03-07-2025
The complete guide to Florida homebuyer assistance programs: Loans, grants & down payment help
Buying a home in Florida can feel financially daunting, especially if it's your first time navigating the process.
Fortunately, the state offers several homebuying programs that can help you secure a mortgage or even find down payment assistance in Florida. The Florida Housing Finance Corporation is a state-created housing agency that provides these types of resources and support for buyers, as well as assistance for renters, developers, current homeowners and property owners.
Perhaps the corporation's most useful tool? The Homebuyer Loan Programs Wizard, a portal that will help you find a certified real estate agent or a Florida Housing-approved lender near you. These professionals will get you pre-approved for a loan and help find the right place for you.
Here's a look at the Florida homebuyer programs that might be the right fit for you and your family.
Types of Home Loans
Before you dive into the programs, you should consider your lending options. There are two broad types of home loans: government loans and conventional loans.
Government loans are backed by a government agency, though the money is actually supplied by private lenders. These loans include FHA loans (ideal for buyers with low to moderate credit scores or those seeking a smaller down payment), VA loans for service members, veterans and families, and USDA loans for rural areas.
A conventional loan, meanwhile, is not part of any government program. These can be more difficult to secure than an FHA loan and are generally split into conforming and non-conforming loans. The federal government cautions borrowers to be wary and do their research before using non-conforming loans, which are not as standardized as conforming or government loans. Jumbo (large) loans are one common non-conforming category.
Florida Loans and Homebuying Programs
The state of Florida and the federal government offer several loan and mortgage programs that might be helpful in your buying journey.
Florida Housing Homebuyer Program: This first-time homebuyer program features 30-year fixed-rate FHA, FHA 203k, VA, USDA, or Conventional mortgage loans through the Florida Housing Finance Corporation. Applicants must meet the IRS' definition of a first-time homebuyer — no ownership in the past three years — and meet the designated financial requirements. Program borrowers are also eligible to participate in one of the down payment/closing cost assistance programs listed here, and can review eligible property types here.
Single Family Housing Direct Home Loans: These federally regulated loans help low-income and very low-income applicants who are unable to obtain loans elsewhere to buy, build or improve a rural home. The U.S. Dept. of Agriculture's website can help you determine whether you qualify for the program and whether a prospective home qualifies as 'rural.' You can also direct further questions to Florida's Rural Development State Office.
Down Payment and Loan Assistance
These Florida Housing Finance Corporation homebuyer programs can assist with second mortgages for in-state homebuyers to finance closing costs and down payments.
Hometown Heroes Loan Program: This state program offers competitive interest rates and down payment assistance for eligible government or conventional loan applicants. Eligible borrowers must be a first-time buyer, have a minimum 640 credit score, work full-time in an eligible Florida occupation (not necessarily in the same city where you're buying) and must fall within the program's county-specific income limits. Although, be aware that meeting all of these criteria doesn't necessarily guarantee you'll secure Hometown Heroes assistance. This program is structured as a non-forgivable second mortgage, though no monthly payments are required.
Florida Assist (FL Assist): This non-forgivable loan offers up to $10,000 for FHA, VA, USDA and Conventional Loans with a 0%, non-amortizing, deferred second mortgage. There are no monthly payments since repayment is deferred until you sell, transfer or satisfy your first mortgage, refinance, or stop living at the property.
Florida Homeownership Loan Program (FL HLP) Second Mortgage: This program provides $10,000 for a down payment or closing costs with a 3%, 15-year, fully amortizing second mortgage. FL HLP does require a monthly payment, with the remaining balance due in full on sale, deed transfer, first mortgage satisfaction, refinancing, or leaving the property.
HFA Preferred PLUS and HFA Advantage PLUS Second Mortgage: Available only with HFA Preferred (Fannie Mae) or HFA Advantage (Freddie Mac) TBA (to be announced) first-mortgage products. Borrowers who use this program can receive 3-5% of their total loan in a forgivable second mortgage available to cover down payment and closing costs. This second mortgage is forgiven in increments of 20% per year over a five-year term.
Ready to take the leap into Florida homeownership? Use the Florida Housing Finance Corporation's resources to find the right Florida homebuyer program for you.
*Program terms are subject to change; confirm details with a licensed lender.
