Down Payment Assistance Information

Florida Down Payment Assistance Programs and First Time Home Buyer Programs

Down Payment Assistance

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Florida Housing’s First Time Homebuyer (FTHB) Program offers 30-year fixed rate FIRST mortgage loans to first time homebuyers through participating lenders and lending institutions throughout the State of Florida. Eligible

borrowers may also participate in one of Florida Housing’s second mortgage programs to assist borrowers with down payment assistance and closing costs.

If you are not a first time homebuyer, you may still be eligible to participate if you are purchasing a home in a federally designated targeted area or if you are a qualified Veteran.

The First Time Homebuyer Program uses income and purchase price limits to determine eligibility. Additionally, potential borrowers must:

Complete a Homebuyer Education Class

Qualify for a Mortgage Loan and have a Minimum 640 FICO Score.

To determine if you qualify to participate, please contact a loan officer from the list of approved loan officers. Our approved loan officers can also assist you with any questions you may have specific to your credit history.

Programs Current Rate Details
Florida First (FHA, VA, RD Only) 4.7500% All buyers who qualify for a bond loan qualify for this 30 year, fixed rate product that may be used with Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).

Florida Military Heroes (FHA, VA, RD Only) 4.5000% This 30 year, fixed first mortgage loan program is designed to help both veterans and active duty military personnel with obtaining affordable housing. Florida Housing generally offers a pool for these loans at a lower interest rate for the purpose of assisting this special target group. This loan product may be used with Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).

FL HFA Preferred Conventional Loan Program 4.7500% All first time homebuyers who qualify for this 30 year, fixed rate first mortgage program also qualify for Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).

Down Payment Assistance

Income Limits
Based on your 4 persons person household, to be eligible for down payment assistance through the Hardest Hit Fund (HHF) Down Payment Assistance (DPA) Program, your program qualifying income may not exceed $81,620.00. Income limits will vary between the first mortgage loan programs above.

Contact one of our approved loan officers below to determine which first mortgage program you qualify for and the income limits that will apply.

Purchase Price Limit

The First Time Homebuyer Program established a maximum purchase price which varies by county for homes purchased through this Program. The home you want to purchase may not exceed $320,609.00 in Orange county. However, if you are purchasing a home in a federally designated target area, the purchase price may be as high as $320,609.00.

Down Payment Assistance (DPA)

Florida Housing also offers down payment and closing cost assistance in the form of a second mortgage loan to assist eligible homebuyers with their down payment and closing costs. Down payment assistance is only available when used in conjunction with Florida Housing’s first mortgage loan.

Down payment assistance is not available as “stand alone” down payment assistance.

Hardest Hit Fund (HHF) Down Payment Assistance (DPA) Program
Borrowers purchasing in the county selected may also be eligible to receive down payment and closing cost assistance through the HHF DPA Second Mortgage Program. The HHF DPA Second Mortgage Program offers the following:

Up to $15,000.
0% interest.
5-year term.

The HHF DPA Second Mortgage is forgivable at the rate of 20% per year over the five-year term of the loan provided the borrower is not in default.

Participating Lenders

Florida Housing partners with lenders and lending institutions throughout the State of Florida to offer our first and second mortgage loans to eligible first time homebuyers. For more information, please contact one of the approved loan officers – call 407-592-3309. If there is not a loan officer in your area or county, you may contact a loan officer who offers statewide services by selecting another county.

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