Many first-time homebuyers don't realize there are programs specifically designed to help them buy a home in Florida — with down payment assistance, reduced interest rates, and closing cost help. Here's what's available.
Who Qualifies as a "First-Time Buyer"?
Most programs define a first-time homebuyer as someone who has not owned a principal residence in the past 3 years. This means even if you've owned a home before, you may qualify if enough time has passed. The definition can also apply to displaced homemakers or single parents who only owned with a former spouse.
Florida Housing Finance Corporation
The Florida Housing Finance Corporation (Florida Housing) is the state agency that administers several first-time homebuyer programs statewide. All programs require working with a participating lender and taking an approved homebuyer education course.
Florida First Mortgage Program
Offers a 30-year, fixed-rate first mortgage at below-market interest rates. Compatible with FHA, VA, USDA, and conventional loans. Income and purchase price limits apply and vary by county.
HFA Preferred Conventional Loan
A conventional 30-year fixed mortgage with reduced private mortgage insurance (PMI) coverage, which can lower your monthly payment compared to standard conventional loans.
Florida Assist (Second Mortgage)
Provides up to $10,000 in down payment assistance as a 0% interest, no monthly payment second mortgage. Repayment is deferred until you sell, refinance, or pay off your first mortgage. This program requires income qualification.
Florida Homeownership Loan Program (HLP)
Provides up to $10,000 as a second mortgage at 3% interest with a 15-year repayment term. Provides a monthly payment but at a very low rate.
Broward County Local Programs
The Broward County Housing Finance Authority sometimes offers additional programs or bond programs with below-market rates for Broward County buyers. Contact the Broward County Housing Finance Authority or your participating lender for current availability, as programs can change based on funding.
Federal Programs Available in Florida
- FHA loans: 3.5% down payment with 580+ credit score; 10% down with 500-579 credit score. Available for first-time and repeat buyers.
- VA loans: 0% down for eligible veterans, active duty, and surviving spouses. No PMI.
- USDA loans: 0% down for eligible rural areas. Generally not available in most of Broward County due to population density.
Important Qualifications and Limits
Florida Housing programs generally require:
- Minimum credit score: typically 640+ for most programs
- Income at or below the area median income (AMI) limits for the county
- Purchase price at or below program limits (higher-priced metros have higher limits)
- Completion of an approved 8-hour homebuyer education course (many available online)
- Owner-occupancy — must be your primary residence