Florida Housing’s First Time Homebuyer Program

Posted by Jennifer Mackay - Owner on Wednesday, January 6th, 2010 at 4:14pm.

Here's some valuable information for Florida first time home buyers and programs that are currently available...

Florida Housing’s First Time Homebuyer Program offers low fixed-rate 30-year first mortgage programs for first time homebuyers (some exceptions exist) with qualified income and purchase price limits for the county where they are purchasing a home.

There also are down payment assistance programs that can be used with the first mortgage products.

FIRST TIME HOMEBUYER PROGRAMS offered by Florida Housing are as follows:

  • Florida First: This program offers a low 30-year fixed-rate first mortgage to all borrowers who meet program guidelines and qualify for a loan. Borrowers who qualify for this first mortgage product are automatically qualified for one of our down payment assistance programs.
  • Florida Advantage: This program is for buyers purchasing in special geographic areas, rural self-help buyers or for households with at least one disabled member; buyers must be at or below 80% of AMI adjusted for household size. Buyers using this product qualify for Florida Assist down payment assistance.
  • Community Heroes: This 30-year first mortgage loan program is designed to help both veterans and active duty military personnel, as well as full-time employees of the school system, police departments, firefighters, and certain healthcare workers with obtaining affordable housing. Florida Housing may offer a pool for these loans at a lower interest rate for the purpose of assisting this special target group. 

DOWN PAYMENT ASSISTANCE PROGRAMS offered by Florida Housing are as follows:

  • Florida Assist: Offers lower income borrowers up to $7,500 to assist with down payment and closing costs. This is a deferred second mortgage with no payments and 0% interest that is repaid when the borrower sells or refinances the home, or at the end of the term of their first mortgage.
  • Homeownership Assistance for Moderate Income Loan (HAMI): Offers borrowers up to $5,000 to assist with down payment and closing costs. This is a low fixed-rate second mortgage that is repaid over 10 years.

For more information on Florida Housing’s FTHB programs, contact a Participating Lender in Your Area or contact us directly - (850) 774-6582 and we'll directly you accordingly.

5 Responses to "Florida Housing’s First Time Homebuyer Program"

Tim Harris wrote: Great topic for a post. State and local incentives such as this are perfect subjects for blogging, and should help prospects find your site and think of you for their next purchase. As a real estate coach, I love finding great examples of blogging done right. Thanks.

Posted on Sunday, January 24th, 2010 at 6:33pm.

Tempe Homes by Steve Trang wrote: That's pretty cool that Florida is doing things to keep the market moving. We've had some similar programs in AZ, but the money's all dried up.

Posted on Thursday, January 28th, 2010 at 12:15am.

Sun Prairie Apartments wrote: Jennifer..... Really this program will definitely help first time Home buyers.Great blog. There are many things to learn from your article. Thanks for posting such valuable blog.

Posted on Thursday, January 28th, 2010 at 7:55am.

Ontario Mortgage Broker wrote: Great post! Very informative.

Posted on Friday, March 5th, 2010 at 9:53am.

Jacksonville Real Estate wrote: Great article.Nicely put up all details in lay-man words.

Posted on Thursday, April 15th, 2010 at 1:56pm.

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