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A 2022 Guide on Florida’s First-Time Homebuyer Programs

Brady Webb
September 22, 2024

Buying a home in Florida can be nerve-wracking, especially for first-timers who still have to deal with the new processes, paperwork, and financial obligations. While there are various mortgage companies you can rely on for this type of situation, the state of Florida offers several different programs for first-time homebuyers, each with its own set of requirements and benefits.

In fact, the Florida Housing Finance Corp. has an extensive range of housing programs, and each has its own set of requirements and benefits. That’s why it’s essential to do your research and find the program that best suits your needs.

Florida Statewide and Local First-Time Homebuyer Programs

Here are some first-time homebuyer programs in Florida you may want to look into:

Florida Assist: This program entails a 30-year, fixed-rate mortgage with a down payment as low as 3%. Eligible borrowers must be first-time homebuyers and meet certain income and purchase price limits.

Florida Homeownership Loan Program: Unlike the first program, FHLP requires at least a 10% down payment. However, it offers a much higher loan limit of $424,100. This program is available to all borrowers, regardless of whether they are first-time homebuyers.

HFA Preferred and HFA Advantage PLUS: This program allows you to borrow at least 5% of the home’s purchase price from mortgage companies. The program is available to all borrowers, but first-time homebuyers may be qualified for the down payment and closing cost help.

Salute our Soldiers PLUS: This is another statewide program that offers a 30-year, limited-rate mortgage with a 3% down payment. Eligible borrowers must be active-duty military or veterans and meet certain income and purchase price limits.

The Different Types of Down Payment Assistance

Grant: This downpayment is referred to as a gift from the government. These grants are typically offered by state or local governments or by nonprofit organizations. The amount of the grant may vary, and it may be dependent on the buyer’s income or the purchase price of the home.

Loan: A loan is a type of down payment assistance you must repay. However, the terms of the loan are typically more forgiving than those of a traditional loan, and the interest rate is typically lower. In fact, mortgage companies would often be more willing to give you a loan than they would be to give you a traditional down payment.

Mortgage Insurance: Another option is mortgage insurance, a type of help that benefits borrowers without a sizable down payment. It’s a policy purchased from a private company that covers the lender in case the borrower ruins their loan. This assistance typically requires a smaller down payment than a traditional loan.

Final Thoughts:

Many Florida first-time homebuyer programs are available, each with specific requirements. It is important to research all of the options and choose the one that best suits your needs. With some strategy and preparation, you can purchase your first home in Florida and start building your future.

Contact Your Cape Coral Mortgage Specialist Now!

American Mortgage Solutions is a reliable and cost-efficient mortgage company in Cape Coral that has helped thousands of home buyers achieve the dream of home ownership. Contact us today at (502) 327-9770 for Louisville KY Office and for Cape Coral FL Office (239) 766-8344 to learn more about our services and how we can help you buy your first home in Florida.

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