Down payment assistance · Florida
Florida Assist
The quiet one in Florida Housing's line-up. Less money than Hometown Heroes, but no employer test — if you qualify for a Florida Housing first mortgage, you can usually pair this with it.
What is Florida Assist?
Florida Assist is a second mortgage from Florida Housing Finance Corporation that provides down payment and closing cost help at 0 percent interest with no monthly payment. The balance is deferred and becomes due only when you sell, refinance, transfer title or stop occupying the home. It is paired with a Florida Housing first mortgage and subject to that program's income and purchase-price limits.
How it compares to Hometown Heroes
Hometown Heroes offers more — 5 percent of the first mortgage, up to $35,000 — but requires full-time work for a Florida employer. Florida Assist provides a smaller fixed amount with no employment test beyond qualifying for the first mortgage. A buyer who does not fit Hometown Heroes often fits this.
The structure
A non-amortizing second lien: no interest accrues and nothing is paid monthly. Repayment is the original amount, when you sell or refinance. Combined with an FHA, VA, USDA or HFA conventional first mortgage from Florida Housing's program.
Next step
Find out if this fits your file
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Straight answers
Frequently asked
Does Florida Assist have to be paid back?
Yes, but not monthly and without interest. It is a 0 percent deferred second mortgage: the amount you received becomes due in full when you sell the home, refinance the first mortgage, transfer title or stop living in it as your primary residence.
Can Florida Assist be combined with Hometown Heroes?
No. They are alternative second-mortgage options under Florida Housing's program, and a buyer uses one or the other. Hometown Heroes offers more assistance but requires full-time employment with a Florida employer; Florida Assist has no such test.
Who qualifies for Florida Assist?
Buyers who qualify for a Florida Housing first mortgage: a first-time buyer, or purchasing in a targeted area, or a qualifying veteran, with household income and purchase price within the county limits, a minimum credit score set by the program, and completion of a homebuyer education course.
Often compared with
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