First-Time Home Buyer Programs in Florida

The costs of buying a home are numerous, and for many Floridians, the idea can seem like a pipe dream. This is especially true if finances are tight or you’re buying in one of Florida’s higher-priced real estate markets.

Fortunately, you don’t have to go it alone. As a first-time home buyer in Florida, you have both state and federal assistance programs at your disposal. These programs partner with mortgage lenders to help you buy your first home.

Use this guide to learn about the first-time home buyer programs that can help you afford that dream home.

In this guide:

• Florida First-Time Home Buyer Programs
• Closing Cost and Down Payment Assistance in Florida
• Federal First-Time Home Buyer Programs
• Best Places to Live in Florida

Florida First-Time Home Buyer Programs

First-time home buyer programs in Florida are offered through the Florida Housing Finance Corporation, or FHFC. The FHFC aims to make housing (both renting and homeownership) safer and more affordable for all Florida residents.

Highlights

• 30-year, fixed-rate mortgage loans
• Available throughout the state of Florida
• First- and second-mortgage programs available
• Special programs available for veterans and military members
• Special programs available for borrowers purchasing in Hurricane Michael-affected counties

Qualifications

• You must fall under the required income and purchase price thresholds for your county. (Use this tool to determine eligibility).
• You must be a first-time homebuyer (except for the Military Heroes program) purchasing a primary residence.
• You must complete an FHFC-approved Homebuyer Education Class.
• You must have the appropriate FICO credit score for the loan program you’ve chosen.

*Programs may have additional eligibility qualifications. Check below for more information.

• Florida First Program
• Florida Military Heroes Program
• Florida HFA Preferred Conventional Loan Program for TBA
• Florida HFA Preferred Conventional Loan Program for BOND
• Florida HFA Preferred 3% PLUS Conventional Loan Program
• Florida HFA Preferred 4% PLUS Conventional Loan Program
• Florida HFA Hurricane Michael Programs

Florida First Program

The Florida First program offers 30-year mortgages that come with low rates and automatic down payment and closing cost assistance.

It’s only available on Federal Housing Administration (FHA), Veterans Affairs (VA), and Department of Agriculture (USDA) home loans (only government-backed mortgages, not conventional loans).

Florida Military Heroes Program

This program is similar to Florida First, except it’s geared toward active military members and veterans. It offers lower rates than the Florida First program, and veterans do not need to be first-time buyers in order to qualify.

Florida HFA Preferred Conventional Loan Program for TBA

The HFA Preferred Conventional Loan Program offers lower mortgage insurance than traditional conventional mortgage products. Borrowers can combine the loan with the FHFC’s various down payment and closing cost assistance programs.

Florida HFA Preferred Conventional Loan Program for BOND

This program is similar to the Preferred Conventional TBA program, though it considers the income of all household members over the age of 18 when determining eligibility.

Borrowers also qualify through down payment and closing cost help through one of FHFC’s assistance programs.

Florida HFA Preferred 3% PLUS Conventional Loan Program

The Preferred 3% PLUS Program helps cut the up-front costs of home buying even further.

Homebuyers receive a 3% down payment and closing cost grant that does not need to be repaid, even upon selling the house. It offers lower interest rates than the 4% program noted below.

Florida HFA Preferred 4% PLUS Conventional Loan Program

The Preferred 4% PLUS Program gives homebuyers a 4% grant to put toward their down payment and closing costs. These home loans come with slightly higher interest rates than the 3% program above. The grant does not need to be repaid.

Florida HFA Hurricane Michael Programs

FHFC also offers special programs for residents buying in a county affected by 2018’s Hurricane Michael.

Borrowers in these areas can take advantage of the First, Military Heroes, Preferred Conventional, and HFA Advantage Loan. The Military Heroes program offers the lowest interest rates.

Buyers can also use the Hurricane Michael Recovery Loan Program to help cover their down payment and closing costs.

Additional Eligibility Requirements

• You must be buying a house in Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Taylor, Wakulla, or Washington County.

Closing Cost and Down Payment Assistance in Florida

• Florida HFA Preferred Grant
• Florida Assist
• Florida Homeownership Loan Program Second Mortgage
• Hurricane Michael Recovery Loan
• Florida Housing Mortgage Credit Certificate Program

If you need to reduce the initial costs of buying a home, there are several closing cost and down payment assistance programs in Florida. Many come with zero interest and do not need to be repaid.

These all must be used in tandem with an FHFC loan program and are not available as stand-alone assistance funds.

Florida HFA Preferred Grant

This program offers closing cost assistance of either 3% or 4%, depending on which loan HFA Preferred Loan Program you’re using. The funds do not need to be repaid.

