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FINANCING
Programs updated for 2024
available right now
Tired of your landlord treating your apartment like a poorly maintained time capsule from the 70s? Dreaming of a place where you can finally paint the walls without getting sued? Well, fret no more, Florida dreamers! Turns out, that whole "20% down payment" thing is about as real as a mermaid sighting in the Everglades.
There are tons of creative ways to unlock the door to homeownership, and some programs are open to everyone, even those who've already dipped their toes in the real estate pool (as long as you don't have clown shoes on, metaphorically speaking). So, grab your metaphorical fanny pack and get ready for a wild ride through the world of alternative down payments and "practically free" money!
The VA loan program helps eligible veterans, service members, and their spouses buy homes with no down payment, competitive interest rates, and reduced closing costs. Learn more at the Department of Veterans Affairs website.
Traditionally the mortgage of choice for first-time buyers, the Federal Housing Administration (FHA) offers government-insured loans with as little as 3.5 percent down.
The most popular FHA loan option, the 203(b), is widely available from lenders across the country. You "may" qualify with a credit score of just 580, although there may be limitations on many condo purchases.
Home Possible from Freddie Mac
This program allows you to put between 3% and 5% down, as long as you intend to use the home as your primary residence, and don't currently own or share ownership of another house. You'll also need to complete a required homeownership education program online.
Conventional 97 from Fannie Mae
Just 3% down is enough to help you qualify for a Conventional 97, as long as you're applying for a fixed-rate mortgage on a single-family home that's less than $417,000. You'll also need to participate in a homeownership education program. And, at least one of the purchasers applying for the loan must be a first-time buyer.
Another option that requires as little as 3 percent down, HomeReady can also offer below-market interest rates. Additionally, this program allows non-occupant borrowers to apply. For example, parents can secure this type of loan for a young adult who's just starting to establish credit.
For those on low-to-moderate incomes buying in designated rural areas. Zero down payment required. Credit score requirements vary by lender, but often 640. Low mortgage insurance rates
Florida Assist (FL Assist)
FL Assist is a loan of up to $10,000 at 0% interest and with no monthly payments. It is a second mortgage that is not forgivable. Although repayment is deferred, the full loan amount is due when refinancing or selling the property, or if you otherwise cease to occupy the home.
Family Self-Sufficiency (FSS) Program - HUD
( Buy a home using Section 8 )
Highlights
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Housing choice voucher can be used as income to help qualify for a home loan.
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FSS offers a financial incentive to families through establishment of an escrow/savings account which becomes available to the family upon successful completion of their Contract of Participation, and upon achievement of final goals.
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Participants have 5 years to achieve their goals
Florida Homeownership Loan Program
FL HLP offers Florida homebuyers a second mortgage of up to $10,000 at 3% interest. It's not forgivable, meaning repayment is required when refinancing, selling, or moving out. Consider it an interest-accruing down payment assistance loan.
HFA Preferred and HFA Advantage PLUS Second Mortgage
Borrow up to 3%, 4%, or 5% of the loan amount as a second mortgage with a 0% interest rate and no monthly payments. The loan is forgiven at a rate of 20% each year, so after five years you owe nothing. Depending on the program you qualify for, you may never have to repay the loan, provided you remain in residence for at least five years.
Florida Housing Finance Corporation: Housing assistance programs, home buyer education courses, and online loan eligibility tools
(Florida Hometown Hero's Program is also under this)
With the Florida Hometown Heroes borrowers can receive up to a maximum of $25,000 in down payment and closing cost assistance. In addition, you can pair this program with additional assistance programs to maximize the amount of received assistance.
FHFC First Mortgage Program: Home loans for first-time buyers in Florida
FHFC DPA: Forgivable second mortgages for down payment and closing cost assistance
City of North Miami: Housing assistance and home buyer education classes
Miami Dade County HAP program: Zero-interest deferred loan provides funding for low-to-moderate income homebuyers towards down payment and closing costs for their primary residence, making it easier to get approved for a mortgage.
GNND
The Good Neighbor Next Door program allows buyers to purchase their homes with:
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a discount of 50% off from the list price of the home.
