Hardest Hit Fund Down Payment Assistance
Financial Assistance for Homebuyers in Florida
Available Assistance
The DPA Program provides applicants with up to $15,000 in assistance funds in the form of a forgivable, zero-interest second mortgage. 20 percent of the loan amount is forgiven each year for five years, after which the mortgage is forgiven entirely. However, in the case of refinance, sale, short-sale, or foreclosure of the home, or if it no longer serves as the borrower’s primary residence, the loan must be repaid.
Eligibility Requirements
To be considered eligible for the Program, all applicants must meet certain requirements. Borrowers and their spouses (occupant and non-occupant) must be first-time homebuyers and permanent residents of the U.S. Their annual household income must fall within program guidelines (shown below), and they must successfully complete a Program-approved pre-purchase homebuyer education course. All applicants must have a FICO mid score of at least 640 and a debt-to-income ratio no higher than 45 percent.
Property Guidelines
Any home being purchased with DPA Program funds must serve as the borrower’s principal residence, and be occupied within 60 days of the mortgage closing. New or existing detached or attached homes with one to four units, condominiums, and townhomes are eligible properties as long as they do not exceed the program’s maximum purchase price, $253,809.
Income Limits
Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.
1 or 2 persons: $59,800
3 or more persons: $68,770
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Florida
Broward County Homebuyer Purchase Assistance Program
Broward County recognizes that many individuals who can afford monthly mortgage payments don't have the required down payment for a home. The Broward County’s Homebuyer Purchase Assistance Program helps potential homebuyers overcome this hurdle by offering down payment assistance.
Escambia County Down Payment and Closing Cost Assistance
The program provides down payment and closing costs assistance to income-eligible applicants in the form of a zero-interest, deferred second mortgage, with the maximum loan amount being $7,500. This can be used in conjunction with the program’s 4 percent first mortgage exclusively.
Hardest Hit Fund Down Payment Assistance
The Housing Finance Authority of Hillsborough County offers the Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program. The program is meant to help first-time homebuyers who do not have enough money saved for hefty down payments and closing costs.
Head Start To HOME Ownership Program
The City of Jacksonville offers the Head Start To HOME Ownership Program, also known as H2H, which provides down payment and closing cost assistance to eligible applicants interested in purchasing a home.
HFA Miami-Dade Mortgage Program
The Housing Finance Authority of Miami-Dade recognizes the high upfront costs of purchasing a home. To help offset this cost, the HFA offers a first mortgage as well down payment assistance to potential homebuyers.
Home Key Plus 2nd Mortgage
The Housing Finance Authority of Pinellas County’s First-time Homebuyer Program is designed to help potential borrowers purchase the home of their dreams. Along with a first mortgage, the program helps borrowers with down payment assistance via the Home Key Plus 2nd Mortgage.
Home Ownership Program
With their Home Ownership Program, the Housing Finance Authority of Manatee County offers homebuyers down payment assistance. In addition to a first mortgage, the program gives borrowers the chance to cover the down payment and/or closing costs as well.
Home Sweet Home Hillsborough Program
The Housing Finance Authority of Hillsborough County offers homebuyers the Home Sweet Home Hillsborough Program that helps applicants overcome the hurdle of expensive down payments.
Lee County FirstPlus Program
Florida's Lee County Housing Finance Authority provides first-time homebuyers down payment and closing cost assistance with the FirstPlus program. This program works on a first-come, first-served basis and is continuously funded.
Orange County Down Payment Assistance Program
Florida residents in Orange County can take advantage the Down Payment Assistance Program, which provides funding to income-eligible first-time homebuyers to help them purchase a new or existing home. These funds are to be put toward paying qualified closing costs and the down payment associated with a mortgage transaction.
Palm Bay HOME Down Payment Assistance Program
The City of Palm Bay in Florida established the HOME Down Payment Assistance Program, which is designed to help income-eligible applicants with down payment and closing cost assistance to purchase their first home, and rehabilitation, if needed.
State Housing Initiatives Partnership Program
The State Housing Initiatives Partnership (SHIP) Program in Charlotte County provides income-eligible applicants up to 10 percent of the purchase price (a maximum award of $15,000), in the form of a zero-interest loan.
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