Florida Assist Second Mortgage Program and Down Payment Assistance

The Florida Assist Second Mortgage Program is a game-changer for many homebuyers in the state. This program offers down payment assistance to eligible borrowers, which can be a huge help in affording a home.

The program provides up to $15,000 in down payment assistance, which can be used towards a down payment, closing costs, and other expenses. This can make a big difference in the affordability of a home.

Eligible borrowers must meet certain income and credit requirements, which are outlined in the program's guidelines. The income limits vary by county, but generally, households must earn no more than 115% of the area median income.

The Florida Assist Second Mortgage Program is a forgivable loan, meaning that it doesn't have to be repaid as long as the borrower lives in the home for at least five years. This can be a huge benefit for borrowers who might not have been able to afford a home without the assistance.

Florida has a variety of mortgage programs to help first-time homebuyers and military members achieve their dream of homeownership. The Florida Housing Finance Corporation offers several programs, including the Hometown Heroes Bond Program, which provides assistance as a 30-year deferred second mortgage, up to $35,000.

To qualify for the Hometown Heroes Bond Program, you must be a first-time homebuyer, meaning you and your spouse (if applicable) have not owned a home in the past three years. You'll also need to have a credit score of at least 640 and be employed full-time by a Florida-based employer, working 35 or more hours per week.

The Florida Housing Finance Corporation also offers two first mortgage government loan programs: the Florida First (FL First) and the FL HFA Preferred (HFA Preferred) Conventional Loan Program. These programs offer 30-year, fixed-rate mortgages and qualify you for down payment assistance through the FL Assist or HLP Second Mortgage Program.

The FL HFA Preferred Conventional Loan Program offers a reduced Mortgage Insurance (MI) premium for borrowers with income at or below 80% of Area Median Income (AMI). Military members and veterans can also take advantage of the Florida First and Military Heroes Loan Programs, which offer lower interest rates and don't require you to be a first-time homebuyer.

Here are the key features of the Florida First and Military Heroes Loan Programs:

The Florida Housing Finance Corporation also offers a conventional program for first-time homebuyers, which features a 30-year fixed term with full amortization on the first mortgage and conventional, FHA, VA, and USDA loan types available. Borrowers must complete a Homebuyer Education course and meet credit and income restrictions to qualify.

Florida has a variety of government assistance programs to help with down payment and closing costs. These programs can be used in conjunction with first mortgage programs, such as FHA, USDA, and VA loans.

The Florida First (FL First) and FL HFA Preferred (HFA Preferred) Conventional Loan Programs offer down payment assistance through the FL Assist or HLP Second Mortgage Program. Borrowers with income at or below 80% of AMI enjoy a reduced Mortgage Insurance (MI) premium, while those with income above 80% AMI pay standard mortgage insurance.

The Within Reach Program is available in Florida and offers down payment assistance up to 6% of the note amount. This program is not limited to first-time homebuyers and is available for FHA and USDA loan types only.

Here are some government assistance programs available in Florida:

The minimum credit score required for an FHA loan is as low as 500, but for the FHA with Florida Assist mortgage, it's 640.

FHA loans can be used in conjunction with the Florida Assist program, which provides up to $7,500 for down payment and closing costs.

The Florida Assist program is a zero percent second mortgage that doesn't need to be paid while living in the property.

It's available to first-time home buyers, but also to those who have previously owned a home as long as they haven't had any homeownership in the past three years.

A homebuyer education class is required for the program, and it can be taken at convenient locations or online.

The down payment assistance must be repaid in full when the borrowers sell or refinance the existing mortgage used to purchase the home.

The minimum down payment for an FHA loan is 3.5% of the purchase price, and associated closing costs can add up to several thousand dollars.

For example, on a $250,000 purchase price, the minimum down payment would be $8,750, and closing costs could add up to $3,000, totaling $11,750.

The Florida Assist program can cover up to $7,500 of this amount, leaving a balance of $4,000 that the buyers must provide.

The Assist programs offered by Florida Housing can provide significant financial assistance to first-time homebuyers. These programs include the Florida Assist Second Mortgage Program (FL Assist) and the Florida Homeownership Loan Program Second Mortgage (FL HLP).

FL Assist lends $7,500 at 0% interest to first-time homebuyers, with repayment not required until ownership changes or the home is sold. This type of loan can be refinanced, but payment will be required at that time.

To qualify for FL Assist, you must be purchasing a primary residence located within the state of Florida. Contact the Florida Housing Finance Corporation to apply.

You can also explore the Bond Eligible Second Mortgage Options, which provide funds for down payment, closing costs, and more. These programs are not offered as stand-alone down payment assistance and cannot be combined with other FL Housing down payment programs.

Here are some key details about the FL Assist and FL HLP programs:

The PLUS Second Mortgage option is also available for borrowers who qualify for the HFA Preferred PLUS and HFA Advantage loans. This option offers 3%, 4%, or 5% assistance of the total loan amount, with forgiveness occurring at a rate of 20% per year on the anniversary of loan closing, provided the borrower is not in default.

The Within Reach Program is a great option for Floridians looking for down payment assistance.

This program is available in Florida and offers down payment assistance up to 6% of the note amount.

To be eligible, you don't have to be a first-time homebuyer, making it a more accessible option for many people.

You can use this program with FHA and USDA loan types, which are popular choices for many homebuyers.

However, you may be required to take a homebuyer education course, and there may be income and geographic restrictions that apply.

Here are some key details about the Within Reach Program:

Keep in mind that some program restrictions and requirements apply, so be sure to review the details carefully before applying.

Gadsden County SHIP offers down payment assistance of $7500 to $15,000 for low to moderate household income buyers.

Homebuyers can choose from various loan types, including conventional, FHA, VA, and USDA loans, which provide a 30-year fixed term with full amortization on the first mortgage.

Homebuyer education is required as part of the SHIP program, and credit, income, and property location restrictions may apply.

Here are the loan types available through Gadsden County SHIP:

If you're a hero who's considering buying a home in Florida, you're in luck. There are several mortgage options available to you, including the Hometown Heroes Bond Program and the Hometown Heroes TBA program.

These programs offer assistance with down payments and closing costs, making it easier to become a homeowner. You can qualify for a 30-year deferred second mortgage, which is never forgiven, and receive up to $35,000 in assistance.

To be eligible for these programs, you must be employed full-time by a Florida-based employer and work 35 or more hours per week. Veterans are exempt from this requirement when providing a valid DD214. You must also be a first-time homebuyer, meaning you and your spouse (if applicable) must not have owned a home in the past three years.

The Hometown Heroes Bond Program covers FHA, VA, USDA, and Fannie Mae HFA Preferred loans, while the Hometown Heroes TBA program expands this to include FHA, VA, USDA-RD, Fannie Mae HFA Preferred, and Freddie Mac HFA Advantage loans.

Here are the key features of these programs at a glance:

The Florida First and Military Heroes Loan Programs are also worth considering, offering 30-year, fixed-rate mortgages for government-insured loans (FHA, VA and USDA) with lower rates than the Florida First program. These programs don't require you to be a first-time homebuyer, and you can combine them with a Florida Housing down payment and closing cost assistance program.