First time buyer programs Florida: down payment assistance in 2026

First time buyer programs Florida offers can cover most of a down payment, and several stack with an FHA or conventional loan. The catch is that the terms differ sharply. Some assistance is forgiven. Some is only deferred, which means you repay it later. Confusing the two is the most expensive mistake buyers make here. This guide covers the main programs, what each one actually costs, and where to verify current figures. Program details described as of August 2026. Terms below reflect how these programs are commonly described by participating lenders. They change between funding rounds, so confirm every figure with Florida Housing or an approved lender before you rely on it.

Hometown Heroes is the largest program

The Florida Hometown Heroes Housing Program is run by the Florida Housing Finance Corporation. It targets Florida workforce occupations, and it is available in all 67 counties.

Assistance is generally described as 5 percent of your first mortgage amount, with a 10,000 minimum and a 35,000 maximum. So a 200,000 first mortgage draws the 10,000 floor, while a 700,000 first mortgage reaches the 35,000 cap.

Eligibility turns on employment and ownership history. You generally need full time work, meaning 35 hours or more per week, with a Florida based employer in an eligible occupation. In addition, you generally must be a first time buyer, defined as not having owned a home in the past three years. Veterans are exempt from both the employment and first time buyer requirements.

Funding arrives in rounds rather than continuously. Because the money is allocated first come, first served, availability can close during a program year. Therefore check current availability with an approved lender before you write an offer.

Deferred is not the same as forgiven

This distinction decides whether assistance is a gift or a debt. Read it carefully.

Hometown Heroes assistance is generally described as a 0 percent interest, non-amortizing second mortgage with no monthly payment. On that description the balance is not forgiven. It becomes due when you sell, refinance, transfer the deed, pay off the first mortgage, or stop occupying the home.

Florida Assist works the same way. It is deferred, not forgivable. Meanwhile the HFA Preferred and HFA Advantage PLUS second mortgages are genuinely forgivable, at 20 percent per year across five years.

So the practical question is how long you plan to stay. A buyer who expects to move in three years should treat deferred assistance as a loan against future equity. A buyer staying past five years may do better with a forgivable product.

Florida Assist

Florida Assist, often written as FL Assist, provides up to 10,000 toward down payment and closing costs.

It carries 0 percent interest and requires no monthly payment. Still, it is a second mortgage rather than a grant. Repayment comes due when you sell, refinance, or cease to occupy the property.

Because the amount is smaller than Hometown Heroes, buyers who qualify for both usually compare them on eligibility rather than size. Your lender can price both scenarios side by side.

HFA Preferred and HFA Advantage PLUS

These two products pair a conventional first mortgage with a forgivable second. That forgivable structure is what sets them apart.

Assistance comes as 3 percent, 4 percent, or 5 percent of the loan amount. The second carries 0 percent interest with no monthly payment. Then it is forgiven at 20 percent per year over five years, so nothing remains owed after year five.

Consequently these programs suit buyers who intend to stay put. If you sell in year two, roughly 60 percent of the assistance is still owed. In other words, the forgiveness is real but it is earned over time.

The Chenoa Fund

The Chenoa Fund is administered by CBC Mortgage Agency, a federally chartered governmental entity. It is national rather than Florida specific, and it pairs with FHA and Fannie Mae conventional loans.

Assistance runs from 3.5 percent to 5 percent of the purchase price. Two structures exist. The forgivable option carries a 30 year term at 0 percent, and it forgives after 36 consecutive on time payments on the FHA first mortgage. A late payment resets that count, though you keep the full term to satisfy the condition.

The repayable option carries a 10 year term at a rate 2 percent above the FHA first mortgage rate, and it does require a monthly payment. Therefore compare the two carefully, since one adds a payment and the other does not.

Chenoa does not impose income limits, and it accepts repeat buyers as well as first time buyers. Credit score requirements start at 600.

First time buyer programs Florida income limits

Most state programs cap household income by county, generally around 150 percent of area median income. Limits change annually.

Figures reported by participating lenders place Miami-Dade near 185,850, Palm Beach near 175,650, and Broward near 172,950. Statewide the range runs roughly from 142,950 to 195,450 depending on county. However these numbers move, so treat them as a guide rather than a qualification.

