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Florida Down Payment Assistance Programs

Learn About the Best Available Florida DPA Programs

McLaughlin Mortgage - Down Payment Assistance Programs

Highlights

  • Reduces down payment and/or closing costs for eligible buyers
  • 2%, 3.5%, and in some cases 5% of the total loan amount (up to $25,000) is available
  • Programs include grants, deferred 2nd mortgages, and repayable 2nd mortgages
  • Not all programs require the borrower to be a first-time buyer

What is Florida Hometown Heroes? 

The Florida Hometown Heroes housing program is an initiative by the Florida Housing Finance Corporation to make homeownership more affordable for eligible front-line workers such as law enforcement officers, nurses, school teachers, and firefighters. To achieve this goal, down payment and closing cost assistance are available to first-time, qualified homebuyers in eligible occupations. Highlights include:

  • Up to 5% of the loan amount (capped at $25,000)
  • 0% interest, non-amortizing, 30-year, deferred 2nd mortgage
  • Minimum credit score: 640 FICO
  • Maximum DIT: 50%

Learn more about the Florida Hometown Heroes housing program.

McLaughlin Mortgage - Down Payment Assistance Programs

Who Qualifies for Down Payment Assistance in Florida?

While first-time homebuyers may benefit from down payment assistance programs, eligible borrowers do not need to be first-time buyers. FHA, VA, and USDA loans can be used alongside Federal grants, deferred second mortgages, and other forgivable loans between 2-3.5% of the purchase price. Some of these programs are contingent on making a specific number of on-time payments, while others are paid off over a period of time. Various factors including credit score, loan-to-value, income, and property type can affect rates and loan terms.

The Loan Process

How to get started:

  • Verify your eligibility to qualify for financing.
  • Receive options based on your unique criteria and scenario.
  • Compare mortgage interest rates and terms from our lender network.
  • Choose the offer that best fits your needs.

Other Available Programs

  • 203k Renovation Loan
  • Investment Loans
  • FHA Loans
  • Conventional
  • VA