Are you a first time homebuyer in Florida?
Florida offers a Homebuyers Program that offers 30-year fixed rate first mortgage loans to first time homebuyers through participating lenders and lending institutions throughout the State of Florida. Eligible borrowers may also participate in one of Florida Housing’s second mortgage programs to assist borrowers with down payment assistance and closing costs. Down payment assistance is only available when used in conjunction with Florida Housing’s first mortgage loan.
Typical maximum “Seller Paid Closing Costs” are not impacted by using the program. In addition, there is no additional time needed to be able to close on these loans. Unlike other programs, Florida Housing never runs out of funds so your transaction will not be subject to a “waiting list.”
Qualification Requirements For Homebuyer Loan Program
- Minimum Credit Score of 640.
- Must work with an approved, participating, Program Lender (click here to find an approved loan officer).
- “Approved” Home Buyer Education is required to be completed.
- Your purchase price must be below the limits for the county in which you purchase.
- Your income must be below the limits for the county in which you purchase.
- You must meet the IRS definition of a first-time homebuyer which means, you cannot have owned AND occupied your primary residence for the last three years prior to purchase.