HOMEBUYER LOAN PROGRAMS
The Homebuyer Programs 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. Down payment assistance is only available when used in conjunction with Florida Housing’s first mortgage loan.
Florida Housing offers FHA, VA, USDA, and Conventional Loans (Fannie Mae and Freddie Mac). Properties eligible to purchase are Single Family Homes, Townhomes, 2-4 Unit Homes (you must reside in one unit), Condos (approved projects), and Modular/Mobile Homes.
Typical maximum “Seller Paid Closing Costs” are not impacted by using our program. In addition, there is no additional time needed to be able to close on these loans. Unlike other programs, Florida Housing never runs out of funds so your transaction will not be subject to a “waiting list.”
There are some requirements:
- Minimum Credit Score of 640
- Approved” Home Buyer Education is required to be completed Your purchase price must be below the limits for the county you are purchasing in
- Your income must be below the limits for the county you are purchasing in
- You must meet the IRS definition of a first-time homebuyer
DOWN PAYMENT ASSISTANCE
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 $10,000 on FHA, VA, or USDA loans and $7,500 on Conventional loans.
0% Interest Rate
Deferred second mortgage
No monthly payments required
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%, 4% and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage
Borrowers utilizing these down payment and closing cost programs receive 3%, 4% or 5% of the total loan amount in a forgivable second mortgage. This second mortgage is forgiven at 20% a year over its 5-year term.
0% Interest Rate
No payments required
The Florida Homeownership Loan Program (FL HLP) Second Mortgage
Borrowers purchasing in the county selected may also be eligible to receive down payment assistance (DPA) through the FL HLP Second Mortgage Program. The FL HLP offers the following:
Up to $10,000
3% fully-amortizing, second mortgage 15-year term
The FL HLP Second Mortgage carries a monthly payment of $69.06. The remaining unpaid principal balance (UPB) is deferred, except in the event of the sale, transfer of deed, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor(s) ceases to occupy the property as his/her primary residence at which time, the FL HLP Second Mortgage unpaid balance will become payable, in full.
Since the FL HLP Second Mortgage carries a monthly payment, this payment may need to be considered in a borrower’s debt-to- income (DTI) ratio when credit underwriting.
HOMEBUYER LOAN PROGRAM WIZARD
The Florida Housing Finance Corporation Homebuyer Loan Program Wizard is an interactive tool that can assist you with obtaining Down Payment Assistance (DPA) requirements, Income Limits, Purchase Price Limits, approved Loan Officers, and “Certified” Realtors who have attended our Continuing Education training.
Go to: https://apps.floridahousing.org/StandAlone/FTHBWizard
Enter in the number of people who will reside in the household Select the county in which you are looking to purchase
Under “Explore Our Loan Programs” you can compare our Homebuyer Loan Programs (Bond, TBA “Non Bond,” PLUS, FL Assist DPA, and Salute Our Soldiers) by selecting one of them.
After selecting one of the Homebuyer Loan Programs, the Wizard will display the Down Payment Assistance guidelines, Income Limits and Purchase Price Limits (for that county), Find A Lender (list of approved Loan Officers who serve that county), and Find A Realtor (list of “certified” Realtors who have attended our Continuing Education Class: Affordable Housing: What Every Realtor Should Know!)