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 homebuyers, 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, you could receive a $28,500 0% interest no-payment loan for down payment and closing costs assistance. If you continue to occupy the home as your primary residence for the next 20 years without changing the property title, the loan will get forgiven. The loan comes due if you sell the home. It’s perfect for homebuyers who are seeking 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.
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