Purchase price limits apply as well, and they also vary by county and loan type. In higher priced South Florida markets those caps matter. For context, Palm Beach County closed at a median of 515,000 over the past year, Broward at 460,000, and Miami-Dade at 560,000.

How the assistance interacts with your first mortgage

Assistance does not replace a loan. It sits behind one, so you still qualify for the first mortgage on its own terms.

That means credit, debt to income, and documentation still govern approval. In addition, the second mortgage appears on your closing disclosure and in your payoff figure later. Because it does, tell your title company about it early rather than at closing.

Assistance also affects refinancing. A deferred second becomes due on refinance in most cases. So if you expect to refinance within a few years, run that scenario before you accept the assistance.

How to apply

You cannot apply directly to Florida Housing. Applications go through a participating lender.

First, confirm your occupation qualifies if you are pursuing Hometown Heroes. Second, gather documents: two years of tax returns, recent pay stubs, and two months of bank statements. Self employed buyers should expect additional requests, so start earlier.

Next, ask the lender to quote your full monthly payment rather than principal and interest alone. Florida carrying costs include property taxes at the reset value, insurance, and any association dues. Finally, confirm current program funding, since rounds open and close.

A worked example

Numbers help more than definitions. Take a 400,000 purchase with an FHA first mortgage.

An FHA loan needs 3.5 percent down. That is 14,000. Closing costs might add another 8,000. So you need roughly 22,000 at the table.

Hometown Heroes would provide 5 percent of the first mortgage. On a 386,000 loan that is about 19,300. In short, most of your cash need is covered.

Now look forward. You sell in year four for 450,000. The 19,300 comes due at closing, out of your proceeds. You still keep the appreciation. Still, plan for that line rather than meeting it as a surprise.

What assistance does not cover

Assistance helps with cash to close. It does not lower your monthly payment.

Your payment still includes principal, interest, taxes, insurance, and any association dues. Florida taxes reset to the purchase price for the buyer under Save Our Homes, so the seller old bill is not a guide. Meanwhile insurance prices largely on roof age, window type, and year built.

Therefore run the full monthly number before you decide how much house you can carry. Buyers who budget from the down payment alone often find the payment uncomfortable later.

Common mistakes

Three come up repeatedly, and all three are avoidable.

First, assuming assistance is a grant. Most of it is not. Second, waiting too long. Funding rounds close, so a buyer who qualifies in March may not qualify in October. Third, skipping the refinance question. A deferred second usually comes due on refinance, which can undo the benefit of a lower rate.

Above all, ask your lender to put the terms in writing. Program summaries change, and the note you sign is what governs.

First time buyer programs Florida FAQ

Do I have to repay Hometown Heroes assistance?

On the terms lenders commonly publish, yes. It is described as a 0 percent deferred second mortgage rather than a grant. Repayment comes due on sale, refinance, deed transfer, payoff of the first mortgage, or when you stop occupying the home.

Can I use assistance with an FHA loan?

Generally yes, depending on the program. Florida Housing products pair with several first mortgage types, and the Chenoa Fund pairs with FHA and Fannie Mae conventional loans. Your lender confirms which combinations are available.

Am I still a first time buyer if I owned a home years ago?

Usually yes. Most programs define a first time buyer as someone who has not owned a primary residence in the past three years. Veterans are frequently exempt from that test entirely.

Which program is best?

That depends on how long you plan to stay and what you earn. Forgivable products reward staying five years. Deferred products give more cash up front and repay later. Ask your lender to model both against your timeline.

Figures and program terms in this guide are described as of August 2026 and change regularly. Verify current amounts, income limits, and availability with Florida Housing or a participating lender before relying on them.

Ready to see what you qualify for? Get pre-approved or read our mortgage overview. Equal Housing Lender. Not a commitment to lend. All loans subject to credit approval.

For personalized guidance on buying or selling in South Florida, contact the team at Pure Equity Realty. We serve Palm Beach, Broward, Miami-Dade, St. Lucie, and Highlands counties with expert representation and a 1% listing fee.