Florida offers several programs for first-time homebuyers, defined as someone who hasn’t owned a home in the past 3 years. The Florida Housing Finance Corporation (Florida Housing) provides various options including down payment and closing cost assistance, often structured as second mortgages or grants.
Key Programs:
* Florida Assist Second Mortgage: A deferred, non-interest bearing second mortgage, often for up to \$10,000.
* Florida Hometown Heroes Loan Program: Offers reduced interest rates and down payment assistance to eligible frontline workers like teachers, law enforcement officers, and healthcare professionals.
* Down Payment Assistance (DPA) programs: Can provide up to \$15,000 or a percentage of the loan amount to cover down payment and closing costs.
* Military Heroes Loan Program: Benefits veterans and active-duty military personnel.
* First-time homebuyers must meet specific eligibility requirements, including income limits, which vary by county and household size. They are also required to complete a HUD-approved homebuyer education course.
* Florida’s median home price in May 2024 was approximately \$410,000 (Florida Realtors Association).
* Available assistance may be limited and is subject to funding availability.
* Property requirements may include maximum purchase price limits.
* Credit score minimums typically apply for program eligibility.
