Below you will find common questions and answers on Florida Housing's First Time Homebuyer Program. If you cannot find an answer to your question, please click here to contact us directly.
1. What is the Florida Housing First Time Homebuyer Program?
The First Time Homebuyer Program helps low to moderate income families by making homeownership more affordable in Florida. The First Time Homebuyer program offers low fixed rate mortgages that provide borrowers with a low monthly mortgage payment.
2. Who is eligible for this program?
Any first time homebuyer that meets the income limits may use this program. First Time Homebuyers are people who haven’t owned a legal residence in the past three years unless they are buying in Target Area, Wilma Go Zone, or qualified for the Vets Exemption. To see if you qualify, please contact a participating lender.
3. What does this program offer?
The First Time Homebuyer program offers a variety of low fixed rate mortgage program and down payment assistance programs.
4. Is this a grant?
The program offers affordable alternatives to financing mortgages. The mortgages are loans that must be repaid.
5. Is this loan forgiven?
The First Time Homebuyers program offers mortgages to help borrowers buy a home. The mortgages are loans which are not forgiven and must be repaid.
6. What type of home may I purchase?
Borrowers may use the programs to purchase any new or existing single family home, townhouse, duplex, condominium and manufactured home (with certain restrictions) that is less than the maximum sales price for the county in which the home is located.
7. What is the current interest rate?
Florida Housing offers five (5) different First Time Homebuyer programs offering different interest rates. To view our current rates, please click here.
8. How do I get started?
All First Time Homebuyers must complete a homebuyer education program and then contact a lender to see if you qualify for any of the programs. To find an approved participating lender in your area, call 800-814-HOME (4663).
9. Are mobile homes allowed?
Yes, with certain restrictions. To find out what these restrictions are, contact a participating lender.
10. When will I have to repay the down payment assistance?
Florida Housing offers three different types of down payment assistance through the First Time Homebuyers program. Each program has different requirements, so you need to contact a lender to help you find the right program for you.