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First Time Home Buyer Grants

Hunting for Florida first time home buyer grants to purchase that home? Discover the best grants, programs for home buying in Florida and other down payment assistance available to you below.

Before you obtain a grant and apply for a mortgage, you really need to understand how your credit profile looks.

You want to know your credit score and determine if you need credit repair before proceeding.

Unfortunately, without a minimum credit score of 640, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate.

Acquiring a home in any state is an awesome project! However, don't let yourself become overwhelmed with the process.

It is my plan to give you some useful information in this article about first time home buyer grants which will help you along the way.

Qualifying for one of these is like getting a pile of money to help you.

If you need help estimating your mortgage closing costs, check out this FREE closing costs calculator by clicking here.


Florida Grants for Home Buying

To begin with the State of Florida does offer a Florida first time home buyer grant program for its residents. This is good news because not all states are able to offer assistance to first time home buyers.

The only grant program is called "HFA Preferred Plus Grant." It allows for up to 3% of the purchase to assist with the closing costs and the down payment. Borrowers eligible for the HFA Preferred Plus first mortgage product receive 3% in down payment assistance in the form of a nonrepayable grant. Eligible borrowers also benefit from reduced mortgage insurance costs and higher income and purchase price limits.

The 3% grant is based upon the sales price or the appraised value, whichever is less. The 3% grant cannot be used to pay the difference between contract sales price and an appraised value that is less than the contract sales price.

Please Note: The 3% grant cannot be used with any of Florida Housing’s other down payment programs like the Florida Assist or the HHF DPA Second Mortgage Program.

There are of course income, credit requirements and other restrictions that must be met when using Florida First Time Home Buyer Grants.

This state also offers several deferred zero interest second mortgages that can help as well.

One is called the "Florida Assist Program." This program works in a form of a zero percent deferred second mortgage for up to $7,500. Repayment is deferred, except in the event of a sale, transfer, satisfaction of the first mortgage, refinancing of the property or until you no longer live on the property. At that time the "Florida Assist Program" will become payable in full. It does require working with participating lenders.

Additionally, there is a program called the "Hardest Hit Fund DPA." This option offers up to $15,000 for qualified borrowers. It is a zero percent deferred loan that is forgivable. That means if you stay in the home for 5 years it is forgiven. Sounds like a grant doesn't it? But it only applies in certain counties, so you will have to see if the your county is included in this program.

You may want to see if your county government offers help. Many of them have down payment and closing costs assistance programs available to those who meet the requirements. It is called the "State Housing Initiatives Partnership" (SHIP) program.

Another awesome possibility is the "Florida Housing Mortgage Credit Certificate (MCC) Program." This program can help first time home buyers save money for each year they live in the home. You can claim up to 50% of the mortgage interest you pay each year as a tax credit on your federal IRS tax return. It is capped at $2,000 annually. Any amount over that can still be declared as a home mortgage interest deduction on your tax return. 

There are also various local programs. It is hard to list all of these so be sure check with your lender as to what is available in your particular purchase area.

The state agency which maintains these programs is the Florida Housing Finance Corporation. There are various limitations and requirements that determine your eligibility you will want to investigate.

To Find Your Grant, Mortgage & New Home Fill Out This Form

Federal Home Buying Grants

In addition, the federal government offers grant assistance for first time home buyers Florida. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.

Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.

Other Home Mortgage Grants

Another website I would recommend that you view is Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.

It is important to note that there is a plethora of local first time home buyer grant programs available from specific private organizations in Florida.

The FHA loan products are very flexible and work well with other assistance programs. Would you like to know where you stand with their requirements? Learn what those requirements are by clicking here.

Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.

Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you seek.

Is there more mortgage information for you? Yes, if you want to learn more about other mortgage options you may want to consider the several home mortgage information articles listed here. Take your time and scan the various subjects and become an educated buyer.

Florida First Time Home Buyer Grants Support

Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.

Click here for additional information on Florida First Time Home Buyer Grants.

This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.

Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!

Leave Florida First Time Home Buyer Grants and return to the State Lists main page.

Go to House Buyer Solutions Home Page.

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