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Florida government grants and major costs savings to Florida Homebuyers

HOMEBUYERS • Florida Homebuyer Program 

The Florida Homebuyer Program makes purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgage loans. In addition, the program offers down payment and closing costs assistance to eligible borrowers, which can greatly reduce and/or eliminate the out of pocket expense to the buyer.  

Program Highlights

The program offers low-interest 30 and 40 year fixed-rate loans, down payment and closing costs assistance as well as access to credit counseling. 

Teachers, firefighters, healthcare workers, police officers, as well as active duty and veteran military personnel could be eligible for even lower interest rates.   

Eligible Homes

Borrowers may use the programs to purchase any new or existing single family home, townhouse, duplex, condominium and manufactured home (with certain restrictions) that is less than the maximum sales price for the county in which the home is located.   

Maximum Purchase Price

The Florida Homebuyer Program establishes a maximum purchase price for homes purchased through this program. The maximum purchase price may not exceed $525,090.00 in Broward, Miami-Dade, or Palm Beach Counties.  

Maximum Household Income

The Florida Homebuyer Program establishes a maximum household income level which varies by county and the number of persons proposed to be in living in your new home. The maximum allowable household income is as follows:

Broward County • 1 or 2 persons $73,680.00 • 3 or more persons $85,960.00

Miami-Dade • 1 or 2 persons $71,160.00 • 3 or more persons $83,020.00

Palm Beach County • 1 or 2 persons $77,280.00 • 3 or more persons $90,160.00 

Downpayment Assistance Programs

Saving enough money to cover the required down payment and closing costs for the purchase of a home is one of the biggest hurdles that potential homebuyers face. Therefore, this Homebuyer Program offers two down payment and closing cost assistance programs in the form of second mortgage loans and one in the form of an up front cash assistance to help eligible homebuyers cover their down payment and closing costs. 

The Florida Homebuyer Program offers two down payment and closing cost assistance programs in the form of second mortgage loans and one in the form of up-front cash assistance to help eligible homebuyers cover their down payment and closing costs. You may be eligible to receive ONE of these options and each one has its own separate maximum household income level.  

Florida Assist Program (up to $10,000 available)

Florida Assist Loans are zero percent interest, non-amortizing second mortgage loans, which means you do not make any monthly payments. You repay the loan if you sell the home, transfer ownership, satisfy or refinance the first mortgage, or cease to occupy the home. The Florida Assist Loan provides up to $10,000 to assist with down payment and closing costs. This program targets applicants whose incomes are at or below 80 percent of the Area Median Income (AMI)*. 

HAMI Program (up to $5,000 available)

HAMI is a straight forward second loan that will have an interest rate of 5% with a 15 year amortization. 

Four Percent Cash Option

The cash assistance provides borrowers with 4 percent of the loan amount to be applied toward down payment and closing costs. This 4 percent is a straight grant and is NOT repayable upon the refinancing or sale of the property. 

Interest Rates

The Florida Homebuyer Program only offers 30 and 40 year fixed rate mortgages.  Interest rates change weekly and vary by each of the six individual programs. Current rates start as low as 5.70% without any points.

State of Florida Documentary Stamps and Intangible Tax

The current combined costs of documentary stamps and intangible tax required on all mortgages is .55% of the mortgage.  Therefore, the costs on a $525,900 mortgage would be $2888.00.  However, this tax is totally waived under the Florida Homebuyer Program. 

Mortgage Insurance

All mortgages that exceed an 80% loan to value ratio (LTV) must maintain mortgage insurance until at least such a LTV is obtained. Typically, mortgage insurance can be very expensive.  However, mortgage insurance discounts of up to 60% may be possible through the Florida Homebuyer Program.  Additionally, mortgage insurance may provide you with up to 6 months of unemployment insurance wherein your mortgage payments will be made by the insurance provider. 

Homebuyer Education & Counseling

This program requires the completion of a Homebuyer Counseling Course for all borrowers receiving Homebuyer Program assistance. Homebuyer counseling addresses vital information such as money management, spending and savings plans. This educational course will empower you to make more informed decisions and enable you to effectively manage your resources leading to greater financial stability. 

Determination Eligibility

Working exclusively with a Florida State Realty Group, Inc REALTOR. can provide you, in most cases, a same day pre-qualifications of program eligibility.  Call one of our Florida Homebuyer Program REALTOR. specialists today to determine your eligibility.