Florida Down Payment Assistance and First-Time Homebuyer Programs

Nestled between the Gulf of Mexico and the Atlantic Ocean, Florida is well-known for its breathtaking beaches, dynamic cities, and rich cultural endowment. With major cities like Miami, Orlando, and Tampa, Florida is always a beehive of activities, offering a unique blend of urban excitement and natural beauty.

Yet, beneath the sunshine and palm trees lies a complex housing situation influenced by several factors, from worsening economic trends to population growth and environmental considerations. According to research by Redfin, home prices are up by 4.5% compared to last year. Similarly, the number of homes sold on average has also increased by 2.2% compared to 2023.

If we consider both statistics, Florida has experienced a rise in homeownership despite the price increase. What does this imply? Well, of the numerous possible reasons for this increase in home ownership, the availability of payment assistance and first-time homebuyer programs for residents stands out as the most influential.

We’ll be exploring some of the significant programs made available for residents to become homeowners across various parts of the Sunshine State.

Looking for assistance in a specific part of Florida?

On this page, you’ll find a comprehensive exploration of various assistance options accessible to Florida homebuyers, including statewide and local resources. For information about down payment assistance in your area only, explore specific local details here:

• Broward County
• Escambia County
• Hillsborough County
• Jacksonville
• Miami-Dade County
• Pinellas County
• Lee County
• Orange County
• Palm Bay
• Charlotte County

Down payment assistance programs in Florida

Florida’s housing scene is pretty expensive, with the median listing price across the fourth quarter of 2023 about 9.66% higher than the typical national price. Thankfully, Stairs Financial offers worthwhile information regarding assistance programs that can help alleviate the financial implications of down payments and closing costs.

Florida Housing Finance Corporation

The Florida Housing Finance Corporation (FHFC) is a state agency established to assist low to moderate-income individuals and families across the state in obtaining safe, decent, and affordable housing. This agency provides several programs, including a Hometown Heroes Program for eligible community workforce and the Homeownership Pool (HOP) Program, designed to provide purchase assistance on a first-come, first-served basis. Eligible homebuyers can also explore FHFC’s Mortgage Credit Certificates (MCC).

Assistance type: Deferred payment loan

Sponsor: FHFC

Assistance amount: 5% of the first mortgage loan amount for the HHP and 10% to 50% of their mortgage interest for MCC

Minimum borrower contribution: None

Eligibility requirements

• These programs are available to the full-time workforce employed by a Florida-based employer.
• The home must be a primary residence in the community where applicants work and serve.
• Applicants must meet income requirements and loan limits.

Florida Down Payment Assistance

Unlike some down payment assistance programs and other mortgage financing options available, the Florida Down Payment Assistance program provides free mortgage financing as a service to the local Florida community. These programs include loan funds, conventional mortgage financing, mortgage grants, and other down payment assistance options across various Florida counties.

Assistance type: Deferred payment loan, Grants

Sponsor: Mid Florida Realty

Assistance amount: Depends on the assistance program

Minimum borrower contribution: None

Eligibility requirements

• Applicants must meet each program’s county Area Median Income (AMI) income limit and other unique requirements.
• Eligible applicants must be US citizens, permanent and non-permanent aliens with a valid social security number, an acceptable visa or employment authorization documentation.
• Assistance must be used for primary residence only.

Broward County Homebuyer Purchase Assistance Program

Recognizing that many individuals who can afford monthly mortgage payments do not have the required down payment for a home, the Broward County Homebuyer Purchase Assistance Program provides down payment assistance to aid the financial burden on potential homebuyers. This assistance program partners with the county’s First Time Home Buyer Program, a below-market, fixed-rate mortgage program, to provide residents with affordable housing across Broward County

Assistance type: Deferred payment loan

Sponsor: Broward County

Minimum borrower contribution: 1% of the down payment and $750 transaction fee

Eligibility requirements

• The program is only available to first-time homebuyers with an annual household income below 80 percent of the area median income.
• Applicants must attend and complete a HUD counseling seminar prior to applying.
• Purchased properties must serve as the primary residence and undergo comprehensive home inspection.
• Eligible properties include new or existing single-family residences, condominiums, villas, and townhomes in Broward County.

Escambia County Down Payment and Closing Cost Assistance

The Escambia County Down Payment and Closing Cost Assistance program is an initiative by the county’s Housing Finance Authority aimed at helping individuals achieve their goals of homeownership. As the name suggests, this program helps potential homeowners with significant upfront costs associated with mortgage transactions, including downpayment and closing costs.

Assistance type: Deferred payment loan

Sponsor: Escambia County’s Housing Finance Authority

Assistance amount: Maximum loan amount of $7,500, and can be paired with the program’s 4 percent first mortgage

Minimum borrower contribution: None

Eligibility requirements

• Eligible applicants must be first-time homebuyers; however, those who have owned a principal residence during the past three years do not qualify.
• Applicant’s annual household income must fall within program limits and have a minimum credit score of 640 for conventional, FHA, USA-RD, and VA loans.
• The total purchase price of a home within Escambia County may not exceed the program’s purchase limit of $310,211 for targeted areas and $253,809 for non-targeted regions.