Florida Assist

The Florida Assist program offers buyers up to $7,500 in closing cost and down payment assistance. The funds function as a zero-interest, second mortgage and must be repaid upon selling or refinancing the property.

Florida Homeownership Loan Program Second Mortgage

Under the HFA’s HLP Second Mortgage Program, borrowers can receive up to $10,000 in down payment and closing cost assistance. The loan comes with a 3% interest rate, and buyers will pay down their balance monthly over 15 years.

Hurricane Michael Recovery Loan

This program offers up to $15,000 of zero-interest funds to be used toward down payment and closing costs.

It’s only available to qualified buyers in Hurricane Michael-affected counties. The funds do not need to be repaid, as long as you stay in the home at least five years.

Additional Eligibility Requirements

• You must be buying a house in Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Taylor, Wakulla, or Washington County.

Florida Housing Mortgage Credit Certificate Program

Through Florida’s Mortgage Credit Certificate Program, you can reduce your annual tax liability based on the total mortgage interest you pay. Save up to 50% dollar-for-dollar or up to $2,000, whichever is lowest.

Federal First-Time Home Buyer Programs

Though Florida has its fair share of first-time home buyer programs, those aren’t your only options.

You can also leverage one of several federal loan and assistance options to lower your homebuying costs, both up front and over the life of your first mortgage.

Here are some of the federal options you have to choose from:

• FHA Loans: Federal Housing Administration loans offer low rates and require just 3.5% down. They come in both fixed- and adjustable-rate options.
• VA Loans: VA loans are mortgages reserved for military members and veterans. They require zero down payment and are guaranteed through the Department of Veterans Affairs.
• NADL Loans: These zero-down-payment mortgages are designed for Native American veterans. They’re also backed by the VA.
• USDA Loans: These loans are for use on homes located in rural areas. They require zero down payment and are guaranteed through the U.S. Department of Agriculture.
• Good Neighbor Next Door Loans: If you’re a teacher, police officer, or another type of public servant, this program can offer you up to 50% off a HUD-owned home. See home listings in your area at HUD.gov.
• Fannie Mae or Freddie Mac Loans: Also called conventional loans, these mortgages require just 3% down.

Best Places to Live in Florida

With Florida being such a large state with so many different areas to live in, it can be hard to decide where to buy a home.

To help you with this problem, we have included rankings of the top 50 places to live in Florida below. These rankings come from Area Vibes and consider a variety of important factors including crime, employment, housing, schools, weather, amenities, and cost of living.

Rank	City	Livability Score
1	Westchase	90
2	Oldsmar	89
3	Oviedo	89
4	Lakeland Highlands	89
5	Doctor Phillips	88
6	Whiskey Creek	88
7	Fleming Island	87
8	Winter Springs	87
9	Satellite Beach	87
10	Port Orange	87
11	North Port	86
12	Destin	86
13	Dunedin	86
14	Maitland	86
15	Timber Pines	85
16	Cape Coral	85
17	St. Cloud	85
18	Venice	85
19	Lady Lake	85
20	Coconut Creek	85
21	Bay Harbor Islands	85
22	Tavares	85
23	Cooper City	85
24	Jupiter	85
25	Wekiwa Springs	84
26	Niceville	84
27	Rockledge	84
28	Lutz	84
29	Belle Isle	84
30	Fish Hawk	84
31	Valrico	84
32	North Palm Beach	84
33	Bloomingdale	84
34	Palm Harbor	84
35	Citrus Park	84
36	Rio Pinar	84
37	Fruit Cove	84
38	Wesley Chapel	83
39	St. Augustine Beach	83
40	Punta Gorda	83
41	Carrollwood	83
42	Temple Terrace	83
43	Palm Valley	83
44	Cypress Lake	83
45	Palm City	83
46	Longwood	83
47	Fort Myers Beach	83
48	Conway	83
49	Indian Harbour Beach	83
50	Altamonte Springs	83

Bottom Line: Help Is Here for Florida Home Buyers

If buying a home seems too far out of reach, you have options. Florida first-time home buyer programs can help lower the initial costs of buying a home, as well as your monthly mortgage costs for the remainder of the loan. Federal assistance programs can also help lighten the load.

If you are considering buying a home in Florida and need a mortgage, you can review the current mortgage rates in Florida. These rates are updated weekly and you can compare them to national averages.

Want to save even more on lifetime interest costs (and make payments more manageable)?

Consider paying your mortgage twice a month. Use our mortgage calculator to find out what payments you can afford today.