Florida Housing’s First Time Homebuyer Programs
The Florida Housing Finance Corporation offers programs that provide low interest, fixed-rate mortgages as well as assistance with down payments and closing costs for eligible first-time buyers purchasing new or existing homes in Florida. The program recently made $175 million available statewide, with low 30-year fixed interest rates for first time homebuyers. Eligible applicants can receive down payment and closing costs assistance in an amount up to $25,000 in certain high-cost counties. Teachers, firefighters, healthcare workers, police officers and veterans may be eligible for a lower interest rate through the Community Spot Loan, which currently has approximately $33 million available for first time buyer assistance. Similar incentives are available
for people with disabilities and buyers purchasing in federally designated and other targeted areas.
- Florida First: This program helps borrowers by offering a low 30-year fixed rate loan designed for borrowers
who need low rates to keep monthly payments affordable.
- Florida Plus: Low 30-year fixed rate loans with 4% of the loan amount to borrowers used as a grant to help pay down payment and closing costs.
- Florida Advantage: This program offers very low rates to borrowers in Urban Infill Areas, Front Porch Florida Community Areas, Rural Development Self-Help and HOPE VI Project areas and for disabled households. Specifically for buyers at lower income levels.
- Florida Heroes: This program offers a very low interest rate for borrowers who are education professionals, sworn officers of the state of Florida, healthcare professionals, active duty military and veterans.
- Florida 40: Allows borrowers to spread loan payments over a 40-year time frame.
- Florida 40 Plus: A variation of the 40-year loan with 4% of the loan as a grant to help pay down payment and closing costs.
- Mortgage Credit Certificate Program: First-time homebuyers can also take advantage of Florida Housing’s Mortgage Credit Certificate Program, which provides a tax credit of up to $2000 annually. This program is designed for those who generally incur a federal income tax liability. The credit certificate is available for as long as the homebuyer stays in the home.
- Florida Assist: Offers moderate-income borrowers up to $10,000 to assist with down payments and closing costs. This loan is offered at 0% interest and only must be repaid if the borrower sells or refinances the home.
- Homeownership Assistance for Moderate Income Loan (HAMI): This program provides up to $5,000 to assist with down payment and closing costs, and gives borrowers up to 10 years to repay this loan.
- Four Percent Cash Assistance: Provides borrowers with 4% of the loan amount to be applied toward down payment and closing costs.
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