FLORIDA First-Time Buyer Guide
The Cash Keeping You From Your First Home May Be Less Than You Think.
Down payment and closing costs stop many buyers before they ever speak with a lender. Florida Housing programs may help eligible Florida buyers reduce the amount they need upfront—but the repayment structure matters.
Three Different Assistance Structures
The biggest amount is not automatically the best fit.
Each option can reduce eligible upfront costs, but each one handles repayment differently. A smart comparison looks at the first mortgage, the assistance amount, the monthly payment and what happens when you sell or refinance.
Florida Assist
- 0% interest second mortgage
- No regular monthly payment
- Non-amortizing and deferred
- Not forgivable
Florida HLP
- 3% fixed-rate second mortgage
- Fully amortizing
- 30-year term
- Monthly payment applies
HFA PLUS
- Based on the first-mortgage amount
- 0% second mortgage
- Forgiven 20% per year
- Five-year forgiveness period
Start With the Basics
Could one of these programs fit your situation?
Qualification depends on the full loan application, current program limits and the property you select. These checkpoints can help you decide whether a lender review may be worthwhile.
Discuss Your Home SearchQuick Program Comparison
Compare the structure—not only the assistance amount.
Your lender should confirm current availability, compatibility and exact terms before you select a program.
| Program | Published Assistance | Monthly Payment | Forgivable? | Basic Structure |
|---|---|---|---|---|
| Florida Assist | Up to $10,000 | No regular payment | No | 0% deferred second mortgage |
| Florida HLP | $12,500 | Yes | No | 3% amortizing second mortgage |
| HFA PLUS | 3%, 4% or 5% of first mortgage | No regular payment | Over five years | 0% forgivable second mortgage |
A Clear Four-Step Plan
You do not need to choose a program by yourself.
Start with your finances, compare eligible structures and build your Greater Orlando home search around the plan that fits your real monthly budget.
Prepare your documents
Gather income records, employment information, bank statements and details about your current debts.
Speak with an approved lender
Ask which Florida Housing first mortgages and assistance programs may fit your profile.
Compare the full cost
Review the mortgage payment, second-mortgage terms, insurance, taxes and cash needed at closing.
Begin the right home search
Focus on homes that fit your financing, property requirements and preferred monthly comfort zone.
florida First-Time Buyer Guide
What are Florida Housing homebuyer programs?
Florida Housing offers 30-year fixed-rate first mortgages through approved participating lenders. Eligible borrowers may also use one of Florida Housing’s second-mortgage programs to help cover eligible down payment and closing costs.
The assistance is not offered as stand-alone cash. It must be used with an eligible Florida Housing first mortgage.
What does first-time homebuyer mean?
Florida Housing generally uses the federal first-time buyer definition. In practical terms, you may meet the requirement when you have not owned and occupied a primary residence during the previous three years.
This means that previously owning a home does not always disqualify you. Certain exemptions may also apply in limited situations.
Does your credit score matter?
Florida Housing’s published overview lists a typical minimum representative credit score of 640.
A 640 score does not guarantee mortgage approval. The lender will also evaluate your income, employment, debts, assets, credit history, selected mortgage and property.
Is homebuyer education required?
Approved pre-purchase homebuyer education is generally required. The course must meet the applicable Florida Housing standards, and your lender should confirm the course before you enroll.
Qualifying education may be offered online or in person. Certificates are generally accepted for two years from the completion date.
Must the property be your primary residence?
Yes. These programs are designed to help eligible buyers purchase a home they will occupy as their primary residence. They are not intended for vacation homes or investment-only properties.
Can state and local assistance be combined?
It may be possible in some transactions, but the programs must be compatible. Local programs can have their own income limits, funding restrictions, lien requirements and application processes.
Greater Orlando opportunities may differ depending on whether the property is in Orange, Seminole, Osceola, Lake or another nearby county.
A participating lender must confirm whether state and local assistance can be combined for your transaction.
Why the largest assistance amount may not be best
More assistance can lower the amount of cash needed at closing, but it can also create a different long-term obligation.
- A deferred second mortgage may have no monthly payment but require repayment after a sale or refinance.
- An amortizing second mortgage may provide a larger fixed amount but add a payment to your monthly expenses.
- A forgivable second mortgage may gradually disappear, but only when its occupancy and loan conditions are satisfied.
The right comparison should include the immediate assistance, total monthly payment and future repayment obligation.
Questions to ask your lender
- Which Florida Housing first mortgage am I being offered?
- Which assistance programs are compatible with that mortgage?
- How much assistance may be available?
- Is the assistance deferred, amortizing or forgivable?
- Will the second mortgage create a monthly payment?
- What events trigger repayment?
- What happens if I sell or refinance?
- What income and purchase-price limits apply?
- How much cash will I still need at closing?
- Can the assistance be combined with a local program?
- How does this compare with financing without assistance?
- Which homebuyer education course should I complete?
How The Miller Group of Keller Williams Realty helps
Your lender determines mortgage and assistance eligibility. The Miller Group of Keller Williams Realty helps connect the financing plan to your Florida home search.
We can help you understand property-related costs, focus on homes that fit the approved financing and coordinate with your lender throughout the offer and closing process.
Common First-Time Buyer Questions
Florida Homebuyer Assistance FAQs
No. Florida Assist is a 0% deferred second mortgage. It does not normally require regular monthly payments, but it is not forgivable and must eventually be repaid.
No. Florida HLP is a 3% fully amortizing second mortgage with a 30-year term and a monthly payment.
Yes, subject to the program’s conditions. The second mortgage is forgiven at 20% per year over five years. Certain events during that period can make the remaining balance due.
No. An approved participating lender evaluates potential eligibility, processes the mortgage application and reserves the program financing.
Not necessarily. The required down payment depends on the selected mortgage, borrower profile and property. Assistance may help cover eligible upfront costs.
Possibly. You may satisfy the first-time buyer definition when you have not owned and occupied a primary residence during the previous three years. Certain exemptions may also apply.
Approved pre-purchase homebuyer education is generally required. Confirm the specific course with your lender before enrolling.
Not necessarily. Income and purchase-price limits are connected to the applicable county and program. Your lender should apply the current limits to the property you are considering.
No. Florida Housing’s standard homebuyer programs are intended for qualifying primary residences.
Sometimes. Funding must be available, the programs must be compatible and the lender must approve the complete financing structure.
Your First Home May Be Closer
Do not let an assumed down payment stop the conversation.
The Miller Group of Keller Williams Realty helps Florida buyers connect with appropriate lending resources, understand property-related costs and build a home search around a realistic financing plan.
Call 407-979-4480
