Florida First-Time Home Buyer Programs of 2023

Homeownership can feel out of reach, especially if you have never purchased a home and aren’t sure whether you’ll qualify for a mortgage. That’s why the Florida Housing Finance Corp., known as Florida Housing, offers several programs to help Floridians buy a home. But the good news doesn’t stop there.

National mortgage programs can also help you overcome obstacles to homeownership, especially if you have a low credit score or aren’t able to save a big down payment. Learn more about all of your options for buying a home in the Sunshine State below.

Florida Housing highlights and eligibility

Highlights

• 30-year fixed-rate mortgages for first-time home buyers, veterans and active-duty military members.

• Available in all of Florida’s 67 counties.

• Loans can be combined with down payment or closing cost assistance programs.

• Mortgage interest tax credit available.

Eligibility

• Property must be in Florida and be a primary residence.

• Borrowers must meet income, credit and purchase price requirements.

• Home buyer education course required.

Florida Housing first-time home buyer loan programs

If you’re a first-time home buyer — typically someone who hasn’t owned a home in the past three years — Florida Housing programs may provide an affordable path to owning a home. Qualified veterans and anyone considering a home purchase in one of the federally designated target areas listed online by Florida Housing may also be able to take advantage of the programs. Designated by the U.S. Department of Housing and Urban Development, a targeted area is a neighborhood, street or block where at least 51% of households earn 80% or less of the state median income.

Florida First Mortgage

Best for:

Government-backed mortgage with cash assistance

What you need to know:

This program offers government-backed FHA, VA and USDA 30-year fixed-rate mortgages to borrowers who meet income and purchase-price limits. It can be combined with the Florida Assist program for help with down payments and closing costs.

Florida HFA Preferred or Advantage Conventional Loan

Best for:

Conventional loan with cash assistance

What you need to know:

These are 30-year fixed-rate conventional loans for first-time buyers from Fannie Mae and Freddie Mac. Those who qualify for an HFA Preferred or Advantage loan can benefit even more by combining their loan with one of Florida Housing’s down payment and closing cost assistance programs.

Florida HFA Preferred or Advantage Plus Conventional Loan

Best for:

Conventional loan with cash assistance that isn’t paid back

What you need to know:

First-time homebuyers who qualify for this 30-year fixed-rate loan can get a percentage of the total loan amount in down payment and closing cost assistance. Help with these costs is provided as a second mortgage that is forgiven over five years.

Salute Our Soldiers Military Loan Program

Best for:

Loans and cash assistance to service members

What you need to know:

This program also provides 30-year fixed-rate loans to all qualified veterans and active-duty military personnel. Borrowers who qualify for this program can also take advantage of a Florida Housing down payment and closing cost assistance program.

Florida Assist Second Mortgage

Best for:

Buying yourself some time to repay a no-interest loan

What you need to know:

This assistance program allows qualified applicants to borrow up to $10,000 for their down payment. The Florida Assist second mortgage is offered at 0% interest, and payments are deferred, meaning the loan doesn’t have to be repaid until you move out, sell the house, refinance or pay off the original mortgage. Income and purchase-price limits apply.

Florida HLP Second Mortgage

Best for:

Buying yourself some time to repay a low-interest loan

What you need to know:

This loan program offers $10,000 as a second mortgage to help home buyers cover down payments and closing costs. With a term of 15 years, the loan comes with a monthly payment at a rate of 3%. The loan must be paid back in full if the home is transferred or sold or if the property is no longer the owner’s primary residence. Income and purchase-price limits apply.

Florida Mortgage Credit Certificate Program

Best for:

Cash back on federal taxes

What you need to know:

Using this program may deliver additional savings to qualified first-time home buyers in the form of a credit on their federal taxes. Participants can claim up to 50% of their paid mortgage interest — though a cap might apply — every year they occupy the home.

For full details and tips on how to apply, visit the Florida Housing Finance Corp. website.

Florida Housing doesn’t approve applications or lend money; instead, it relies on a network of participating lenders. These lenders may have their own rules about income limits, credit scores and eligible properties. If you’re unsure about which program is best suited to your situation, reach out to a lender for more information.

» MORE: The best homeowners insurance in Florida

First-time home buyer programs near Florida

• Alabama first-time home buyer programs

• Georgia first-time home buyer programs

• Louisiana first-time home buyer programs

• Mississippi first-time home buyer programs

• South Carolina first-time home buyer programs

National first-time home buyer programs to consider

Offered by most lenders, these national loan programs are always worth considering, especially if you need flexible credit requirements or low down payment options.

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