Florida is one of the best states to own a home in. Whether you like to go to Universal Orlando, Disneyworld, ocean visits to Coco beach, or watch some shuttle launches at Cape Canaveral, you will always have something incredible to do. Florida Housing’s Florida Assist (FL Assist) program helps bring buyers closer to the action by providing deferred second mortgage funds to eligible first-time homebuyers.
What This Program Offers:
- Up to $10,000 in down payment and closing cost assistance for FHA, VA, USDA, and Conventional loans.
- 0% interest, non-amortizing, deferred second mortgage.
- Repayment is deferred until the property is sold, transferred, refinanced with cash out, or no longer used as the primary residence
Who This Program Is Designed For:
Florida Assist is designed for first-time homebuyers who:
- Have a minimum credit score of 640
- Meet the IRS definition of a first-time homebuyer (no ownership and occupancy of a primary residence in the past three years)
- Purchase a home within Florida Housing’s county-specific purchase price limit.
- Earn below the county-specific income limit.
- Complete an approved Home Buyer Education course.
- Work with a Florida Housing approved participating lender
Eligibility Snapshot:
- First-time homebuyer status required
- Must work with an approved Program Lender
- Must complete approved Home Buyer Education
- Purchase price and income must fall within county-specific limits
Who Should Take Action:
Agents working with first-time homebuyers in Florida should utilize this program for anybody who could potentially qualify. Guiding clients early can position them to access funding efficiently and secure their new home faster.
What to Do Next:
- Screen your clients for first-time homebuyer eligibility and county-specific income and purchase limits to ensure they meet the requirements.
- Ensure clients complete an approved Home Buyer Education course.
- Connect clients with an approved Florida Housing Program Lender.
- Help clients gather the required financial documents in advance to ensure a smooth application process.
- Educate clients on additional Florida Housing options if needed, including the FL HLP Second Mortgage or HFA Preferred/Advantage PLUS programs.
If FL Assist doesn’t meet your needs, due to funding limits, property eligibility, or loan type, many other programs can help. Check the other programs that are available on Homebuyerwallet.com to identify the best one that works for you or your clients.
