Total Mortgage in Florida

Florida PLUS 3%, 4% or 5% Second Mortgage Program

The program offers a second mortgage that can be used either as a down payment assistance or closing cost assistance, where eligible borrowers can obtain a 3%, 4%, or 5% of the purchase price of their home under the HFA Preferred Grants Florida program to first-time buyers. The upfront cost required to buy a home is significantly decreased. Other characteristic features include -

• Second mortgage funds are offered at closing.
• The assistance is forgiven and does not need to be repaid at 20% a year for a five-year term.

Florida Hometown Heroes Program

This Florida First-time Buyers Program is for frontline community workers committed to serving others. This includes people from law enforcement, education, firefighting departments, healthcare, and more such professions. The interest rates in the Florida Hometown Heroes Program are comparatively lower and below the market and come with down payment assistance and closing cost assistance. Buyers are also not required to pay the origination fees.

Down payment assistance offered in this program is up to $35,000 on USDA, FHA, VA or any other Conventional Loan or 5% of the first mortgage amount, whichever is lower. Other characteristics are -

• The loan is not forgivable.
• Repayment can be deferred subject to certain conditions. To know full details about the conditions and existing rates, you need to speak to an expert professional.

Florida Assist Second Mortgage Program (FL Assist)

It is another down payment assistance in Florida for homebuyers. Borrowers in this program get down payment assistance in Florida up to $10,000. It can also be used as closing costs. The interest rate of the Florida Assist Second Mortgage Program is zero, and there is the option of deferring a second mortgage. It must be paid when the owner sells the home or refinances the first Mortgage. Other key features are -

• A deferred second mortgage of up to $10,000 on VA, USDA, FHA, and Conventional Loans.
• The loan cannot be forgivable.
• Repayment can be deferred subject to certain conditions where the amount is payable in full.
• To understand the conditions and other details, you should speak with experts.

Florida Homeownership Loan Program (FL HLP)

In this first-time homebuyers program in Florida, down payment support and closing costs assistance are offered up to $10,000 for 15 years at 3% interest. The mortgage must be paid in full when buyers move, sell, transfer, or refinance the property. Other features are -

• The program has a monthly payment option.
• The UPB or the unpaid principal balance can be deferred subject to certain conditions, such as when the mortgage will be fully payable.
• It is considered as a DTI or a borrower’s debt-to-income ratio during credit underwriting.

FHA Loans Florida

The Federal Housing Administration backs the FHA Loans Florida program. This one is for you if you have a low credit score. The first-time homebuyer program Florida qualification for this program is a minimum credit score of 580. The down payment is 3.5%, which is relatively low.

VA Loans

This one is available for veterans as well as those who are actively involved in services. This is also available for people involved with the Reserves and National Guard. The rates are competitive, and there is no down payment requirement in most cases.

USDA Loans Florida

This first-time homebuyers program in Florida is designed for rural homebuyers. 100% financing is offered at low rates. The mortgage insurance costs are also low and applicable for properties in eligible rural areas. The credit score required for USDA loans in Florida is 640 or more.

Good Neighbor Next Door program

Good Neighbor Next Door Program is a HUD program where homebuyers can get a discount on the list prices of the home, almost up to 50%. The home has to be in certain areas. The down payment requirement is relatively low.