Homeownership can feel out of reach, especially if you’ve never purchased a home and aren’t sure whether you’ll qualify for a mortgage. That’s why the Florida Housing Finance Corporation, known as Florida Housing, offers several programs to help Floridians buy a first 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.
National first-time home buyer programs to consider
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 Florida’s federally designated target areas 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 70% of households earn 80% or less of the state median income.
Florida Housing highlights and eligibility
Highlights
- 30-year fixed-rate mortgages for first-time home buyers, veterans and active military
- Available in all 67 of Florida’s counties
- Can be combined with down payment or closing cost assistance programs
- Mortgage interest tax credit available
Eligibility
- Property must be located in Florida and be a primary residence
- Borrowers must meet income, credit and purchase price requirements
- Home buyer education course required
- Additional program-specific requirements may apply
» MORE: 25 tips for first-time home buyers
Your next step
Now that you’ve been introduced to the first-time home buyer programs available in Florida, it’s time to decide which one is the best fit for you. For full details and tips on how to apply, visit the Florida Housing Finance Corporation website.
Florida Housing doesn’t actually 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 directly to a lender for more information.
» MORE: See the best Florida mortgage lenders
More from NerdWallet
How much house can you afford?