FLORIDA

STATEWIDE PROGRAMS
Florida has a number of downpayment assistance programs available to residents throughout the state. Many of them are dependent on the type of first mortgage for which you are applying.

You can find more information on the Florida Housing Finance Corporation website. The listing below is current for 2019 but not all-inclusive. Most of the programs have income and price limit requirements.

Florida Homeownship Loan Program

Assistance Available:
$10,000 is available in the form of a fully amortized, 15 year, 3% interest second mortgage. This comes out to approximately $69 every month. It can be used in conjunction with a 30 year FHA or HFA Preferred conventional first mortgage. If you qualify, you can get a discount on your mortgage insurance.

Qualifications:
There are income and purchase price limits. No non-occupant co-signers are allowed. There is a minimum 640 credit score to qualify for 95% LTV and 680 minimum credit score for 97% LTV. Borrowers must complete a homebuyer education course. The home purchased must be 1 unit. Townhomes and approved condominiums are permitted. New construction and foreclosures are allowed.

Conventional HFA Preferred Loan

Assistance Available:
$7500 is available to assist with downpayment or closing costs.

Qualifications:
A 640 minimum credit score for 95% LTV and 680 minimum score for 97% LTV is required. Borrowers must complete a homebuyer education course. The home purchased must be 1 unit. Townhomes and approved condominiums are permitted. New construction and foreclosures are allowed.

FHA with Florida Assist with 4% Grant

Assistance Available:
A 4% grant based on the purchase price is forgivable at closing. It may be used for downpayment assistance or closing costs.

Qualifications:
A minimum credit score of 640 is required. There is no cash back at closing allowed. Borrowers must complete a homebuyer education course. The home purchased must be 1 unit. Townhomes and approved condominiums are permitted. New construction and foreclosures are allowed. No non-occupant co-signers are allowed.

Conventional HFA Preferred Plus Loan

Assistance Available:
A 3% - 4% grant based on the purchase price is available to assist with downpayment or closing costs. Qualified borrowers get a discount on mortgage insurance. You may qualify for reduced private mortgage insurance.

Qualifications:
This has higher income limits than most of the other programs. There is a minimum 640 credit score to qualify for 95% LTV and 680 minimum credit score for 97% LTV. Borrowers must complete a homebuyer education course. The home purchased must be 1 unit. Townhomes and approved condominiums are permitted. New construction and foreclosures are allowed. Veterans don’t have to be first time home buyers.

Matching Grant

Assistance Available:
This is a subsidy with a $5000 maximum. The program will match every $1 with $4 up to $5000. You must be a first time homebuyer (have not owned a home in the last 3 years). The minimum contribution is $1000. The home purchased must be 1 unit. Townhomes and approved condominiums are permitted. New construction and foreclosures are allowed. You must occupy the home as your primary residence.

Matching Grant - Community Partners

Assistance Available:
This is a subsidy with a $7500 maximum. The program will match every $1 with $4 up to $7500. The minimum contribution is $1000. This program is only open to educators, healthcare workers, firefighters, current or retired law enforcement officers, current or retired military and their spouses, and other first responders. A minimum credit score is required. The borrower must complete homebuyers counseling.

The home purchased must be 1 unit. Townhomes and approved condominiums are permitted. New construction and foreclosures are allowed. You must occupy the home as your primary residence.

CITY AND COUNTY PROGRAMS

Broward County
Homebuyer Purchase Assistance Program

Assistance Available:
The Housing and Community Redevelopment Division offers qualified homebuyers up to $40,000 in the form of a deferred, 0% interest, 15 year second mortgage. The downpayment assistance available is 3% of the purchase price. Purchasers buying homes in Weston, Plantation, and Davie can get up to $50,000.

As of May 17, 2019 Broward County has stopped taking applications. The division anticipates getting new funding in the latter part of 2019. Funds are available on a first come, first qualified, first served basis.

Qualifications:
1% of the downpayment funds must come from the borrower’s own savings. Gifts and loans are not allowed. You must occupy the home as your primary residence. A comprehensive home inspection report is required. Existing homes, new construction, townhomes, condominiums, and villas qualify, but not mobile homes or co-ops. Income limits apply.

Charlotte County
SHIP Down Payment Assistance

Assistance Available:
Qualified applicants can receive up to 10% of the purchase price as downpayment assistance through the SHIP program. The maximum amount awarded is $15,000. These funds come in the form of a 0 interest loan that is due and payable only when the house is sold or is no longer owner occupied.

Qualifications:
There are income limits based on household size that change annually. Your debt to income ratio may not exceed 40%. Your housing expense may not exceed 30% of your gross monthly income. Borrowers must have been residents of Charlotte County for a minimum of 6 months and contribute $500 of their personal funds toward their downpayments.

