Down Payment
Down Payment Assistance Info
Closing Cost Assistance Info
Florida Housing’s First Time Homebuyer (FTHB) Program offers 30-year fixed rate FIRST mortgage loans to first time homebuyers through participating lenders and lending institutions throughout the State of Florida. Eligible borrowers may also participate in one of Florida Housing’s second mortgage programs to assist borrowers with down payment assistance and closing costs.
Click here to see what kind Down Payment Assistance is available for you
If you are not a first time homebuyer, you may still be eligible to participate if you are purchasing a home in a federally designated targeted area or if you are a qualified Veteran.
The First Time Homebuyer Program uses income and purchase price limits to determine eligibility. Additionally, potential borrowers must:
Complete a Homebuyer Education Class
Qualify for a Mortgage Loan and have a Minimum 640 FICO Score.
To determine if you qualify to participate, please contact a loan officer from the list of approved loan officers. Our approved loan officers can also assist you with any questions you may have specific to your credit history.
Programs Current Rate Details
Florida First (FHA, VA, RD Only) 4.7500% All buyers who qualify for a bond loan qualify for this 30 year, fixed rate product that may be used with Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).
Florida Military Heroes (FHA, VA, RD Only) 4.5000% This 30 year, fixed first mortgage loan program is designed to help both veterans and active duty military personnel with obtaining affordable housing. Florida Housing generally offers a pool for these loans at a lower interest rate for the purpose of assisting this special target group. This loan product may be used with Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).
FL HFA Preferred Conventional Loan Program 4.7500% All first time homebuyers who qualify for this 30 year, fixed rate first mortgage program also qualify for Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).
Down Payment Assistance Programs
There are several Loan Programs like this available for you. Call 407-592-3309 to find out how you can qualify and obtain such loans.
Florida First (FHA, VA, USDA-RD Only)
Description: All buyers who qualify for a bond loan qualify for this 30 year, fixed rate product that may be used with Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).
Rate: 5.5
Florida Military Heroes (FHA, VA, USDA-RD Only)
Description: This 30 year, fixed first mortgage loan program is designed to help both veterans and active duty military personnel with obtaining affordable housing. Florida Housing generally offers a pool for these loans at a lower interest rate for the purpose of assisting this special target group. This loan product may be used with Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).
Rate: 5.25
FL HFA Preferred Conventional Loan Program for BOND
Description: All first time homebuyers who qualify for this 30 year, fixed rated first mortgage program also qualify for Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist or FL Homeownership Loan Program Second Mortgage). This conventional loan program is actually originated through Florida Housing’s bond program and considers household income – the income of all occupants over the age of 18. This first mortgage program offers a lower rate than the FL HFA Preferred Conventional Loan Program for TBA.
Rate: 5.75
FL HFA Preferred Conventional Loan Program for TBA
Description: All first time homebuyers who qualify for this 30 year, fixed rate first mortgage program also qualify for Florida Housing’s down payment and closing cost assistance second mortgage (Florida Assist).
Rate: 5.875
FL HFA Preferred 3% PLUS Conventional Loan Program
Description: All first time homebuyers who qualify for this 30 year, fixed rate first mortgage program also automatically qualify for Florida Housing’s 3% non-repayable grant down payment and closing cost assistance.
Rate: 5.875
FL HFA Preferred 4% PLUS Conventional Loan Program
Description: All first time homebuyers who qualify for this 30 year, fixed rate first mortgage program also automatically qualify for Florida Housing’s 4% non-repayable grant which provides down payment and closing cost assistance.
Rate: 6.375
These are some of the available programs in which you can get Loans, Down Payment Assistance and Closing Cost Assistance.
Down payment Assistance Program
Florida Housing also offers down payment and closing cost assistance in the form of a second mortgage loan to assist eligible homebuyers with their down payment and closing costs. Down payment assistance is only available when used in conjunction with Florida Housing’s first mortgage loan.
Down payment assistance is NOT available as “stand alone” down payment assistance. It is only available when used in conjunction with one of Florida Housing’s Homebuyer Programs.
The Florida Assist (FL Assist)
Borrowers purchasing in the county selected may also be eligible to receive down payment assistance (DPA) through the FL Assist Second Mortgage Program. The FL Assist offers the following:
- Up to $7,500.
- 0%, deferred second mortgage.
The FL Assist is not forgivable. Repayment is deferred, except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become payable in full.
3% HFA Preferred Grant
Borrowers utilizing this down payment and closing cost program receive 3% of the purchase price of the home being purchased in the form of a non-repayable grant.
This is an example of Orange County – they are also available for other counties
| Program Name | Type | Max Price | Max Asst |
| Orange County Down Payment Assistance Program (SHIP) – Low Income | 2nd Mortgage | $200,000 | $20,000 |
| Orange County Down Payment Assistance Program (SHIP) – Moderate Income | 2nd Mortgage | $200,000 | $10,000 |
| Orange County Down Payment Assistance Program (SHIP) – Very Low Income | 2nd Mortgage | $200,000 | $30,000 |
| Orange County Housing Finance Authority (OCHFA) Down Payment Assistance Program – Non-Targeted Areas | 2nd Mortgage | $310,000 | $7,500 |
| Orange County Housing Finance Authority (OCHFA) Down Payment Assistance Program – Targeted Areas | 2nd Mortgage | $377,791 | $7,500 |
| Orange County Housing Finance Authority (OCHFA) Low-Rate Mortgage – Non-Targeted Areas | 1st Mortgage | $309,109 | |
| Orange County Housing Finance Authority (OCHFA) Low-Rate Mortgage – Targeted Areas | 1st Mortgage | $377,791 | |
| Orange County Housing Finance Authority (OCHFA) Zero-Point Mortgage – Non-Targeted Areas | 1st Mortgage | $309,109 | |
| Orange County Housing Finance Authority (OCHFA) Zero-Point Mortgage – Targeted Areas | 1st Mortgage | $377,791 | |
| Orange County Neighborhood Stabilization Program – Low Income | Neighborhood Stabilization Program | $274,850 | $15,000 |
| Orange County Neighborhood Stabilization Program – Moderate Income | Neighborhood Stabilization Program | $274,850 | $10,000 |
| Orange County Neighborhood Stabilization Program – Very Low Income | Neighborhood Stabilization Program | $274,850 | $20,000 |
What is the Florida Housing MCC Tax Credit?
Florida Housing’s Mortgage Credit Certificate Program offers eligible first time homebuyers a nonrefundable Federal income tax credit which can be utilized with a lender’s first mortgage loan. The MCC reduces an eligible borrower’s federal income taxes creating additional income for the borrower to use in making mortgage payments or other household expenses.
Florida Housing’s Program currently offers a tax credit amount ranging from 10% up to 30%*, and is based on loan amount.
Homeowners with the MCC are allowed to use a percentage of their actual mortgage interest* as a direct federal tax credit, resulting in a dollar –for-dollar reduction of their annual federal income tax liability. Florida residents are eligible to participate in the program based on eligibility requirements as outlined in Florida Housing’s Lender Guide.
These requirements include being a first time homebuyer, the purchase price of the residence and the total household income. For specific information, please contact a participating lender and speak with a loan officer from the list of approved loan officers listed below. They will be able to determine if you qualify to participate in the Mortgage Credit Certificate Program and can assist you with any questions you may have specific to your situation.
*A $2,000 cap credit applies for a credit that exceeds 20%. Please speak with your lender for additional details.