Hillsborough County Payment Assistance

Hillsborough County’s Housing Finance Authority offers potential homeowners two payment assistance programs: the Hardest Hit Fund (HHF) Down Payment Assistance and the Home Sweet Home Hillsborough Program. The HHF Down Payment Assistance Program provides forgivable loan assistance to settle hefty down payments and closing costs. On the other hand, the Home Sweet Home (HSH) program helps applicants overcome the hurdle of expensive down payments with deferred payment loans.

Assistance type: Forgivable loan, Deferred payment loan

Sponsor: Hillsborough County

Assistance amount: About $15,000 in assistance funds for HHF assistance and $10,000 in funds for the HSH program.

Minimum borrower contribution: None

Eligibility requirements

• Applicants and their spouses must be first-time homebuyers and US permanent residents.
• All applicants must have a FICO mid score of at least 640 and a debt-to-income ratio no higher than 45 percent.
• For the HHF assistance, the annual household income must be within $59,800 for one or two persons and $68,770 for three or more persons.

Head Start To HOME Ownership Program

The City of Jacksonville offers the Head Start To HOME Ownership program, also known as H2H, which, like most programs in this list, provides down payment and closing cost assistance to eligible applicants interested in purchasing a home. This program takes the form of a zero-interest, second or third mortgage, with repayment due upon sale or refinance of the house or when the property no longer serves as the applicant’s primary residence.

Assistance type: Deferred payment loan

Sponsor: City of Jacksonville

Assistance amount: Up to $50,000 in down payment and closing cost assistance

Minimum borrower contribution: $500 towards the down payment, with $375 due when the initial inspection is scheduled.

Eligibility requirements

• Applicants must have a total household income no higher than 80% of the area median income for Duval County.
• Homes purchased with the H2H program must serve as the applicant’s primary residence and be located within the consolidated City of Jacksonville.

HFA Miami-Dade Mortgage Program

The HFA Miami-Dade Mortgage Program is an initiative offered by the Miami-Dade County Housing Finance Authority, aiming to assist individuals and families in the country with their home financing needs, including first mortgage and down payment assistance. This assistance comes in the form of a deferred, zero-interest second mortgage.

Assistance type: Deferred payment loan

Sponsor: Miami-Dade County

Assistance amount: Miami-Dade’s HFA offers eligible applicants up to $10,000 in down payment assistance.

Minimum borrower contribution: None

Eligibility requirements

• Applicants must be US citizens or hold permanent residency status; household income must also fall within the program’s limit.
• Applicants must have a minimum credit score of 640 and be employed in the same line of work for 24 months.
• The program also requires applicants to complete an 8-hour, HUD-approved homebuyer education course.

Home Key Plus 2nd Mortgage

Pinellas County offers first-time homebuyers the opportunity to purchase the home of their dreams via the Home Key Plus 2nd Mortgage. This program provides home buyers with a first mortgage alongside down payment assistance, which is repayable when borrowers sell or refinance the property, pay off the first mortgage rent, or no longer occupy the property as a primary residence.

Assistance type: Non-amortizing, zero-interest second mortgage

Sponsor: Pinellas County

Assistance amount: Up to $7500 in assistance funds for down payment and closing costs

Minimum borrower contribution: $1000

Eligibility requirements

• The program is open to first-time homebuyers who have not owned a home in the past three years and veterans who are US citizens or permanent residents.
• All applicants must complete an 8-hour, HUD-approved homeowner education course.
• The property must fall within the program’s purchase price guidelines of $293,600 for non-target areas and $360,067 for target areas.

Lee County FirstPlus Program

The Lee County FirstPlus Program is a homeownership assistance initiative designed to help residents achieve their dream of owning a home. This program provides financial assistance through down payment and closing cost assistance, helping to promote housing stability and the overall economic vitality of Lee County. Furthermore, the FirstPlus program works on a first-come, first-served basis and is continuously funded.

Assistance type: Zero-interest second mortgage

Sponsor: Lee County

Assistance amount: Maximum amount of $10,000

Minimum borrower contribution: None

Eligibility requirements

• Applicant’s household income must fall within the program’s maximum income limits, and their FICO score must be 640 or higher.
• The DTI requirement is 45%, and borrowers must meet typical FHA, VA, or USDA-RD underwriting requirements.
• Properties purchased with funds from this program must serve as the primary residence and be occupied within 60 days of closing.

Orange County Down Payment Assistance Program

Florida’s Orange County residents can benefit from the region’s Down Payment Assistance Program, which provides funding to income-eligible first-time homebuyers for down payment and closing costs associated with purchasing a home. The assistance provided will be determined based on household income and size.

