Best First Time Home Buyer Programs in Florida

If you’re planning to buy your first home in Florida, you’re in luck. Florida has several first-time homebuyer programs that can help you achieve homeownership affordably. Programs can include low interest rates on your mortgage in addition to lower down payment and mortgage insurance requirements. You may also be eligible for a second mortgage that can help with a down payment or closing costs. Read on to see what you might be eligible for. 

Quick Look: Best First-Time Homebuyer Programs in Florida

• Best for Fixed-Rate Mortgages: Florida Housing First Time Homebuyer Program
• Best for Frontline Workers: Florida Hometown Heroes Program
• Best for Down Payment Assistance: Florida Assist Second Mortgage Program (FL Assist)
• Best for Forgivable Down Payment Assistance: HFA Preferred and HFA Advantage PLUS
• Best for Low-Interest Second Mortgage: Florida Homeownership Loan Program (FL HLP)
• Best for Florida Military Service Personnel and Veterans: Salute Our Soldiers Military Loan Program

Best First-Time Homebuyer Programs in Florida

Florida offers several programs for its residents. This includes programs that can give you access to more affordable mortgages in addition to closing cost and down payment assistance.

Best for Fixed-Rate Mortgages: Florida Housing First Time Homebuyer Program

This program offers 30-year fixed-rate mortgages to qualifying first-time homebuyers. The loans are offered through lenders that participate in the program throughout the state. First-time homebuyers who qualify can also participate in a secondary mortgage program along with this program to get assistance with down payment and closing costs. 

• Credit score: 640
• Income limit: Varies by county
• Loan limit: Varies by county

Best for Frontline Workers: Florida Hometown Heroes Program

The Florida Hometown Heroes Program provides down payment and closing cost assistance to eligible first-time homebuyers. The funds come in the form of a 0% nonamortizing 30-year deferred second mortgage. To qualify for this program, the homebuyer must be a frontline community worker such as a law enforcement officer, firefighter, educator, healthcare professional, an active military member or a veteran. 

• Credit score: 640
• Income limit: 159% of the county’s area median income
• Loan limit: Up to 5% of the first mortgage loan amount with a maximum of $35,000

Best for Down Payment Assistance: Florida Assist Second Mortgage Program (FL Assist)

FL Assist is a down payment and closing cost assistance program. It offers up to $10,000 on conventional loans and loans backed by the Federal Housing Authority (FHA), Veterans Affairs (VA) and U.S. Department of Agriculture (USDA). These loans are deferred, nonamortizing second mortgages. 

• Credit score: 640
• Income limit: Varies by county
• Loan limit: Up to $10,000

Best for Forgivable Down Payment Assistance: HFA Preferred and HFA Advantage PLUS

This program provides borrowers with a forgivable second mortgage that can be used for down payment and closing cost assistance. The loan is forgiven at 20% per year over its five-year term. However, it’s only available with Florida Housing’s conventional HFA Preferred for TBA or HFA Advantage for TBA first mortgage products. 

• Credit score: 620
• Income limit: Varies
• Loan limit: 3%, 4% or 5% of the first mortgage amount

Best for Low-Interest Second Mortgage Loan: Florida Homeownership Loan Program (FL HLP)

This is a second mortgage program that offers up to $10,000 in down payment and closing cost assistance. The loan is repaid over a 15-year term at a 3% interest rate. If the borrower sells the home or refinances the property before the 15-year term ends, the balance of the loan becomes due in full. 

• Credit score: 640
• Income limit: Varies by county
• Loan limit: $10,000

Best for Florida Military Service Personnel and Veterans: Salute Our Soldiers Military Loan Program

This program is exclusively available to military service personnel and veterans. It provides a fixed 30-year first mortgage loan at a low interest rate. There are also several down payment assistance programs available with it. 

• Credit score: 640
• Income limit: Varies by county
• Loan limit: Varies by county

Best National First-Time Home Buyer Programs

In addition to statewide programs for Florida residents, there are national first-time home buyer programs for you to consider. These government-backed programs are all available in the state of Florida: 

Best for Lower Credit Score Requirements: FHA Loans

FHA loans get their name from the Federal Housing Administration, the organization that they are offered through. The loans are good for people with lower credit scores because the minimum credit score requirement is only 580. They can be used on single-family units or multifamily units of no more than four units. 

• Credit score: 580
• Income limit: Varies by location
• Loan limit: Varies by location

Best National FHA Lender: Rocket Mortgage® 

Rocket Mortgage is a popular online lender known for its wide variety of mortgage products. The benefits of this lender include a streamlined online application and approval process. There are also loan experts available from Rocket Mortgage to help borrowers navigate their options and choose the right mortgage product for their needs. 

• Credit score: 580
• Income limit: Varies by location
• Loan limit: Varies by location

Best for Military Families: VA Loans

VA Loans are mortgages that are guaranteed by the Veterans Benefits Administration. They are available exclusively to qualifying service members, veterans, and surviving spouses. These loans make homeownership more attainable and affordable for eligible borrowers.

• Credit score: 600
• Income limit: Varies by location
• Loan limit: Varies by location

Best National VA Lender: Veterans United

Veterans United is a mortgage lender that is committing to helping military families achieve responsible homeownership. The lender offers homebuyer education resources and support. The company also works with military advisers to ensure top-notch customer support. 

• Credit score: 600
• Income limit: Varies by location
• Loan limit: Varies by location

Best for Rural Homeownership: USDA Loans

USDA loans are government-backed loans that may be available to homebuyers in rural and some suburban areas. The loans are backed by the U.S. Department of Agriculture and guaranteed by the USDA Rural Development Guaranteed Housing Loan Program. The Department of Agriculture offers some USDA loans, and others are available through participating lenders.

• Credit score: Varies by lender
• Income limit: No more than 115% of the area’s median income
• Loan limit: Varies by area

Best National USDA Lender: CrossCountry Mortgage

CrossCountry Mortgage is a lender that offers a wide variety of mortgage options. This includes conventional loans, VA loans, FHA loans, jumbo mortgages and USDA loans. The lender also offers refinancing, home equity and renovation products. 

• Credit score: 640
• Income limit: Debt-to-income ratio of 41% or less
• Loan limit: Varies by location

Qualification Requirements

• Borrowers must be within the program’s designated income requirements to qualify.
• Borrowers must be able to show credit history and meet minimum credit requirements.
• There may be limits on property type.
• Borrowers usually have to plan to use the residence as their primary residence.
• There are often maximum loan amounts with first-time home buyer programs.

 How to Apply for a Program

1. Select the program you want to apply for.
2. Find a lender who participates in the program.
3. Submit your application to the lender.
4. Give the lender permission to access your credit report.
5. Submit other documents as requested by the lender.
6. Complete the homebuyer education course if required.

Choosing a First-Time Home Buyer Program

If you’re a first-time homebuyer in Florida, there are several options for you to consider. When choosing a program, think about the type of home you need for your family and where you want to live. From there, you can narrow your options and find the program that will best meet your budget. Be sure to thoroughly read through the eligibility requirements before you apply for any program. 

Frequently Asked Questions