First-Time Home Buyer Programs in Florida

Florida Housing Finance Corporation (Florida Housing) Programs:

Florida HFA Preferred Conventional Loan Program:

Eligibility: Targets first-time homebuyers (no homeownership in the past three years) or buyers in targeted areas of Florida.
Offerings: Provides a 30-year fixed-rate conventional mortgage (Fannie Mae HFA Preferred) at below-market rates; combinable with down payment assistance.
Requirements:

• Income must not exceed county-specific limits (e.g., $118,900 in Miami-Dade County as of 2025).
• Minimum credit score of 640.
• Debt-to-income ratio capped at 45% (50% with higher scores).
• Homebuyer education course required for all first-time buyers.

Florida Assist (FL Assist):

Benefits: Offers up to $10,000 as a 0% interest, deferred second loan (due on sale, refinance, or after 30 years) for down payment and closing costs; combinable with Florida Housing first mortgages.
Eligibility: Must use a Florida Housing first mortgage; income and purchase price limits apply (e.g., $425,600 for a single-family home in non-targeted areas).

Florida Homeownership Loan Program (FL HLP):

Description: Provides up to $10,000 as a 3% interest second mortgage, repayable monthly over 15 years, for down payment and closing costs; designed for first-time buyers with moderate incomes.
Requirements: Must pair with a Florida Housing first mortgage; same income and purchase price limits as FL Assist.

Florida Hometown Heroes Down Payment Assistance Program:

Benefits: Provides up to $35,000 as a 0% interest, deferred second loan (due on sale, refinance, or after 30 years) for down payment and closing costs; supports community heroes like teachers, healthcare workers, law enforcement, firefighters, and veterans.
Eligibility: Must be a first-time buyer, employed full-time by a Florida-based employer, and use a Florida Housing first mortgage; income must not exceed 150% AMI (e.g., $178,350 in Miami-Dade County as of 2025).
Requirements: Homebuyer education course required; purchase price limits apply (e.g., $501,932 in non-targeted areas).

Local Programs:

Miami-Dade County

Homeownership Assistance Program (HAP): Offers up to $25,000 as a 0% interest, deferred loan (due on sale or refinance) for first-time buyers; income must not exceed 80% AMI (e.g., $67,800 for a family of four).

Orlando

Down Payment Assistance Program: Provides up to $40,000 as a 0% interest, deferred loan (forgivable after 10 years) for first-time buyers in Orlando; income must be at or below 120% AMI, and homebuyer counseling is required.

Tampa

Home Sweet Home Hillsborough Program: Offers up to $40,000 as a 0% interest, deferred loan (due on sale or refinance) for down payment and closing costs; targets first-time buyers with incomes up to 140% AMI in Hillsborough County.

Additional Information:

• Florida Housing Mortgage Credit Certificate (MCC): Provides a tax credit of up to 50% of annual mortgage interest (max $2,000) for first-time buyers or those in targeted areas when using a Florida Housing mortgage; fee of $500 applies.
• USDA and VA Loans: Zero-down payment options for rural areas (USDA) or veterans/active military (VA).
• FHA Loans: Minimum 3.5% down payment, suitable for credit scores as low as 580 (10% if below 580).