How to Buy a Home in Florida with Little (or No) Money Down

If you’ve been putting off buying a home because you don’t have a big down payment, you might be closer to homeownership than you think. Florida offers several programs that can help first-time buyers cover part or even all of their upfront costs.

I work with lenders who are approved through the Florida Housing Finance Corporation, which offers 30-year fixed-rate loans along with down payment and closing cost assistance. Here are a few of the most common options:

• Florida Assist (FL Assist) – Up to $10,000 in a 0% interest second mortgage. You don’t make monthly payments, but the loan must be repaid when you sell, refinance, or move out.

• Florida Homeownership Loan Program (FL HLP) – $12,500 second mortgage with a low monthly payment. The balance is due if you sell, refinance, or move.

• HFA Preferred & HFA Advantage PLUS – Offers 3%, 4%, or 5% of your loan amount as a second mortgage that’s completely forgiven after 5 years (as long as you meet the program requirements).

• Florida Hometown Heroes – Helps eligible Florida workers, such as teachers, healthcare professionals, and first responders, with down payment and closing cost assistance that can be forgiven over time.

To qualify, you’ll need:

• A minimum credit score of 640

• To meet county income and purchase price limits

• To complete an approved homebuyer education course

• To work with a participating lender

Even if you don’t fit one program perfectly, there may be ways to combine options with lender credits or seller contributions to make your upfront costs more manageable.

📞 If you’d like to explore which programs you qualify for, I can connect you with a local lender who knows these programs inside and out and help you find the right home once you’re pre-approved.

Source: Florida Housing Finance Corporation – Homebuyer Overview