Florida First-Time Home Buyer Programs in 2023: Grants and Loans

Florida Housing Finance Corporation Programs

The Florida Housing Finance Corporation (FHFC) is the state's primary source of first-time buyer assistance. FHFC offers 30-year fixed-rate first mortgages through a network of participating lenders across the state. Loan types include conventional, FHA, VA, and USDA mortgages, giving buyers flexibility based on credit profile and down payment ability. Buyers generally need a FICO score of at least 640 to qualify, along with completing approved homebuyer education.

Down Payment Assistance Options

FHFC has historically offered several down payment assistance options. The Florida Assist Second Mortgage (FL Assist) provided up to $10,000 as a deferred second mortgage at 0 percent interest with no monthly payments. Repayment is deferred until the homeowner sells, refinances, pays off the first mortgage, or stops using the home as a primary residence.

The Florida HFA Preferred and Advantage PLUS Conventional loan programs allowed eligible buyers to borrow 3, 4, or 5 percent of the loan amount as a second mortgage at 0 percent interest with a five-year term. Twenty percent of the debt is forgiven each year, so after five years of continued ownership with no sale or refinance, the balance is fully forgiven.

Hometown Heroes Housing Program

Launched in 2022 and significantly expanded since, Florida's Hometown Heroes Housing Program provides down payment and closing cost assistance to eligible frontline workers, including teachers, law enforcement, firefighters, nurses, and many other professions. The program provides up to 5 percent of the first mortgage loan amount as a zero-interest, 30-year deferred second mortgage, subject to program limits. Hometown Heroes loans can be combined with FHA, VA, USDA, or conventional first mortgages.

Who Qualifies

FHFC defines a first-time homebuyer as someone who has not owned and occupied a primary residence in the three years before purchase. Veterans and active-duty service members may be exempt from the first-time buyer requirement for some programs. Household income limits apply and vary by county; they are typically expressed as a percentage of the area median income. Purchase price limits also apply and vary by county.

Stacking Local Programs

Many Florida cities and counties offer additional down payment assistance that can be combined with FHFC programs. Miami-Dade County, Orange County, Hillsborough County, and others run their own programs funded through federal HOME and Community Development Block Grant dollars. Stacking programs can sharply reduce the cash a buyer needs at closing, though layering rules and subsidy caps apply.

How to Apply

Buyers start by working with an FHFC-participating lender, who handles the primary mortgage application and coordinates any down payment assistance. Before applying, buyers should complete a homebuyer education course from a HUD-approved counseling agency and gather standard documentation including pay stubs, W-2s, tax returns, and bank statements. Because program terms and funding levels can change year to year, applicants should confirm current rules and available programs on the FHFC website before committing to a contract.