4 Florida First-Time Homebuyer Grants and Programs in 2024

Home ownership may be closer than many Florida residents imagine. While news cycles would love for people to believe it’s impossible to buy a home in 2024, Florida has made numerous assistance programs available.

Of course, it’s important to understand each program’s requirements before applying so that you can pursue the programs that are right for you. Fortunately, there are a wide variety of programs to choose from.

You’ve already heard of FHA loans, USDA loans, and VA loans which can make it easier to purchase a house. Here are other programs worth exploring.

See also: Maximize Your FHA Loan: Down Payment Help in Florida

1) Florida Hometown Heroes

The Florida Hometown Heroes Loan Program is designed to provide critical support to Florida’s first time home buyers, Florida based full-time workers who need substantial down payment assistance and favorable loan terms in order to achieve homeownership. This program is a vital initiative aimed at supporting Florida workers by making homeownership more accessible and affordable.

To qualify you must:

• Purchase the home in the community where you work and serve.
• Be considered a full time worker by your Florida based employer.
• Meet income limits based on household size and location.
• Have a credit score of 640+.
• Complete a homebuyer education course.

If you qualify, you can receive up to $35,000 in down payment and closing cost assistance. You will also receive lower than market mortgage interest rates.

See also: The Complete Guide to Closing Costs for Homebuyers

2) The Miami-Dade Advocacy Trust Grant

To qualify you must:

• Purchase a primary residence in Miami-Dade County.
• Contribute 1% to 3% of the home’s purchase price. The precise percentage depends on your income level.
• Have a credit score of 640+.
• Complete a homebuyer education course.
• Meet income limits based on household size.
• Purchase a house that meets lender qualifications.

If you qualify through a first time buyer program, you could receive a $28,500 0% interest no-payment loan for down payment and closing costs assistance. If you live in the home as your main residence for 20 years without changing the property title, the loan will be forgiven. The loan becomes due if you sell the home, making it ideal for buyers looking for a forever home.

3) Home Ready

In order to be eligible for the Home Ready program you must be willing to purchase a HomePath property. These are Florida properties that Fannie Mae has repossessed and is now selling. In order to qualify you must:

• Meet income limits.
• Have a 620+ credit score.
• Use the home as your primary residence.

If approved, you’ll enjoy a 3% down payment option, will receive a $500 credit for closing costs, and will receive a 3% cash contribution to further cover closing costs. A Home Ready loan will also enjoy lower interest rates.

4) Home Possible

To apply for the Home Possible program, you must:

• Meet income limits.
• Have a credit score of 620+.
• Use the property as your primary residence.

This program provides reduced mortgage rates and costs on both fixed rates and adjustable rate mortgages. It offers flexibility in funding sources for the down payment and closing costs, including gift funds, grants, and community second programs. Underwriting guidelines are more flexible, and you may even include income from non-occupant borrowers.

Need help applying for down payment assistance?

Alex Doce can direct you to the right program. In addition, if none of these programs are right for you, our own Home Zero program may be. To see what Alex’s clients say about working with him, go to his reviews page.

Get help by scheduling your free consultation today.

FAQs

What are the qualifications for a first-time home buyer grant in Florida?

You usually need a credit score at least 640, meet the income limits for your county, complete a home buyer education course, be working with an approved lender, and meet purchase price rules. 

What is the first time homebuyer program in Florida?

It is a set of loans, grants, or help programs made to make buying your first home easier. Some give help with down payment or closing costs. You must follow certain rules about income, credit, and using an approved lender. 

What are the best first time home buyer loans in Florida?

Good loans include FHA, USDA, VA, and programs like HomeZero or the Florida Housing Homebuyer Loan. They often have low down payments or zero down payment, more forgiving credit needs.

How do I find house loans for first time buyers in Florida?

Start by checking with an approved program lender. Look at FHA, VA, USDA, or state homebuyer assistance programs. Compare credit score needed, down payment needed, and income limits in your area. Complete a buyer education course.