Down Payment Assistance
Looking to buy a home need help with the initial down payment? Down payment assistance programs can provide the support you need. These programs typically offer grants, low-interest loans, forgivable loans to make homeownership more accessible. Common types of assistance include non-repayable grants, second mortgages to be paid alongside your primary mortgage, and forgivable loans that are waived if you meet specific conditions, like residing in the home for a set number of years.
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Florida offers several down payment assistance programs to help homebuyers. Here are some notable ones:
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Florida Assist (FL Assist): Provides up to $10,000 as a 0% interest, non-amortizing, deferred second mortgage. This loan is not forgivable and becomes due upon sale, transfer, or refinancing of the property.
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Florida Homeownership Loan Program (FL HLP) Second Mortgage: Offers $10,000 as a 3% fully-amortizing second mortgage with a 15-year term. Monthly payments are required, and the loan becomes due upon sale, transfer, or refinancing.
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HFA Preferred and HFA Advantage PLUS Second Mortgage: Provides 3%, 4%, or 5% of the total loan amount as a forgivable second mortgage. This loan is forgiven at 20% per year over a 5-year term1.
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Florida Hometown Heroes Program: Offers up to $35,000 in assistance for down payments and closing costs. This program is designed for first-time homebuyers who are employed in or serve their community.
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Local Programs: Various counties and cities in Florida offer their own down payment assistance programs. For example, the East Tampa CRA Down Payment Assistance Program provides specific support for homebuyers in that area.
To find out more about these programs and check your eligibility, you can visit the Florida Housing website, contact a local housing authority, or contact one of our knowledgeable agents today.