Florida First Time Home Buyer Grants and loans designed for first time home buyers that can help make your first home more affordable.
Considering to buy your first house? A Florida first-time home buyer grant may be able to help. There are several city or county programs that provide money you can put toward a down payment, closing costs and other expenses that are typically part of the FHA homebuying process.
What is a FHA first-time home buyer grant?
Are you looking at Renting vs Buying your first home in the Sunshine State? You’re in luck! Florida offers a range of assistance programs to help make your dream of homeownership a reality. These grants and loans are provided by local governments, community development organizations, and nonprofits.
Types of First Time Home Buyer Assistance Available
- True Grants: These funds do not need to be repaid, making them an excellent option for first-time buyers.
- Forgivable Loans: These loans are forgiven if you meet certain conditions, such as living in the home for a specified period, often 10 years.
- Deferred, Zero-Interest Loans: These loans don’t accrue interest but must be repaid when you sell, refinance, or pay off your primary mortgage. While they don’t require monthly payments, it’s wise to pay off small amounts over time to avoid a large lump sum repayment later.
Each program has unique terms and conditions, but generally, you’ll need to:
- Be a First-Time Home Buyer: Each program defines this differently, so check specific criteria.
- Complete a Home Buyer Education Course: This is often a prerequisite to qualify for assistance. To find a online course and service provider in your area that is HUD approved. The U.S. Department of Housing and Urban Development has a easy look up tool “Housing Counseling Services” The nationwide network of HUD participating housing counseling agencies have been helping consumers across America for more than 50 years by providing the answers they need to make informed housing decisions. Click here to find a HUD participating housing counseling agency near you.
- Meet Income Limits: Your household income must fall within the program’s specified range. The Fannie Mae – Area Median Income Lookup Tool is an easy way to
- Stay Within Purchase Price Limits: The home you buy must not exceed the program’s maximum price.
- Buy in an Approved Location: Ensure the property is in an area eligible for assistance.
- Use the Home as Your Primary Residence: Investment properties or second homes typically do not qualify.
First-time home buyer grants for all of Florida
1. State Housing Initiatives Program (statewide)
The Florida Housing Finance Corporation (FHFC) oversees the State Housing Initiatives Program (SHIP), which allocates funds to all Florida counties and numerous cities. These local governments utilize SHIP funds to offer down payment and closing cost assistance, homeownership counseling, and other supportive programs. For more information about SHIP grants in your area, reach out to your city or county government.
2. Own a Home Opportunity Program for FHA First Time Home Buyer (multiple counties)
3. Own your First Home Opportunity Grant Program (multiple counties)
The OAHO grant program provides buyers with up to 5% of their total loan amount to cover down payments or closing costs. Eligible buyers in Broward, Charlotte, Collier, DeSoto, Lee, Palm Beach, Sarasota, St. Johns, and Volusia counties can apply. To qualify, borrowers must meet income and purchase price limits, have a credit score of at least 640, and secure their primary mortgage through an approved lender. This grant does not need to be repaid.
First Time Home Buyer Programs in the Florida Panhandle
4. HOME Homebuyers Program (Pensacola and Escambia County)
This grant program offers up to $12,500 in down payment and closing cost assistance as a zero-interest deferred loan, meaning repayment isn’t required immediately and no interest accrues. To qualify, the home must be built after 1978, not exceed the HOME price limit, and be located within Escambia County or the city of Pensacola.
5. SHIP First Time Homebuyers Program (Pensacola and Escambia County)
Through state funding, the city of Pensacola and Escambia County provide up to $25,000 in down payment and closing cost assistance, with the amount based on the borrower’s income. These funds are offered as a zero-interest deferred loan, meaning no interest accrues while awaiting repayment. A notable qualification is that you can be considered a first-time home buyer if you haven’t owned a home in the past three years, so former homeowners may still be eligible.
6. Pensacola Homebuyer Incentive Program (Pensacola)
This program offers up to $30,000 in down payment and closing cost assistance through a zero-interest, deferred payment loan. These funds are designated for low- to moderate-income families. The home must be located within Pensacola, and there are purchase price limits in place.
7. Purchase Assistance Program (Panama City)
Panama City provides first-time home buyers with up to $50,000 for closing costs, down payments, and mortgage payment assistance. The funds are offered as a second mortgage. Various home types are accepted, but the property’s price must not exceed $300,000.
8. Down Payment Assistance Program (Tallahassee)
Offered through the Tallahassee Lenders’ Consortium, this program provides qualified applicants with up to 20% of the down payment and closing costs as a zero-interest second mortgage. Buyers must contribute at least $500 out of pocket and have approximately $2,000 for additional home purchase costs. Eligibility is based on income limits and property price limits.
