programs receive 3%, 4% or 5% of the total loan amount in a forgivable second mortgage. This second mortgage is forgiven at 20% a year over its 5-year term when used with Florida Housing’s conventional HFA Preferred for TBA or HFA Advantage for TBA first mortgage products. The “PLUS” Second Mortgage is available only with these conventional first mortgage products.

Salute Our Soldiers Military Loan Program

Homebuyer program for Veterans and active-duty military personnel throughout the state offering a below market rate 30-year fixed rate first mortgage loan and several options of down payment and closing cost assistance are available.

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