Florida’s Down Payment Assistance Program Latest Update

To help quality first-time homebuyers in purchasing a new or existing home, the Down Payment Assistance Program offers financial aid.

Down Payment Assistance Program

We consider a person who did not own a home in the previous three years a first-time homebuyer.

Anybody making a purchase in a federally designated targeted region, active military personnel, qualifying veterans, and qualified civilians may also qualify.

List of Down Payment Assistance Programs Florida

The following programs for down payment assistance are available from Florida Housing to qualified buyers:

1. Broward County Homebuyer Purchase Assistance Program

Broward County is aware that many people who can make monthly mortgage payments lack the down payment needed to buy a house.

Potential homeowners can get over this obstacle with the aid of the down payment support provided by the Broward County Homebuyer Purchase Assistance Program.

Eligibility Requirements:

1. Only first-time homeowners with yearly household incomes below 80% of the region’s median income are eligible for the program.

2. Prior to applying, borrowers must also attend and complete a HUD counseling class.

3. All borrowers are required to pay a $750 transaction fee to the Housing Finance Authority of Broward County besides making a down payment of 1% of their own money.


2. Hardest Hit Fund Down Payment Assistance

The Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program is a service provided by the Housing Finance Authority of Hillsborough County to assist people in realizing their aspirations of becoming homeowners.

The program is designed to assist first-time homeowners who lack the savings necessary for sizable down payments and closing fees.

Eligibility Requirements:

1. The borrower and their spouses (both occupants and non-occupants) must be Americans who are purchasing their first house.

2. They must successfully finish a pre-purchase homebuyer education program.

3. A FICO mid score of at least 640 and a debt-to-income ratio of only 45 percent are requirements for all applicants.


3. Escambia County Down Payment

In order to assist people in achieving their dreams of becoming homeowners, Florida’s Escambia Housing Finance Authority County developed the Down Payment and Closing Cost Assistance Program.

The program aids prospective homeowners in paying the substantial up-front costs of mortgage transactions, such as the down payment and closing charges.

Eligibility Requirements:

1. Borrowers who have owned a main house within the last three years are ineligible; they must be first-time homebuyers.

2. But qualifying veterans and buyers of homes in a certain targeted region are exempt from this.

3. For Conventional, FHA, USA-RD, and VA Loans to be eligible, a minimum credit score of 640 is needed.


4. HFA Miami-Dade Mortgage Program

The Housing Finance Authority of Miami-Dade is aware of the substantial down payments required to buy a property.

The HFA provides prospective homebuyers with a first mortgage and down payment assistance to help offset this expense.

Eligibility Requirements:

1. To be eligible for the down payment aid, applicants must be U.S. citizens or have legal permanent residency.

2. They must have a credit score of 640 or above and have worked in the same industry for 24 months.


5. Head Start to Home Ownership Program

The City of Jacksonville makes the Head Start to HOME Ownership Program, often known as H2H.

It is available to assist qualified candidates who want to buy a home with the down payment and closing costs.

The H2H program provides financial aid as a second or third mortgage with a 5-year term and zeroes interest.

Repayment is required if the property is sold, refinanced, or if it ceases to be the applicant’s principal residence.

The applicant is required to give the city either the net revenues from the sale or the loan’s initial balance.

Eligibility Requirements:

1. The applicant’s total family income must not be over 80% of the Duval County area median income.

2. They must also put down a minimum of $500, with $375 being due when the first inspection is planned.


6. Home Key Plus 2nd Mortgage

The First-Time Homebuyer Program from the Housing Finance Authority of Pinellas County is intended to assist prospective borrowers in getting the house of their dreams.

The program offers consumers down payment assistance besides a first mortgage through the Home Key Plus 2nd Mortgage.

Eligibility Requirements:

1. First-time homebuyers (those who haven’t purchased a house in the last three years) and veterans who are U.S. citizens or permanent residents are eligible for this program.

2. All candidates must pay a minimum of $1,000 out of their own money and finish an 8-hour homeowner education course that HUD has authorized.


7. Lee County FirstPlus Program

The Lee County Housing Finance Authority offers first-time homebuyers down payment and closing cost assistance through the FirstPlus program.

This program is constantly financed and operates on a first-come, first-served basis.

Eligibility Requirements:

1. Must be a US citizen.

2. Both their FICO score and their family income must be 640 or above and be within the program’s maximum income limitations.


8. Palm Bay HOME Down Payment Assistance Program

The City of Palm Bay created the HOME Down Payment Aid Program in Florida.

This program helps to provide income-eligible candidates with assistance with the down payment and closing costs of their first home, as well as any necessary renovation.

Eligibility Requirements:

1. Anyone who has owned a house within the previous three years is ineligible for assistance.

2. Candidates must have a first mortgage and be creditworthy (no bankruptcies, judgments, repossessions, or charge-offs) (conventional, FHA, or VA loans are acceptable).

3. They must also finish a course on homebuyer education.


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