8 Location-Based Down Payment Assistance Programs Available in Florida in 2024

You’ve probably already heard of USDA loans. They offer a 0% down payment loan to homebuyers willing to purchase homes in certain rural areas.

But what if you can’t live in a rural area for practical reasons, or can’t find a home in a USDA-designated location?

There are other location-based Florida homebuyer programs that might work for you. Here are a few options.

1) Hallandale Beach First-Time Homebuyer Grant

If you are willing to purchase a home in the Hallandale Beach CRA district, you may qualify for up to $50,000 in down payment and closing cost assistance. This type of Florida closing cost assistance is offered as a loan that may be forgiven after ten years.

To qualify you must:

• Make no more than 120% of Broward County’s median income.
• Be a first-time homebuyer.
• Have an income no higher than program limits.
• Have a credit score of 640+.
• Complete an 8-hour HUD-certified homebuyer course.

See also: 5 Essential Tips for First-Time homebuyers in Fort Lauderdale

2) The Own a Home Opportunity Grant Program

If you have a 640+ credit score, have an income lower than your county’s limits, and are buying an eligible property you intend to live in as your primary residence, then you may be eligible to receive up to 5% of the total loan amount which you may apply towards your down payment or your closing costs.

Counties where this program is available include:

• Broward
• Charlotte
• Collier
• DeSoto
• Lee
• Palm Beach
• Sarasota
• St. Johns
• Volusia

You must purchase a home within the county where you qualify.

3) The Good Neighbor Next Door Program

If you are a teacher, fire fighter, law enforcement officer, or EMT willing to live in a HUD-designated revitalization area and plan to buy a single family home, this might be the right program for you.

If you qualify, you’ll receive a 50% discount off the list price of the home.

4) The HOME Homebuyers Program

This program is open to first-time homebuyers in Escambia or Pensacola counties. Applicants must meet income limits and purchase a home built after 1978. Limits on home cost also apply. You must also complete a homebuyer education course.

If you are eligible, you’ll receive a $25,000 deferred down payment and closing cost zero-interest loan. You only have to repay the loan when the home is sold, refinanced, or when the mortgage is paid off.

See also: Starter Homes: The Best Choice for First-Time Buyers

5) SHIP First Time Homebuyers

If you are a first-time homebuyer who wants to purchase a home in Pensacola or Escambia Counties, then you may qualify for this down payment assistance program. These down payment assistance grants Florida offers can also apply if you haven’t owned a home in the last three years.

To qualify, you must meet income limits, complete a homebuyer education course, and secure a primary mortgage through a participating lender. In Florida, programs offering closing cost grants can provide up to $25,000 in down payment and closing cost assistance, delivered as a zero-interest deferred loan that’s forgiven after 10–15 years as long as you keep the property as your primary residence.

6) Panama City Grant

Looking for a home in Panama City? If you’re a first-time homebuyer targeting properties under $300,000 and can meet the income limits, this may be the grant for you.

After completing a homebuyer education course, you may be eligible to receive $50,000 in closing cost, down payment, and mortgage payment assistance. This comes in the form of a loan forgiven after 10-20 years if you maintain the home as your primary residence.

7) Dare to Own the Dream

If you’re either a first-time homebuyer or haven’t owned a home in the past three years, this program may be right for you. You must purchase a property within Tampa City Limits, and the property must be within purchase price limits. The property must also pass a city inspection. You’ll also need to meet income limits.

If you are eligible for this program, you’ll receive up to $40,000 in down payment and closing cost assistance in the form of a deferred-payment loan that is forgiven after 10 years of ownership and occupancy.

8) East Tampa CRA Down Payment Assistance

If you’re a first-time homebuyer who is willing to purchase a home in the East Tampa community reinvestment area, then you could receive a $50,000 zero interest loan to cover down payment costs. If your home remains your primary residence for 7 years, this loan will be forgiven.

To qualify, you must:

• Be a first time home buyer.
• Meet income limits.
• Work with a participating lender.
• Contribute a minimum of $1,000 to your purchase.
• Complete a homebuyer education course.

Need help applying for down payment assistance?

Alex Doce can direct you to the right program. To see what Alex’s clients say about working with him, go to his reviews page.

In addition, if none of these programs are right for you, our own Home Zero program, which is not location-dependent, may be.

Get help by scheduling your free consultation today.

FAQs

Are there any down payment assistance programs in Florida?

The Florida Hometown Heroes Housing (HTH) Program helps workers in eligible jobs buy a home at a more affordable price. As one of the state’s down payment assistance programs, it offers help with both the down payment and closing costs to first-time, income-qualified buyers so they can purchase a primary home in the community where they work and provide services.

What is the $35000 down payment assistance program in Florida?

You may qualify for up to $35,000 to help cover your down payment or closing costs, depending on the size of your loan. These funds can be used in different ways, such as paying your down payment, covering closing costs, or even lowering the total amount you borrow. The program is flexible and works with FHA, VA, USDA, and conventional loans.

Do I have to repay down payment assistance in FL?

The FL Assist is not forgiven. You don’t have to make payments right away, but the full amount must be repaid if you sell, transfer, or refinance the home, pay off the first mortgage, or move out of the property. Since many borrowers using this program apply through FHA, it’s important to also understand FHA loan requirements before moving forward.

What is the $10,000 grant for first-time home buyers in Florida?

The Florida Own a Home Opportunity Program helps first-time home buyers with up to $10,000 for down payment and closing costs. The exact amount depends on the county where you buy and the type of loan you use.