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Available only to - full-time law enforcement officers, teachers, and firefighters/emergency responders
NACA
The incredible NACA mortgage allows NACA Members to purchase their homes with:
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No down payment
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No closing costs
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No fees
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No requirement for perfect credit
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And at a below-market interest rate
Palm Beach County SHIP Purchase Assistance Program
Highlights
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Maximum amount up to $100,000
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is require
America’s Home Grant® program (Bank of America)
Alachua, Baker, Brevard, Broward, Charlotte, Citrus, Clay, Collier, De Soto, Duval, Escambia, Flagler, Gadsden, Gilchrist, Hernando, Highlands, Hillsborough, Indian River, Jefferson, Lake, Lee, Leon, Levy, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Volusia, Wakulla, Walton Counties
Highlights
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Maximum amount up to $7,500
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May be used for nonrecurring closing costs, such as title insurance and recording fees
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Client does not have to be a first-time homebuyer
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Homebuyer education is not required
City of Boca Raton SHIP Purchase Assistance Program
Highlights
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Maximum amount up to $90,000
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is required
City of Boynton Beach SHIP program
Highlights
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Maximum amount up to $60,000
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is required
City of Deerfield Beach Purchase Assistance Program
Highlights
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Maximum amount up to $50,000
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May be used for down payment and/or closing costs
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Client does not have to be a first-time homebuyer
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Homebuyer education is required
City of Fort Lauderdale Purchase Assistance Program
Highlights
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Maximum amount up to $75,000
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is required
City of Lauderdale Lakes Purchase Assistance Programs
Highlights
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Maximum amount up to $25,000
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is required
City of Lauderhill Purchase Assistance FTHB Program (SHIP Funds)
Highlights
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Maximum amount up to $50,000
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is required
City of Miami First Time Homebuyer Program
Highlights
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Maximum amount to be determined by Provider
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is required
Miami-Dade Economic Advocacy Trust - Homeownership Assistance Program HAP
Highlights
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You can get up to $28,500 in down payment assistance from MDEAT and up to $120,000 from other down payment assistance programs in Miami-Dade County and/or from municipalities across the county?
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is required
City of Miami Gardens Purchase Assistance Program
Highlights
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Maximum amount up to $20,000
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May be used for down payment and/or closing costs
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Client must be a first-time homebuyer
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Homebuyer education is required
Home repair grant funds available to low-income Port St Lucie residents
Highlights
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Maximum amount up to $50,000
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May be used for home repairs for income eligible homeowners
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Home value of 358 or less
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0% interest deferred payment loans (DPL), meaning no monthly payments are due.
Well, what are you waiting for? Uncle Sam wants to shower you with almost FREE MONEY (disclaimer: money may have strings attached, lawyers not included). Don't be a chump, stop living like a hobbit in a shoebox! Call a loan officer or us right now, because these programs disappear faster than free pizza at the office!
Top 7 reasons to talk with a good loan officer
Don’t fret, my friend! Home loan officers are not the dragons they might seem. Let me ease your worries with a few comforting reasons you need them:
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They’re on Your Side: Loan officers are like friendly guides on your home-buying adventure. They want to help you find the best loan options and make your dreams of homeownership come true. Their job is to assist, not intimidate.
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They Want You to Succeed: Seriously! Their success depends on your success. If you get a loan and buy a house, it’s a win-win for both of you. So, they’re rooting for you, not against you.
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They Speak Human: Sure, they deal with numbers and paperwork, but they’re also people. They understand that buying a home is a big deal, and they’ll patiently explain things, answer your questions, and guide you through the process.
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They’re Not the Decision-Makers: Loan officers collect your information and present it to the underwriters (the real decision-makers). They don’t decide whether you get the loan or not. So, no need to fear judgment from them.
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Transparency Is Their Jam: Good loan officers lay out all the details—interest rates, fees, terms—like a well-organized picnic. They want you to know what you’re getting into. No hidden traps here!
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You’re in Control: Remember, you’re the captain of this ship. If you’re uncomfortable with something, speak up! Loan officers will adjust sails (figuratively) to keep you comfortable.
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They’ve Seen It All: From first-time buyers to seasoned homeowners, they’ve dealt with every kind of borrower. Your situation isn’t unique, and they won’t judge you.
So, take a deep breath, put on your brave face, and march into that loan officer’s office. You’ve got this!
In the meantime, get an idea of what that dreamhouse will cost you with this handy calculator. Simply plug in the price, and type in 30 years and hit "calculate."
