First Time Homebuyer Loan Assistance Programs

Purchasing your first home is a major achievement! In Florida, there are several initiatives aimed at helping first-time homebuyers. Florida Housing Finance Corporation (FHFC) offers assistance to low and moderate-income borrowers through various mortgage options, such as 30-year fixed-rate conventional loans, FHA insured loans, VA loans, and USDA Rural Development mortgages.

FHFC provides a range of programs to support first-time homebuyers. Qualified individuals can take advantage of benefits like reduced mortgage rates, down payment assistance, tax credits, and unique financing options for purchasing and renovating a home.

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Down Payment Assistance

Qualified purchasers have the opportunity to receive down payment assistance equivalent to either 2.5% or 5% of the total cost of the property. This financial aid can be utilized for various purposes such as covering the down payment, closing expenses, or any approved pre-closing expenditures.

Do You Qualify?

Eligibility for FHFC assistance for first-time homebuyers includes one or more of the following:

  • Lack of homeownership of a primary residence in the last three years.
  • Honorable discharge from military service.
  • Home purchase within a specified target area.

Additionally, eligibility is subject to income limits, debt-to-income ratios, credit score minimums, and other loan-specific requirements, such as:

  • A minimum credit score of 640 for Conventional, USDA, and VA loans, and 650 for FHA loans.
  • The purchase of an eligible property limited to two acres within a municipal corporation and five acres outside, subject to local health or safety regulations. Eligible properties include single-family homes, conforming condominiums, duplexes, up to four-unit properties, newly constructed homes, modular homes, and manufactured homes.

Additional programs offer further assistance to first-time homebuyers.

Take the quiz to see if you qualify for this program

Mortgage Tax Credit

Eligible first-time homebuyers who obtain an FHFC mortgage and down payment assistance could qualify for a mortgage credit certificate, as long as they satisfy certain income and purchase price requirements. This certificate enables a tax credit of a maximum of 40% of the borrower’s yearly mortgage interest, which can be utilized each year for a period of 30 years.

Florida Heroes Mortgage Assistance Program

The Florida Heroes Program by FHFC provides reduced mortgage rates to qualified individuals who are first-time or repeat homebuyers and work in professions that contribute to the well-being of society. This includes veterans, active-duty military personnel (including surviving spouses), police officers, first responders, select medical professionals, and others. Take the quiz to determine your eligibility for this beneficial program.

Explore the various FHFC programs available by reaching out to the knowledgeable team at Lakeland Mortgage Company for assistance!