9. Down Payment Assistance Program (Leon County)
The Tallahassee Lenders’ Consortium extends assistance to first-time homebuyers in Leon County, outside of Tallahassee. Depending on income, borrowers may qualify for up to $10,000 in down payment and closing cost assistance. To be eligible, borrowers must contribute at least $500 of their own funds toward the purchase and have approximately $2,000 for other related expenses. The assistance is provided as a no-interest second mortgage, and the property’s purchase price must not exceed $349,525.80.
FHA First Time Home Buyer Programs in North Florida
10. Down Payment Assistance Program (Gainesville)
This grant program offers first-time home buyers up to $15,000 in down payment and closing cost assistance. The funding comes as a forgivable loan; if the homeowner keeps the home as their primary residence for a minimum of five years, the loan is forgiven. Only properties under the program’s price thresholds and located within the city limits of Gainesville are eligible.
11. SHIP Down Payment Assistance (Alachua County)
First-time home buyers acquiring a property within Alachua County but beyond Gainesville’s borders can seek assistance for down payments, closing costs, and essential home repairs. These funds are allocated as a 10-year second mortgage.
12. Homebuyer Assistance Program (Volusia County)
The Volusia County Community Assistance Division’s Homebuyer Assistance Program extends significant support to lower-income first-time home buyers, offering up to $44,000 for a down payment and up to $6,000 for closing costs. These funds are provided as a deferred subordinate loan with no interest. The home must fall below the program’s price threshold and be situated in Volusia County but outside the city limits of Daytona Beach or Deltona. Assistance is limited in Edgewater, Pierson, Port Orange, and Oak Hill.
13. Affordable Home Ownership Assistance Program (Daytona Beach)
This program aids eligible applicants in buying a home within Daytona Beach city limits. It offers up to $50,000 in assistance as a forgivable loan, dependent on program funding and applicant income. The funds can cover down payments, closing costs, and home rehabilitation. Alongside meeting general eligibility criteria, applicants must contribute at least $500 towards the purchase and commit to occupying the home as their primary residence.
First Time Home Buyer Programs in central Florida
14. Down Payment Assistance Program (Orange County)
This program offers first-time home buyers up to $45,000 in down payment and closing cost assistance, contingent on their income. The funds are provided as a 10-year deferred loan, which must be repaid if the borrower sells, rents, refinances, or moves out of the property before the loan period ends. In addition to meeting general eligibility criteria, applicants are required to contribute up to $1,000 and must be residents of Orange, Osceola, Seminole, Lake, Polk, Volusia, or Brevard County. Property requirements also apply, with a price limit of $300,000.
15. Dare to Own the Dream (Tampa)
Tampa’s DARE program offers eligible buyers up to $40,000 in down payment and closing cost assistance. This assistance is provided as a deferred-payment loan, fully forgiven if the borrower owns and occupies the house for at least 10 years. To qualify, potential borrowers must engage with one of Tampa’s three city-approved counseling agencies, as well as work with a city-approved loan officer and real estate agent. Additionally, applicants must contribute some of their own funds towards the purchase. The home must be within Tampa city limits and pass a city inspection to qualify.
16. East Tampa CRA Down Payment Assistance Program (Tampa)
First-time home buyers aiming to purchase within the East Tampa community reinvestment area are eligible for up to $50,000 in down payment assistance. This support is offered as a zero-interest loan, forgiven after seven years of owner occupancy. The eligibility criteria and requirements mirror those of the DARE program, with the additional stipulation that the property must be located within the East Tampa CRA.
First Time Home Buyer Programs in South Florida
17. Homeownership Assistance Program (Miami-Dade County)
Administered by the Miami-Dade Advocacy Trust, this grant initiative offers first-time home buyers up to $28,500 for down payment and closing costs, contingent on their income. The funds are distributed as a no-interest, no-payment loan, forgiven after 20 years provided the borrower continues to occupy the home. Alongside fulfilling other eligibility criteria, applicants are required to contribute some of their own funds towards the purchase and collaborate with an approved mortgage lender.
18. First-Time Home Buyer Program (Hallandale Beach)
Administered by the Hallandale Beach Community Redevelopment Agency, this initiative offers first-time home buyers up to $100,000 in down payment and closing cost assistance for purchasing homes within the Hallandale Beach community reinvestment area. The funds are provided as a no-interest loan, potentially forgiven if the house serves as the borrower’s primary residence for at least 10 years. Alongside meeting other eligibility criteria, applicants must contribute $2,000 towards the down payment.
Here to help guide you through the First Time Home Buyer programs and options, helping you find your First Home Dream a Reality.
There can be lots of confusion, on what is the right First Time Home Buyer Program for you, contact us to let us help guide you with no obligations. We are here to provide you you navigate the waters to your first home, locating First Time home participating lenders along with helping you obtain if needed and approved home buyer education class.
