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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. First-time homebuyers in Florida have access to a number of resources to help with their purchase. The Florida Housing Finance Corporation, known simply as , offers several programs to help you buy your first home. Florida Housing programs are available to first-time homebuyers or anyone who hasn’t owned and occupied a home in three years. Active military members, qualified veterans and anyone purchasing in a federally designated targeted area might also be eligible. Florida first-time homebuyer loan programs
Florida Housing’s loan programs are all 30-year, fixed-rate mortgages. Here’s an overview: Florida Housing homebuyer programs
Florida Housing has a few categories of loans for first-time homebuyers, which include the Florida First program for federally-backed loans and programs. Borrowers who qualify for these 30-year, fixed-rate conventional mortgages will see lower mortgage insurance costs than with comparable federal loan programs. The loans can usually be combined with down payment and closing cost assistance. Borrowers who qualify for these 30-year, fixed-rate conventional mortgages will see lower mortgage insurance costs than with comparable federal loan program. The loans can usually be combined with a down payment and closing cost assistance program. Salute Our Soldiers Military Loan Program
Geared toward qualified active duty and veteran military members, these programs offer 30-year, fixed-rate mortgages for government-backed loans (FHA, VA and USDA). Salute Our Soldiers offers lower rates than Florida First, but you don’t have to be a first-time homebuyer to use either program. Borrowers can also combine these loans with Florida Housing down payment and closing cost assistance. Borrower requirements: Available to first-time homebuyers, qualified veterans and active military members Must meet Must complete a Property requirements: Must be a primary residence located within the state of Florida Florida down payment assistance
Florida Assist Second Mortgage Program FL Assist
Through Florida Housing, eligible borrowers can receive up to $7,500 at zero percent interest on a deferred second mortgage to use toward a down payment on a conventional loan. (If obtaining an FHA, VA or USDA loan, eligible borrowers could receive up to $10,000.) The repayment is deferred until the home is sold or the borrower moves, or the borrower refinances the mortgage. HFA Preferred Grants 3 4 and 5 percent
This program provides qualified borrowers with 3, 4 or 5 percent of the home’s purchase price to use toward the down payment and closing costs. This second mortgage is forgiven after five years. Florida Homeownership Loan Program FL HLP
This program gives buyers up to $10,000 in assistance as a second mortgage at 3 percent interest. The mortgage must be paid off over 15 years unless you move, refinance, sell or transfer ownership of the property. In those cases, the balance must be paid in full. Note: These programs must be used with a Florida Housing loan program. Other first-time homebuyer loans and programs
There are a number of national programs to help first-time homebuyers get into homes, as well. These include FHA, USDA and VA loans, as well as a handful of more specialized programs based on your mortgage lender, or whether or not you plan to renovate your new property. Check out for more information. Get started
Now that you have the lowdown on what help is available to buy your first home in Florida, you’re ready to take next steps. For full details on loan programs and requirements, visit . Keep in mind that Florida Housing is not a lender and doesn’t make borrowing decisions. Reach out to one of its to apply for a mortgage or learn more details about which program best meets your needs. Note that lenders might have their own income and credit rules to qualify for a loan. First-time homebuyer programs in nearby states
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SHARE: Zach Wichter is a former mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles