Florida First-Time Home Buyer Programs of 2023

on Rocket Mortgage

Rocket Mortgage

5.0

5.0

Min. credit score

580

Min. down payment

3.5%

on Rocket Mortgage

on Better

Better

4.5

4.5

Min. credit score

620

Min. down payment

on Better

on NBKC

NBKC

4.5

4.5

Min. credit score

620

Min. down payment

on NBKC

on New American Funding

New American Funding

4.5

4.5

Min. credit score

500

Min. down payment

3.5%

on New American Funding

on Veterans United

Veterans United

4.5

4.5

Min. credit score

620

Min. down payment

on Veterans United

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Mortgage loans from our partners

on Rocket Mortgage

Rocket Mortgage

5.0

5.0

Min. credit score

580

Min. down payment

3.5%

on Rocket Mortgage

on Better

Better

4.5

4.5

Min. credit score

620

Min. down payment

on Better

on NBKC

NBKC

4.5

4.5

Min. credit score

620

Min. down payment

on NBKC

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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.