First-Time Home Buyer Programs in Florida

Florida Housing Finance Corporation (Florida Housing) Programs:

Florida HFA Preferred Conventional Loan Program:

Eligibility: First-time buyers (no homeownership in past 3 years) or buyers in targeted areas.
Offerings: 30‑year fixed conventional mortgage (Fannie Mae HFA Preferred) at below-market rates; combinable with down payment assistance.
Requirements:

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

Florida Assist (FL Assist):

Benefits: Deferred, 0% interest second loan up to $10,000 for down payment and closing costs; repayable on sale, refinance, or after 30 years. Learn about FL Assist.
Eligibility: Requires a Florida Housing first mortgage; income and purchase price caps apply (e.g., ~$425,600 in non-targeted areas).

Florida Homeownership Loan Program (FL HLP):

Description: 3% interest second mortgage up to $10,000, amortized over 15 years; designed for moderate-income first-time buyers.
Requirements: Must pair with a Florida Housing first mortgage; shares limits with FL Assist.

Florida Hometown Heroes Down Payment Assistance Program:

Benefits: Deferred, 0% interest second loan up to 5% of the first mortgage (max $35,000) for down payment and closing costs; includes a minimum $10,000 grant for loans ≤ $200,000. Details on Hometown Heroes.
Eligibility: Full-time Florida employees (e.g., teachers, healthcare, public safety, veterans) and first-time buyers; income cap at 150% AMI (e.g., ~$170,250 in Miami‑Dade County). Requires homebuyer education and eligible loan type.

Local Programs:

Miami-Dade County

Homeownership Assistance Program (HAP): Offers up to $25,000 as a 0% interest, deferred loan; income must be ≤ 80% AMI (e.g., ~$67,800 for family of four).

Orlando

Down Payment Assistance Program: Up to $40,000 as a 0% interest, deferred loan forgivable after 10 years; income must be ≤ 120% AMI; homebuyer counseling required.

Tampa (Hillsborough County)

Home Sweet Home Hillsborough Program: Up to $40,000 as a 0% interest, deferred loan for down payment and closing costs; eligible for buyers with income ≤ 140% AMI.

Additional Information:

• Florida Housing Mortgage Credit Certificate (MCC): Up to 50% credit on annual mortgage interest (max $2,000), with a $500 fee.
• USDA and VA Loans: Zero-down options for rural areas and eligible veterans/active-duty military.
• FHA Loans: 3.5% down with credit ≥ 580 (10% down if below 580).