Explore Down Payment Assistance Programs in Florida
Abstract
If you're a first-time home buyer planning to purchase in the Sunshine State, you may qualify for down payment assistance in Florida. There are a variety of down payment assistance programs that can provide up to $10,000 toward your new home. The Florida Housing Finance Corporation offers options to not only help with down payments but closing costs as well. If you're a first-time buyer, you can take advantage of FHFC's second mortgage program to help with your down payment and closing costs. Plus FHFC forgives your loan at 20% per year over a five-year term, offers 0% interest, and requires no monthly payments for qualifying first-mortgage products. The Florida Homeownership Loan Program provides up to $10,000 of down payment assistance for a 15-year, 3%, fully-amortizing second mortgage. Just keep in mind if you decide to defer the payment and eventually sell the property, you'll be paying on your home while you're not living there unless you make enough from the home sale to cover your down payment loan.
