Florida Assist Provides Buyers Zero Interest Loans

If you’re a first-time homebuyer in Florida, you’ve probably heard how tough it can be to save for a down payment. The Florida Assist program is designed to help by providing down payment assistance and making homeownership more accessible. In this guide, I’ll walk you through what the program is, who qualifies, and how you can find participating lenders and real estate agents. I’ll also share useful links to help you get started.

What Is Florida Assist?

The Florida Assist down payment assistance program is offered by the Florida Housing Finance Corporation (Florida Housing). It provides zero-interest, deferred loans to eligible first-time homebuyers to help cover down payment and closing costs. This means you don’t make monthly payments, and the loan doesn’t accrue interest. Repayment only happens if you sell, refinance, or transfer ownership of the home.

Key Features of Florida Assist

• Loan Amount: Up to $10,000 (or $7,500 in certain cases).
• Interest Rate: 0% interest.
• Repayment Terms: Deferred until you sell, refinance, or transfer ownership.
• Availability: Open to eligible buyers across Florida.

Florida Assist works alongside other programs like Florida HFA Preferred and HFA Advantage loans, which offer reduced mortgage insurance premiums and competitive rates.

Benefits of Florida Assist

The Florida Assist program is a game changer for first-time buyers. Here’s why:

• No Monthly Payments: Since repayment is deferred, you can focus on your mortgage.
• No Interest: You only repay what you borrowed—no extra costs added.
• Statewide Access: Available in every county in Florida.
• Affordable Entry to Homeownership: Covers down payment or closing costs, reducing the upfront financial burden.

Who Is Eligible for Florida Assist?

To take advantage of Florida Assist, you’ll need to meet certain criteria.

General Requirements

• First-Time Homebuyer: You must not have owned a home in the past three years.
• Primary Residence: The home you’re buying must be your primary residence.
• Income Limits: Your household income must fall within limits set by the program, which vary by county.

Credit and Financial Requirements

• Credit Score: A minimum credit score of 640 is typically required.
• Debt-to-Income Ratio: Must meet lender guidelines (often under 45%).

Property Requirements

• Eligible properties include single-family homes, townhouses, condominiums, and certain manufactured homes.
• Purchase price limits apply based on your county and program guidelines.

Other Requirements

• Homebuyer Education Course: You must complete an approved course before closing.

How to Apply for Florida Assist

Getting started with Florida Assist is easier than you think. Follow these steps:

1. Find a Participating Lender

The first step is to work with a lender approved by the Florida Housing Finance Corporation. These lenders can help you determine your eligibility, guide you through the application process, and pair the Florida Assist program with other loan options.

Use Florida Housing’s Lender Search Tool to Find a Participating Lender

2. Work With a Real Estate Agent Who Knows Florida Assist

Not all agents are familiar with down payment assistance programs, so finding the right one is important. A knowledgeable agent will help you identify properties that qualify for Florida Assist and navigate the process with ease.

Tips for Choosing an Agent:

• Ask for Referrals: Your lender might recommend agents experienced with Florida Assist.
• Check Certifications: Look for agents specializing in first-time homebuyer programs.
• Interview Multiple Agents: Make sure they’re familiar with the Florida Housing programs and your local market.

3. Complete a Homebuyer Education Course

Before you can close on your home, you’ll need to take a homebuyer education course. These courses teach you essential skills like budgeting, home maintenance, and understanding your mortgage.

Find a Florida Housing Approved Homebuyer Education Provider

4. Submit Your Application and Documentation

Once your lender confirms you’re eligible, they’ll help you gather the necessary documents and complete your application. Typical documents include:

• Recent pay stubs and tax returns.
• Bank statements.
• Photo ID.
• Retirement account statements
• Letters of explanation regarding any derogatory credit history

Frequently Asked Questions About Florida Assist

Can I combine Florida Assist with other programs?

Yes! Florida Assist can be paired with loans like Florida HFA Preferred or HFA Advantage, which offer reduced mortgage insurance premiums and lower interest rates.

What happens if I sell or refinance my home?

If you sell, refinance, or transfer ownership, you’ll need to repay the Florida Assist loan.

Is Florida Assist available in every county?

Yes, it’s available statewide. However, income limits and purchase price caps vary by county.

Helpful Resources

Here are some tools and resources to make the process easier:

• Florida Housing Finance Corporation Official Website
• HUD’s List of Approved Housing Counselors in Florida
• Down Payment Assistance Calculator

Why Florida Assist Is a Great Option for First-Time Homebuyers

The Florida Assist down payment assistance program is a lifeline for many first-time homebuyers. It offers an affordable and accessible way to cover the costs of a down payment or closing costs, making homeownership possible for those who might not otherwise afford it.

If you’re ready to take the first step toward purchasing your own home, start by connecting with our team today. We can help you find a participating lender and get your homebuyer education course completed.

Get in contact and we will help you every step of the way!