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Florida First Time Home Buyer Loans

Apply to Get a Mortgage Loan to Buy Your First Home in Florida
Loan Program Options - Down Payment Assistance - Fast Loan Approvals

Florida First Time Home Buyer – 2019 Loan Programs

Are you looking to purchase your first home? Our first time home buyer programs might be the perfect solution to help you obtain the financing you need to purchase the home you desire. We provide excellent home financing options, and encourage you to compare our offered loan terms to other mortgage lenders.

Florida First Time Home Buyer Loans

There are 5 types of first time home buyer loans.  You may select different loan terms, such as a fixed rate or adjustable rate mortgage, and the number of years to repay the loan (such as a 30 year fixed rate mortgage).

Types of Mortgages:

  • Conventional Loans – Conventional loans offer the best loan terms to borrowers with good or excellent credit, as well as those who can afford to place a larger down payment.  If you are able to put 20% or more down, you will be able to avoid paying private mortgage insurance (PMI).  However, conventional loans also offer low down payment options, such as programs that only require 3% down.
  • FHA Loans – FHA loans are a good option for borrowers who may not be able to qualify for a conventional loan.  The qualification requirements for FHA loans are much more lenient than conventional loans.  This includes options for home buyers with credit scores as low as 500 (in order to qualify for a 3.5% down payment, you must have a credit score of at least 580).
  • USDA Loans – USDA loans provide home buyers the opportunity to purchase a home without any down payment.  These loans are intended for borrowers with low-to-moderate income.  In addition to not requiring any money down, you can also finance the closing costs into the loan.  This means you can essentially buy a home with no money out of pocket!
  • VA Loans – Active duty military members and veterans can apply for a VA loan which allows you to buy your first home without any down payment.  These loans are not available to the general public, but exclusively to military/veterans.
  • Jumbo Loans – Any loan that does not meet the conforming or FHA loan limits is a jumbo loan.  If you want to buy a more expensive home, and have the income to qualify, we provide what are known as jumbo loans up to $2,000,000.

The above 5 types of loans are the main first time home buyer options that exist.  We can help you determine which loan is the right fit for you based on your particular needs and eligibility.

Florida Down Payment Assistance Programs

Florida has a multitude of down payment assistance programs for first time home buyers.  This includes programs that are offered statewide, as well as several that are available locally (at the city and county level).

Florida Assist Second Mortgage Program

The Florida Housing Finance Corporation offers an opportunity to receive up to $7,500 in down payment assistance with the Florida Assistance Second Mortgage Program.  The assistance is provided as a loan, and must be paid back (it is not forgivable).  This program is offered statewide.

Program Requirements

  • You must have a 640 credit score or higher to qualify.
  • It is required that you complete a homebuyer education course.
  • You must also meet the income limits and purchase price limits for the county you want to buy a home in.  You can use the Homebuyer Program Wizard Tool provided by the Florida Housing Finance Corporation to learn what the income and purchase limits are for your location.

To learn more about this program, visit the Florida Housing Finance Corporation website.

City of Tampa Mortgage Assistance Program

First time home buyers in Tampa may be eligible to receive up to $14,999 in down payment assistance.  The funds are provided as a “silent second mortgage”, which has a 0% interest rate, $0 monthly payment.  As long as you stay in the home, and do not sell or refinance the mortgage, after 5 years the money you received will be fully forgiven (not have to be paid back).

Program Requirements

  • The property must be located within the city limits of Tampa.
  • The maximum purchase price is $226,926.
  • You must have a credit score of at least 600.
  • The maximum DTI ratio allowed is 45%.
  • Your household income must be below 140% of the area median income for Tampa.
  • You must complete a homebuyer education course through an approved housing counseling agency.

To learn more about this program, visit the official website for the City of Tampa.

Hillsborough County Home Sweet Home Program

First time home buyers in Hillsborough County may be eligible to receive up to $7,500 in down payment assistance.  The funds are provided as a second mortgage with a 0% interest rate.  No monthly payments are required, but the money must be paid back once the home is sold, refinanced, or if the borrower ceases to reside at the property.

Program Requirements

  • You must be a first time home buyer.
  • The maximum sales price is $253,809.
  • Your must have a credit score of 640 or higher to qualify.
  • The maximum DTI ratio allowed is 45%.
  • You must complete a homebuyer education course.
  • You must meet the income limits,  which are $59,800 for 1 person, and $68,770 for a household with 2 or more persons.  If your income is below $51,120, you may be eligible to receive an additional $1,500 grant.  If your income is below $31,950, you may receive an additional $2,500 grant (the grant money would be in addition to the $7,500 in down payment assistance).

To learn more about this program, please visit the official website for Hillsborough County.  You may also review more detailed information on the My First Florida Home website.

Orange County Homebuyer Program

First time home buyers in Orange County, FL may be eligible to receive between $10,000-$30,000 in down payment assistance.  The funds are provided as a 10 year deferred loan.  No monthly payments are required, and the loan does not have to be paid back, unless you sell the home, refinance, or no longer occupy the home as your primary residence during the lien period (10 years).

Program Requirements

  • You must purchase a home in Orange County, but outside of the city limits of Orlando.
  • The maximum purchase price is $214,000.
  • You must have a credit score of at least 640.
  • You must contribute the greater of either $1,000 or 1.75% of the sales price.
  • Attend a pre and post purchase homebuyer seminar.

To learn more, visit the website for the Orange County Housing and Community Development Division.  You may also view this flyer for more information.

Lee County Down Payment Assistance Programs

There are two different programs offered in Lee County, Florida.

Home Program

The Home Program offers up to 10% in down payment assistance.  The funds are provided on a 10 year loan term.  You do not have to make payments on the money received, the amount will be automatically reduced by 10% each year.  As long as you continue to occupy the home as your primary residence, you will not have to pay the money back, and at the end of 10 years, the loan will be fully forgiven.

Program Requirements

  • The home must be located in Lee County.
  • You must occupy the home as your primary residence (no investment or rental properties).
  • The maximum purchase price allowed is $181,000.
  • You must complete a homebuyer education course.
  • You must meet the income limits (outlined below).

Income Limits

  • 1 Person – $35,700
  • 2 Persons – $40,800
  • 3 Persons – $45,900
  • 4 Persons – $50,950
  • 5 Persons – $55,050
  • 6 Persons – $59,150
  • 7 Persons – $63,200
  • 8 Persons – $67,300

You can learn more about this program on this info sheet.

Ship Program

The Ship Program offers from $20,000 to $40,000 in down payment assistance (the amount you can receive depends on your household income).

Program Requirements

  • The home must be located in Unincorporated Lee County, Bonita Springs, Estero, Fort Myers Beach, or Sanibel.
  • is program is only available for newly constructed homes.
  • You must occupy the home as your primary residence.
  • The maximum purchase price allowed is $328,847.
  • You must meet the income limits (outlined below).

Income Limits

  • 1 Person – $53,250
  • 2 Persons – $61,200
  • 3 Persons – $68,880
  • 4 Persons – $76,440
  • 5 Persons – $82,560
  • 6 Persons – $88,680
  • 7 Persons – $94,800
  • 8 Persons – $100,920

To learn more about these programs, visit the official website for Lee County.

Florida First Time Home Buyer Tax Credits

The Mortgage Credit Certification (MCC) tax credit provides you an opportunity to reduce your tax bill, as well as enhance your home loan application by reducing your debt-to-income ratios.  How this works, is you can deduct up to $2,000 off your federal tax bill each year.  The MCC allows up to 35% of your annual interest to be eliminated (with the cap being at $2,000).  Some great news, is this can be used in addition to standard mortgage interest deductions!

Easily Receive More Information

Fill out the form below to receive more information or call 1-800-731-3560

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Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Kansas, Louisiana, Iowa, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.