Assistance type: Deferred payment loan

Sponsor: Orange County

Assistance amount: Up to $45,000

Minimum borrower contribution: The greater of $1000 or 1.75 percent of the purchase price towards downpayment and closing costs

Eligibility requirements

• Applicants must be first-time homebuyers, legal residents of the US, and have established residency in the Orlando Metropolitan Statistical Area within the last 12 months.
• All homes purchased through this program must not exceed the maximum purchase price of $200,000.
• Applicants must repay the loan if the home is sold, rented, refinanced without prior approval of Orange County or no longer serves as the applicant’s primary residence during the lien period.

Palm Bay HOME Down Payment Assistance Program

The Palm Bay HOME Down Payment Assistance Program prioritizes very low-income and low-income families, providing down payment and closing cost assistance to purchase their first home and rehabilitate it if needed.

Assistance type: Deferred payment loan

Sponsor: Palm Bay Housing Finance Authority

Assistance amount: $17,881.50

Minimum borrower contribution: $750 or $1,250, depending on the income bracket.

Eligibility requirements

• The applicant’s household must earn less than 50 percent of the area median income.
• Eligible applicants must have secured a first mortgage and be creditworthy – no bankruptcies, judgments, repossessions, or charge-offs.
• Applicants are also required to complete a homebuyer education course.

State Housing Initiatives Partnership Program

The Charlotte County’s State Housing Initiative Partnership (SHIP) program is another local initiative aimed at increasing access to affordable housing for residents of Charlotte County. The program provides financial assistance and resources to eligible low and moderate-income individuals to help them purchase a home or make any necessary repairs or improvements to their existing homes.

Assistance type: Deferred payment loan

Sponsor: Charlotte County Government

Assistance amount: Up to 10% of the purchase price (a maximum award of $15,000)

Minimum borrower contribution: $500 towards the down payment and for completing the homebuyer’s education program

Eligibility requirements

• Applicants must have been living or working in Charlotte County for six months prior to applying.
• Eligible applicants must have a first mortgage debt-to-income ratio no higher than 30 percent and a total debt-to-income ratio not exceeding 40 percent.
• The fund may be used to purchase a new or existing single-family home or qualified condominium under the program’s maximum purchase price of $253,809

Florida down payment assistance program FAQ

Below are some commonly asked questions by first-time Florida homebuyers seeking financial assistance with down payment and closing costs.

Does Florida have a first-time buyer program?

Florida residents can explore several first-time homebuyer programs. Florida Housing Finance Corporation and Mid Florida Realty offer several federal programs, and different counties also provide unique assistance options for first-time home buyers. These programs are usually in the form of deferred payment loans for downpayment and closing cost assistance.

How to buy a house for the first time in Florida?

The first step is to assess your finances. This helps to determine what you can afford for a down payment and monthly mortgage payments. When evaluating your finances, you should include additional costs like insurance, property taxes, and maintenance. You should also get pre-approved for a mortgage.

Next, explore various federal and local homebuyer programs. Stairs Financial provides a comprehensive list of assistance programs to help you make an informed decision. Florida offers multiple programs for first-time homebuyers. It’s good practice to enlist the help of a real estate agent to make the process easier.

What is the minimum down payment in Florida?

Florida has no legal requirement for first-time buyers’ down payment; requirements vary by mortgage type. USDA and VA loans require a 0% down for qualifying buyers, while conventional loans require a 3% down minimum. FHA loans have the highest minimum required down payment at 3.5%

Can you get Biden first-time home buyer assistance in Florida?

The Biden first-time homebuyer assistance program is still a bill with the 2023-2024 Congress and has not become law. Since the program is still in progress, its coverage will depend on future legislative action.

What type of Florida first-time homebuyer assistance is available?

Most assistance options available to first-time homebuyers in Florida come in the form of loans or grants. These loans come in various types, including forgivable and deferred payment loans. Forgivable loans typically necessitate consistent mortgage payments and a commitment to remain in the home for a predetermined period. Conversely, deferred payment loans may be triggered by events such as house sales, refinancing, or full mortgage repayment.

What is Florida’s first-time homebuyer income limit?

The income limit to qualify for first-time homebuyer assistance programs varies by county and program. However, it’s usually around or below 80% of your area’s median income.

What are some requirements for first-time home buyers in Florida?

Some standard requirements for first-time buyers in Florida include the following:

• Minimum Credit Score of 640
• Approved Homebuyer Education is required to be completed.
• Applicants should not have owned a home within a certain period, mainly about three years.

How do I qualify for Florida first-time home buyer programs?

Most Florida first-time home buyer programs require a credit score of at least 640 and an income no greater than the limit for your area. You must also work with an approved, participating program lender. Stairs Financial explores each program, highlighting its unique requirements.

Disclaimer: This article is for informational purposes only and should not be considered as legal or financial advice. Please consult an attorney, mortgage lender, or CPA for guidance on your specific situation.