1st Time Home Home Buyer, $10,000 Down Payment Assistance program
Updated December 8, 2021
1st Time Home Buyer with Fixed Rate 30 Year-FHA or Conventional $10,000 Down Payment Assistance ONLY for Florida First Time Home Buyers
Florida Home Ownership Program HLP version $10,000 monthly payable second mortgage or Florida Assist version $10,000 silent second mortgage.
This Down Payment Assistance loan program is offered to all FHA or Fannie Mae or Freddie Mac Conventional 1st time homebuyers in the State of Florida who meet income, purchase price and other program guidelines, and can qualify for an FNMA conventional 1st mortgage loan.
Buyers who qualify for the Florida First HFA (FHA or Conventional version) of loan automatically qualify for these down payment assistance second
This first time homebuyer loan must be used in conjunction with a State of Florida Assist FHA or Conventional first mortgage loan. No exceptions.
HLP Version (either FHA or Conventional) is a 15 year - low interest rate amortized loan with low monthly payments on the second mortgage. No prepayment penalty.
Florida Assist version (either FHA or Conventional) is a $10,000 silent second mortgage deferred loan payments at 0% interest. This $10,000 must be repaid when the property sells, is refinanced, rented out or when the Home Buyer leaves the property for any reason.
Florida HLP version (either FHA or Conventional) is a $10,000 - monthly repayable 2nd mortgage low interest loan. The remaining balance of this mortgage must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
The balance of either version of second mortgage is payable and due under the following circumstances. Both down payment assistance loans are immediately repayable if the homebuyer sells the home, pays off the 1st mortgage, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
First Time Home Buyers or not have owned a home in past 3 years, unless a Veteran who was discharged as anything but dishonorable.
Military personnell are generally exempt from being required to be 1st time homebuyers for Florida Housing purposes.
FHA / Bond version (Debt to Income) maximum back end ratio is 44.99% or less with FICO 5-4-2 middle score. Middle FICO 660 or higher for this FHA Down Payment
Conventional version with minimum FICO version 5-4-2 scores over 700 maybe possible 49.99% Debt-to-Income ratio or whatever Automated Underwriting
Must be First Time Home Buyers or not have owned a home in past 3 years.
Competitive fixed first mortgage interest rates for 1st time homebuyers.
Can purchase new construction or resale homes.
Single Family Residences, Townhouses, Villas and USB Program APPROVED Condos, NO Manufactured homes.
1st Time Home Buyers must occupy within 60 days of Closing.
Bond/FHA version of program includes ALL income of Household, whether or not all the residents are on the actual mortgage.
TBA/Conventional version of program, income is ONLY Borrower income, calculated from 1003 Income required by Borrower ONLY, if there is no other Borrower, no
additional income will used for qualification or household income limitation.
Veterans do not need to be first time home buyers.
Veterans no longer pay Origination Fees on this loan.
Primary Residences only, no second homes or investment properties.
No Prepayment Penalty Fee if either 1st or second mortgage loans are paid out early.
No cash back at closing, any excess funds will be used to pay down first mortgage.
First Time Homebuyers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has
been satisfied and permitted by FNMA guidelines.
Program is exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt.
FHA version, bankruptcies must be discharged over 2 years, and/or foreclosures, short sales or deed in lieu 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
Conventional version, bankruptcies must be discharged over 4 years, and/or foreclosures, short sales or deed in lieu 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
Either FHA or Conventional Versions of program, Borrowers must be employed full time with 2 years continuous (not necessarily with the same company). Income must be supported by: 3 years Federal Tax Returns, W-2's, pay stubs and 2 year history of continuous employment. Gaps in employment can be considered.
Refinances: Not permitted.
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Other Florida First-Time Home Buyer & Down Payment Assistance Programs: