Path to Homeownership, Florida Programs

Pathway to Homeownership, programs in Florida.

Path to Homeownership-State of Florida

The "Florida path to homeownership program" generally refers to programs and resources offered by the Florida Housing Finance Corporation (Florida Housing) and other organizations that aim to help individuals and families achieve homeownership in the state. 

These programs typically include:

First Mortgage Options:

  • Florida Housing Homebuyer Loan Program: Offers 30-year fixed-rate mortgages to first-time homebuyers through approved lenders.
  • Florida First Government Loans: Provides FHA, VA, and USDA loans.
  • Florida Hometown Heroes Housing Program: Offers lower interest rates and reduced upfront fees for eligible frontline workers and veterans. 

Down Payment and Closing Cost Assistance:

  • Florida Assist: A deferred, 0% interest second mortgage providing up to $10,000 in assistance.
  • Florida Homeownership Loan Program (FL HLP): Offers up to $10,000 as a 3% interest second mortgage with a 15-year term.
  • FL PLUS: Provides 3%, 4%, or 5% of the total loan amount as a forgivable second mortgage.
  • Salute Our Soldiers PLUS: Offers forgivable loans for service members, veterans, and their surviving spouses.
  • Local Down Payment Assistance Programs: Some cities and counties, like Orlando and Miami, offer their own programs. 

Eligibility Requirements:

  • First-Time Homebuyer Status: You must not have owned and occupied your primary residence for the past three years (veterans and buyers in targeted areas may be exempt).
  • Minimum Credit Score: Generally, a minimum credit score of 640 is required.
  • Income and Purchase Price Limits: Your income and the purchase price must be below the limits for the county where you are buying.
  • Homebuyer Education: Completion of an approved homebuyer education class is often mandatory.
  • Approved Lender: You must work with a program-approved lender. 

How to Apply:

  1. Check Your Credit: Ensure you meet the minimum credit score requirements.
  2. Find an Approved Lender: Utilize Florida Housing's online tool to find a participating lender.
  3. Get Preapproved: Obtain mortgage preapproval from the lender.
  4. Explore Down Payment Assistance: If needed, identify a DPA program that meets your needs.
  5. Complete a Homebuyer Education Class: Find and complete an approved course.
  6. Find a Home and Finalize Your Loan: Work with a real estate agent and lender to select a home and complete the loan process.
  7. Close on Your Home: Sign the necessary documents and receive your keys. 

Important Notes:

  • Eligibility criteria can vary by program and county, so it's essential to check the specific requirements of each program.
  • Down payment assistance programs often come with repayment terms, such as deferred repayment or monthly payments.
  • Some programs are forgivable after a specific period.
  • It's recommended to work with a HUD-approved housing counselor for advice on your specific housing needs. 

To determine your eligibility and get started, you can use Florida Housing's online tools or contact a participating lender. Contact your lender or call us for a list of lenders in our area.

Glen Bigness, Premiere Plus Realty glenbigness@gmail.com  

239-272-4663 direct number.

Our registered buyer clients receive a FREE Home Inspection Report a $500 VALUE, limited time offer, restrictions apply*

Lenders and Resources:

https://southernfloridamortgages.com

https://www.midflorida.com/personal/home-loans/mortgages/first-time-buyer

https://www.nerdwallet.com/article/mortgages/florida-first-time-home-buyer-programs

https://www.floridahousing.org/programs/homebuyer-overview-page