6 Options for First Time Home Buyer Programs in Florida

First-Time Home Buyer Programs in Florida

Having a home of your own gives you peace of mind, and that’s why people are after buying homes rather than going the renting route.

However, buying a home in Florida might be challenging for some to achieve. It is because supply is tight, and demand and prices are rising every year.

People with high incomes can buy homes in Florida, but what about those with limited incomes?

Buying a home with your low incomes will require you to save money for many years, meaning you must wait many years to have your own home. Even you may have to save money throughout your life to have your own home in Florida.

So, is there another solution? Yes, the solution is to look for first-time home-buying programs in Florida.

These programs aim to provide people without homes with monetary help so they can buy a home for themselves.

First Time Home Buyer Programs in Florida

First-Time Home Buyer Programs in Florida

Why First Time Home Buying Help Required to Buy a Home in Florida?

Many people dream of buying a home in Florida, but fulfilling this dream is not as easy as it sounds. The prices of homes in Florida are rising with the passing of each day.

Higher home prices mean larger mortgages and higher monthly payments. The median home prices fall between $150,000 to $300,000 in most parts of Florida.

However, when you talk about some counties in the Miami area, the prices go up to $661,995.

An average Florida resident doesn’t have this much money, so they look for first-time homebuyer programs to get financial help.

First-Time Home Buyer Programs in Florida – Available Options

1. Florida Housing Finance Corporation (FHFC)

Florida Housing Finance Corporation (FHFC), commonly known as Florida Housing, can be a good option for first-time homebuyers looking for monetary help to buy a home in Florida.

Qualified applicants have the chance to obtain up to 5% of the initial mortgage loan amount. That number being a maximum of $35,000, to assist with down payment and closing costs.

FHFC offers different loan programs to help first-time homebuyers in Florida buy a home for themselves and enjoy peace of mind. Let’s discuss FHFC’s homebuyer loan programs.

2. Homebuyer Loan Program

FHFC offers a home buying program that offers first-time homebuyers 30-year fixed-rate first mortgage loans. The program is named the Homebuyer Loan Program.

Eligibility Requirements for FHFC’s Homebuyer Loan Program

For FHFC’s homebuyer loan program, you must:

  • Be a first-time homebuyer
  • Have a minimum credit score of 640
  • The purchase price of your home must be below the limits for the county in which you purchase
  • Work with an approved, participating program lender
  • Have an income below the limits for the county in which you purchase

For more information, visit floridahousing.org.

3. Florida Hometown Heroes Housing Program

The Florida Hometown Heroes Housing Program provides affordable homeownership for frontline community workers.

The list of community workers includes firefighters, healthcare professionals, law enforcement officers, active military personnel or veterans, educators, and childcare employees.

Under this program, frontline community workers are provided with down payment and closing cost assistance to buy a home in the community where they work and serve.

The Florida Hometown Heroes Housing program offers a lower first mortgage rate and other unique benefits.

For more information, visit floridahousing.org.

4. Dare to Own the Dream (DARE)

The Dare to Own the Dream (DARE) is a city-specific first-time homebuyer program. The City of Tampa provides

Tampa’s income-eligible homebuyers with down payment assistance loans.

The loan is another loan that remains behind your primary financing from a mortgage lender. That’s why it is called a “Silent Second”.

The program provides first-time homebuyers with down payment assistance of up to $40,000.

For more information on Dare to Own the Dream program, visit tampa.gov.

5. HOME Program

The City of North Miami offers help to first-time homebuyers through its HOME program. The funding for the program is provided by Housing and Urban Development (HUD).

Under this program, you can get monetary help of up to $40,000 from the State of Florida.

6. Eligibility Requirements for HOME Program

If you want to secure a loan under this program, you must:

Have sufficient income to book a private loan, repay debt, and maintain housing,

You have not owned a home in the last three years; your current housing is inaccessible.

For more information on this program, visit northmiamifl.gov.

Bottom Line

Buying a home for yourself in Florida or anywhere is difficult, especially when you don’t have much savings. You can take the help of first-time home-buying programs to make the job easier.

The given post provides information on first-time homebuyer programs in Florida to help you fulfill your dream of owning a home in this great state.

See Also

First-Time Home Buyer Grant in Ohio

Home Improvement Grants in Minnesota

Home Care and Family Support Grants

Home Improvement Grants in Florida

Current Version
October 18, 2023
Updated By
Andrea Morales G.

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