Hey there! Navigating the world of homeownership can be daunting, especially for first-time buyers. But don’t worry—I’m here to introduce you to a fantastic program that might just be the key to unlocking your dream home: the Florida Housing Homebuyer Program.

What is the Florida Housing Homebuyer Program?

The Florida Housing Finance Corporation (FHFC) offers the Florida Housing Homebuyer Program, designed to provide 30-year fixed-rate first mortgage loans to first-time homebuyers through a network of participating lenders across the state. This program aims to make homeownership more accessible and affordable for Floridians.

Funding Source

This initiative is funded by the state of Florida through the FHFC, ensuring that residents have access to affordable housing options.

Eligibility Criteria

To qualify for this program, you need to meet the following requirements:

• First-Time Homebuyer Status: You must meet the IRS definition of a first-time homebuyer, meaning you haven’t owned and occupied your primary residence in the last three years.
• Credit Score: A minimum credit score of 640 is required.
• Income and Purchase Price Limits: Your income and the purchase price of the home must be below the limits set for the county in which you’re purchasing.
• Homebuyer Education: Completion of an approved homebuyer education course is mandatory.
• Approved Lender: You must work with a participating, program-approved lender.

Benefits

• Affordable Financing: Access to 30-year fixed-rate mortgages, making your monthly payments predictable and stable.
• Down Payment Assistance: Eligible borrowers can receive assistance for down payments and closing costs through programs like:
  • Florida Assist (FL Assist): Offers up to $10,000 as a 0%, non-amortizing, deferred second mortgage.
  • Florida Homeownership Loan Program (FL HLP) Second Mortgage: Provides $10,000 as a 3%, fully-amortizing second mortgage over a 15-year term.
  • HFA Preferred and HFA Advantage PLUS Second Mortgage: Offers 3%, 4%, or 5% of the total loan amount in a forgivable second mortgage, forgiven at 20% per year over a 5-year term.

Potential Drawbacks

• Repayment Obligations: Some assistance programs require repayment upon selling, refinancing, or moving out.
• Credit Score Requirement: A minimum credit score of 640 may exclude some potential buyers.
• Income and Purchase Price Limits: These limits vary by county and may restrict eligibility based on local housing markets.

Application Process

1. Educate Yourself: Complete an approved homebuyer education course.
2. Find a Participating Lender: Use the Homebuyer Program Wizard on the Florida Housing website to locate an approved loan officer.
3. Pre-Qualification: Work with your chosen lender to assess your eligibility.
4. Home Search: Find a home that meets program purchase price limits.
5. Apply for Assistance: Your lender will help you apply for down payment assistance programs.
6. Close on Your Home: Once approved, proceed with the closing process.

Program Availability

This program is available statewide across Florida’s 67 counties, including major areas like Miami-Dade, Broward, and Orange County.

Conclusion

The Florida Housing Homebuyer Program offers a comprehensive pathway to homeownership for first-time buyers in Florida. By providing affordable mortgage options and down payment assistance, it helps bridge the gap between renting and owning. If you’re considering buying your first home in Florida, this program is worth exploring to make your homeownership dreams a reality.

Sources

• Florida Housing Finance Corporation – Homebuyer Overview
• Florida Housing Finance Corporation – Main Website
• LendingTree – Florida First-Time Homebuyer Programs