Florida Down Payment Assistance Programs First Time Home Buyers

Florida Down Payment Assistance Programs First Time Home Buyers – Starting your journey as a first time home buyer in Florida? Maybe you need a helping hand. Rising home prices, exacerbated by the COVID-19 pandemic, combined with rising mortgage interest rates have made it difficult for Florida’s first-time homebuyers to enter the market. Florida’s median annual household income is $61,777, while the state’s median per capita income is $35,216. To make homeownership even more difficult, aspiring Florida homeowners are struggling to keep up with home prices, which rose more than 17.27% between January 2022 and December 2022.

Fortunately, Florida is home to several programs that first-time home buyers can take advantage of to bring some sunshine into their lives. Here you will learn about these programs and how they can help make buying your first home easier and more affordable.

Florida Down Payment Assistance Programs First Time Home Buyers

In Florida, you can qualify for first-time home buyer programs if you do not own or have had a primary residence (or ownership of a primary residence) within the past three years.

Phfa K Fit With K Flex Down Payment & Closing Cost Assistance

In addition, you must also meet the following criteria to qualify for many Florida first-time home buyer loans and down payment assistance programs:

If you meet all of the criteria above, you’re in for a loan, down payment and closing cost assistance as a first-time home buyer in Florida.

Understanding the Florida housing market can help you prepare for competition, pricing and expected timelines. While the 2023 statistics have not yet been released, here are some key statistics from Florida REALTORS® for December 2022, as of this writing:

Almost all statewide first-time home buyer programs are issued by the Florida Housing Finance Corporation, a state legislative body established 40 years ago to provide affordable housing solutions and opportunities.

The Key To Getting Your First Home

Florida Housing is known to work with local governments, nonprofits and others to provide home purchase and down payment assistance, including forgivable loans. These programs often have benefits such as low interest rates with affordable eligibility requirements.

The Florida Homeownership Loan Program (FL HLP) offers 30-year fixed rate mortgages from FHA, VA, USDA and conventional mortgages to first-time home buyers. With these loans, you don’t have to wait until funds are available, and they don’t affect the maximum closing cost limits paid by the seller. You must participate in the FL HLP to access Florida Housing’s down payment and closing cost assistance.

Florida Assist offers a deferred, interest-free, non-amortizing second mortgage that can provide up to $10,000 in down payment and closing cost assistance on FHA, VA, USDA and conventional home loans. “Deferred” means you don’t have to repay the loan right away. If you transfer, refinance, sell, transfer or pay off your first mortgage, you’ll have to pay back the amount of help you received—without interest.

The HFA Preferred and HFA Advantage PLUS programs offer closing costs and down payment assistance in the form of an interest-free second mortgage of up to 5% of your first mortgage. These second mortgages require no down payment and are forgiven at 20% per annum over five years. In other words, they are essentially offering free money to help cover the cost of buying a home.

Down Payment Assistance Programs

This program provides active duty military and veterans with a 30-year fixed-rate first mortgage with lower interest rates than other options. It also provides access to the Salute Our Soldiers PLUS Down Payment Assistance Loan, an interest-free, non-amortizing second mortgage of up to 5% of your total first mortgage.

Greetings Our Soldier Plus loans are forgiven at 20% per annum for five years, unless you sell, refinance, pay off your first mortgage, transfer ownership or move before the five-year term is up – then you’ll have to pay. of the part of the loan that does not meet the requirements. If you have to move due to active duty orders, your loan will be forgiven.

The FL HLP Second Mortgage Program offers up to $10,000 in closing costs and down payment assistance on a second mortgage. This is a 3% fully amortizing loan for 15 years with a monthly payment of $69.06. Any unpaid principal balance remaining at maturity is deferred until you sell, refinance, pay off your first mortgage, transfer ownership or move.

If you are a firefighter, teacher, health care worker or other frontline worker, you may be eligible for the Hometown Heroes housing program. With this program, you can get a low-interest first mortgage with reduced down payments and no origination or discount points.

What To Know As A Military First Time Home Buyer

You can also get up to 5% (up to $25,000) of your first mortgage as down payment and closing cost assistance. The help will be a deferred, interest-free, non-amortizing second mortgage for 30 years. Like other non-forgivable down payment assistance options, the entire amount must be paid when you sell, refinance, transfer title or move out of your home.

Statewide programs through FHFC aren’t the only options for first-time Florida homebuyers to get mortgage and down payment assistance. Many cities and counties offer their own programs, such as:

If you do not qualify for the above programs or if they do not meet your needs, Divvy Homes may be another option. Divvy’s rental process helps you save a down payment on living in a home, and our cash-to-buy power can give you the opportunity to live in the home of your dreams.

At the end of your lease, you can buy your home from Divvy or keep your savings, minus transfer fees and other potential deductions. If you qualify, you’ll still have access to traditional first-time home buyer programs.

Down Payment Assistance Loans

With Divvy you can choose almost any home on the market or select one of our vetted properties. Plus, you can live in the home before you buy it, so you can experience it before you commit to buying it. interested? Check out our available homes in Florida:

While Divvy isn’t exactly like a traditional first-time buyer program, we’re still a viable option for prospective homeowners who are struggling to get a mortgage due to savings, credit score, income or other reasons. We are here to stand by you as a trusted partner on your path to home ownership and make the process less intimidating.

Note: Divvy is not affiliated with the first-time buyer programs mentioned in this article. Note that the requirements for these programs are subject to change. We recommend that you consult with your lender or real estate agent when evaluating first-time home buyer programs.

The income threshold to qualify for first-time home buyer assistance programs varies by state and program. In general, you must have about 80% or less of the median income in your area, which is $35,216 for individuals and $61,777 for families in Florida.

State Housing Initiative Partnership (ship) Program

Florida offers first-time homebuyers access to great down payment and closing cost assistance programs, including some that are forgivable. If you qualify for a forgivable loan, you won’t have to repay the loan—and you’ll get free money to help you achieve your dream of home ownership.

Based on the median home price in December 2022 (latest statistics at time of writing), you’ll need at least $11,850 for a 3% down payment. However, you may be able to secure down payment assistance of up to 5% of your first mortgage.

Florida has several down payment assistance programs offered by state and local districts. These programs include the Florida Home Equity Loan Program, Florida Assistance, HFA Preferred programs, HFA Advantage PLUS Second Mortgage, Salute Our Soldiers Military Loan Program, FL HLP Second Mortgage, Hometown Heroes housing programs and various cities and counties. utilities. Across the country. These programs include forgivable loans and special offers for members of the military, veterans and public sector workers such as teachers, law enforcement and firefighters.

Florida’s Hometown Heroes housing program offers frontline workers such as firefighters, teachers and health care workers a low-interest first mortgage with additional savings and up to $25,000 in down payment assistance with a deferred, interest-free second mortgage.

Home Access Financial, Llc

Grant is a member of the marketing team and focuses on connecting prospective homeowners in our metro area with Divvy. He has worked on marketing teams covering all parts of the home ownership journey including home loans, energy tools, home improvement, siding and flooring and now Divvy. Grant graduated from Villanova University and became a homeowner in 2021. By Zach Wechter Written by Zach Wechter, Former Mortgage Reporter Homes Zach Wechter is a former mortgage reporter at. He previously worked on the business desk of The New York Times, where he won a Loeb Breaking News Award, and covered aviation for The Points Guy magazine. Connect with Zach Wichter on Twitter Twitter Zach Wichter

Edited by Suzanne De Witt. Edited by Suzanne De VitaArrow Senior Editor, Home Loans Suzanne De Vita is a Senior Editor on the Home Loans team, focusing on mortgage and real estate topics for home buyers, homeowners, investors and renters. Connect with Susan De Vita on LinkedIn LinkedIn Connect with Susan De Vita by email Email Susan De Vita

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