Florida First-Time Home Buyer Programs of 2019

What you need to know

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, Read More

What you need to know

This is the go-to program for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as 3.5% for those with credit scores of 580 or higher. The FHA will insure loans for borrowers with scores as low as 500 but requires a 10% down payment Read More

What you need to know

The U.S. Department of Veterans Affairs helps service members, veterans and surviving spouses buy homes. VA loans are especially generous, providing competitive interest rates, often requiring no down payment or mortgage insurance. Although there is no official minimum credit score, most Read More

What you need to know

A USDA home loan is a zero-down-payment mortgage for eligible rural and suburban home buyers. USDA loans are issued by the U.S. Department of Agriculture through the USDA Rural Development Guaranteed Housing Loan Program. There are income limitations, which vary by region. Applicants with credit Read More

What you need to know

This program also provides 30-year fixed-rate FHA, VA and USDA loans to all qualified veterans and active-duty military personnel, even those who may have recently owned homes. In fact, the Military Heroes loan offers lower interest rates than the Florida First mortgage. Borrowers who qualify for Read More

What you need to know

By giving borrowers access to more affordable mortgage insurance, this 30-year fixed-rate loan offsets some of the initial costs that may put conventional loans out of reach for first-time buyers. Those who qualify for an HFA Preferred loan can benefit even more by combining their loan with down Read More

What you need to know

In addition to getting reduced mortgage insurance costs, borrowers who qualify for this 30-year fixed-rate loan can take advantage of Florida Housing’s 3% down payment and closing cost grant, which doesn’t have to be repaid.

What you need to know

This assistance program allows qualified applicants to borrow up to $7,500 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 Read More

What you need to know

This assistance program provides qualified borrowers with 3% of the home’s purchase price to be used as a down payment or to pay closing costs. The HFA Preferred program is a grant, which means it doesn’t have to be repaid.

What you need to know

Using this program may deliver additional savings to qualified first-time home buyers and eligible veterans in the form of a credit on their federal taxes. Participants can claim 50% of their paid mortgage interest, up to $2,000, every year they occupy the home.