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First-Time Homebuyer Programs Florida | Down Payment Assistance

Florida offers some of the most accessible first-time homebuyer programs in the country, including down payment assistance up to $10,000 and below-market interest rates through the Florida Housing Finance Corporation. Lena Polnet is licensed in Florida and helps first-time buyers navigate program eligibility, income limits, and the application process.

Who Qualifies as a “First-Time Homebuyer” in Florida?

Florida follows the federal definition: a first-time homebuyer is anyone who has not owned a principal residence in the past 3 years. This means:

• Previous homeowners who have rented for 3+ years can qualify
• Single parents who owned with a former spouse may qualify
• Displaced homemakers who owned only with a spouse may qualify
• Property must be the buyer’s primary residence (not investment or vacation)

Florida Housing Finance Corporation Programs

HFA Preferred (Fannie Mae)

A conventional loan (Fannie Mae) at a competitive interest rate with 3% minimum down payment. Private mortgage insurance (PMI) is required but can be reduced under the HFA structure. Combined with FL Assist or FL HLP for down payment assistance. Minimum credit score: 640.

HFA Advantage (Freddie Mac)

Equivalent to HFA Preferred but backed by Freddie Mac guidelines. Also 3% down, 640 minimum credit score, available statewide. Some county-specific income and purchase price limits apply.

FL Assist — $10,000 Deferred Second Mortgage

A $10,000 second mortgage at 0% interest with no monthly payment. The balance is due only upon:

• Sale of the home
• Refinance of the first mortgage
• Transfer of title
• Property ceases to be the primary residence

FL Assist is a deferred-payment loan, not a grant — it must be repaid. However, for buyers who plan to stay in the home, it effectively functions as interest-free down payment assistance. Must be paired with a Florida Housing first mortgage (HFA Preferred or HFA Advantage).

FL HLP — $10,000 at 3% with Monthly Payment

The Florida Homeownership Loan Program (FL HLP) provides $10,000 at 3% interest with a $100/month payment on a 15-year term. Unlike FL Assist, there is a monthly obligation — but if the home is sold before the term ends, the remaining balance is due. Buyers who prefer not to have a lump-sum balloon at sale/refi sometimes prefer FL HLP’s predictable monthly structure.

Income and Purchase Price Limits

Florida Housing programs have income limits and purchase price limits that vary by county. General ranges:

• Income limits: Approximately $80,000–$120,000 depending on household size and county
• Purchase price limits: Generally $350,000–$500,000+ depending on county (higher limits in South Florida counties)

Lena verifies current county-specific limits at the time of application — limits are updated periodically by Florida Housing.

Additional Loan Options for Florida First-Time Buyers

USDA Rural Development Loans

The USDA Rural Development guaranteed loan program offers 0% down payment for buyers in eligible rural and suburban areas of Florida. Many parts of Central Florida, the Panhandle, and rural counties qualify. Income limits apply. No mortgage insurance — instead, a 1% upfront guarantee fee and 0.35% annual fee. Must be primary residence. Credit minimum: 640.

VA Loans for Florida Veterans

VA loans offer 0% down payment for eligible veterans, active-duty service members, and surviving spouses. No PMI. No income limits. Competitive rates. Florida has a large veteran population, and VA loans represent one of the strongest financing tools available for qualifying buyers. Lena is experienced with VA loan origination in Florida.

Credit Requirements

• Florida Housing / HFA programs: 640 minimum credit score
• USDA Rural Development: 640 minimum
• VA loans: No VA minimum, but most lenders require 620–640
• FHA loans (if not using Florida Housing): 580 minimum with 3.5% down

Frequently Asked Questions

Can I use FL Assist and an HFA loan together?

Yes — that’s exactly how the program is designed. The HFA Preferred or HFA Advantage first mortgage is paired with FL Assist (or FL HLP) as a second mortgage to cover down payment and/or closing costs. You apply for both through the same participating lender (Lena originates both components together).

Is the FL Assist $10,000 forgivable?

No. FL Assist is a deferred-payment loan, not a forgivable grant. The $10,000 must be repaid when you sell, refinance, or no longer use the property as your primary residence. There is no forgiveness period. However, since the interest rate is 0% and there are no monthly payments, many buyers find it a very favorable way to fund the down payment.

Do Florida first-time homebuyer programs work for new construction?

Yes, Florida Housing programs can be used for new construction as well as existing homes, provided the property meets program guidelines and purchase price limits. Some builders in Florida are approved Florida Housing participants and can streamline the process. Lena can confirm eligibility for specific new construction communities.

I owned a home 5 years ago. Do I still qualify as a first-time homebuyer in Florida?

Yes. Since you have not owned a principal residence in the past 3 years (and 5 years clearly exceeds the 3-year lookback), you qualify as a first-time homebuyer under Florida Housing program definitions. The 3-year lookback applies to principal residences only — owning investment property does not disqualify you.

Florida First-Time Homebuyer Financing — Talk to Lena

Lena Polnet is Florida-licensed and experienced with Florida Housing Finance Corporation programs, USDA loans, and VA financing. Call (215) 364-7171 or use the form below to discuss your eligibility and options.

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Lena Polnet, NMLS #17225 | Dynamic Funding Solutions, NMLS #17144 | Licensed in Pennsylvania and Florida. This is not a commitment to lend. Florida Housing Finance Corporation program terms, income limits, and purchase price limits are subject to change. All programs subject to qualification, underwriting approval, and lender participation. USDA and VA eligibility determined by agency guidelines.