Buying your first home can feel overwhelming, especially when it comes to saving for a down payment. The good news is that Florida has several programs specifically designed to help first-time buyers get into a home with less money upfront.
Florida Housing Finance Corporation Programs
Florida Housing offers several programs for first-time buyers, including down payment and closing cost assistance. These are typically structured as second mortgages or forgivable loans that can be combined with a first mortgage.
Florida Assist (FL Assist)
This popular program offers up to $10,000 in down payment assistance as a 0% non-amortizing second mortgage. It doesn’t require monthly payments, but must be repaid when you sell, refinance, or pay off the first mortgage.
Salute Our Soldiers Military Loan Program
Florida has a specific program for military members, veterans, and surviving spouses that offers competitive rates and down payment assistance. Given the large military presence on the Space Coast, this is worth exploring.
Who Qualifies as a First-Time Homebuyer?
You may not have to be buying your very first home. The federal definition includes anyone who hasn’t owned a primary residence in the past three years. So if you owned a home years ago but have been renting since, you may qualify.
Jesse Griffith works with Florida Housing programs and can tell you exactly which ones you qualify for. Call or text 321-501-9579 for a free consultation.