There is a $253,809 purchase price limit for new or existing homes. The home purchased may be anywhere in Charlotte County. Mobile homes are not eligible for consideration. You must occupy the home as your primary residence.

Orange County
Down Payment Assistance for First Time Homebuyers

Assistance Available:
You may be eligible for up to $30,000 in downpayment assistance through the Orange County Assistance Program. This assistance is in the form of a 10 year deferred loan that must be repaid if the owner does not occupy the property or rents, refinances, or sells it during the lien period.

Qualifications:
There are income limit guidelines. A minimum credit score of 640 is required. Borrowers must attend a pre-purchase homebuyer seminar. Single family homes, condominiums, townhomes, and modular homes are eligible. Mobile homes are not eligible. The maximum sales price is $214,000. Homes may be located anywhere in Orange County except within the city limits of Orlando.

Hillsborough County
Hillsborough First with HHF DPA Program

Assistance Available:
The Hillsborough County Finance Authority has a downpayment assistance program for first time home buyers in the form of up to $15,000. This is a 5 year forgivable second mortgage with 0% interest. The loan is forgiven 20% yearly.

It must be repaid if the owner sells, short sells, refinances, or stops living in the home during the life of the second mortgage. The loan must be repaid if the home is foreclosed before the 5 year loan period. No co-signers are allowed.

Qualifications:
A FICO mid score of 640 is required. Your debt to income ratio may not exceed 45%. The income limit for a household of 1-2 persons is $59,800. For a 3 or more household the maximum income is $68,770. The maximum sale price is $253,809. Eligible properties may be new or existing, 1 - 4 units properties, attached or detached, townhomes and condominiums.

Borrowers must complete an approved pre-purchase homebuyer course. You must be a first time home buyer and occupy the property as your primary residence.

Escambia County
ECHFA Homeownership Program

Assistance Available:
The Escambia Housing Finance Authority offers qualified homebuyers a second mortgage of up to $7500 to help defray the downpayment expenses and closing costs. This mortgage is a 30 year, deferred, 0% interest loan. As of November 15, 2018, first and second governmental option loans are intangible tax and Florida Documentary stamp tax exempt.

Qualifications:
You must be a first time homebuyer (have not owned a home in 3 years) unless you are a veteran or purchase a home in one of the targeted areas. This program is not exclusive to Escambia County. It actually serves 19 total counties. The income limit ranges from $62,500 to $100,100. The maximum purchase price for a home is $283,348 ($360,530 in targeted areas).

Palm Bay
City of Palm Bay’s Downpayment Assistance Program

Assistance Available:
The Community Housing Initiative, Inc. administers Palm Bay’s downpayment assistance program. The Home Investment Partnership Program (HOME) funds the program.

Very low income homebuyers can receive up to $17,881.50. A minimum of $10,881.50 must go to downpayment and closing costs. The $7,000 remainder can be used for downpayment and closing costs or for code related rehabilitation work on the property.

Low income homebuyers can receive up to $12,881.50. A minimum of $7,881.50 must go toward downpayment and closing costs. The remainder can be used for additional downpayment and closing costs or for code related rehabilitation on the property.

Qualifications:
This program is for first time homebuyers (have not owned a home in the past 3 years). You must meet the income eligibility requirements. Individuals with bankruptcies, judgments, repossessions, and charge offs are not eligible. Homebuyer education is required. The purchaser must make a personal financial contribution of $750 to $2,000. The actual amount is dependent on the buyer’s income level. Conventional, VA, and FHA first mortgages are acceptable.

The property purchased must be located within the city limits of Palm Bay. New and existing homes qualify, but mobile homes do not. Eligible properties may not include swimming pools or other similar amenities. The maximum purchase price for new homes is $246,033. The maximum purchase price for existing homes is $151,000.

Bay, Franklin, Calhoun, Gadsden, Liberty, Holmes, Jackson, Gulf, Taylor, Wakulla and Washington Counties
Hurricane Michael Recovery Loan Program

Assistance Available:
The Florida Housing Finance Corporation is working in conjunction with state and federal agencies to provide disaster relief resources in the wake of recent natural disasters. The Hurricane Michael Recovery Loan Program provides fixed rate, 30yr term, first mortgages with up to $15,000 downpayment and closing cost assistance.

These are 5 year loans with no interest and no monthly payments. They are forgiven at a rate of 20% annually over the 5 year life of the loan. Any active service person who is reassigned and must sell their home will have the 5 year loan or any remainder thereof 100% forgiven.

Qualifications:
The homebuyers income limit cannot be more than 140% of the area median income. You do not have to be a first time homebuyer to qualify, but you must occupy the property as your primary residence. This program is only open to those living in the 11 county affected area. The downpayment assistance must be used in conjunction with a Florida Housing’s Homebuyer Loan first mortgage product.