Secure Your Dream Home with First Time Home Buyer Grants in Florida
Explore Our Exclusive Programs to Make Homeownership Affordable
Why Choose MJS Financial for Your First Home Purchase?
At MJS Financial, we understand that buying your first home is both an exciting and daunting experience. With years of expertise in the mortgage industry, we specialize in helping first-time homebuyers navigate the complexities of securing grants and financial assistance. Our team is dedicated to providing personalized guidance tailored to your unique financial situation. We simplify the home-buying process, ensuring you have access to the best programs available to make your dream of homeownership a reality.
Benefits of Our Florida First Time Home Buyer Programs
Affordable Homeownership: Gain access to grants and assistance programs designed to reduce upfront costs, making homeownership more accessible than ever.
Exclusive Programs: Benefit from unique loan options tailored specifically for first-time buyers, providing financial support and peace of mind.
Expert Guidance: Receive personalized assistance from our experienced loan officers, who will guide you through every step of the home buying process.
Smooth Process: Enjoy a hassle-free home buying experience with our streamlined services, ensuring a smooth and efficient journey to homeownership.
Florida DPA Program Examples:
Florida Hometown Heroes Housing Program
The Florida Hometown Heroes Housing Program offers up to 5% of the loan amount (capped at $35,000) in down payment and closing cost assistance. This program supports first-time homebuyers employed by Florida-based employers, helping them achieve their dream of homeownership.
Income Requirements:
- Must not exceed county-specific income limits (check using the Hometown Heroes Loan Limit and Income Limit Lookup).
Employment Requirements:
- At least one borrower must be employed by a Florida-based employer, working full-time (35+ hours/week).
First-Time Homebuyer Requirements:
- All borrowers must be first-time homebuyers (veterans and active-duty military are exempt unless using HFA Preferred Heroes).
Homebuyer Counseling:
- At least one borrower must complete a homebuyer counseling course (veterans not exempt).
Credit Requirements:
- Minimum FICO score of 640 (660 for manufactured homes).
- Maximum Debt-to-Income (DTI) ratio of 50% (45% for manufactured homes).
Property Requirements:
- Must be a primary residence. Eligible property types: 1-unit single-family residences, PUDs, condos (follow agency requirements), and 2-4-unit properties (borrower must occupy one unit).
Loan Structure:
- Offers up to 5% of the loan amount (capped at $35,000) in down payment and closing cost assistance. 0% interest, 30-year repayable second mortgage, due upon sale, refinance, deed transfer, or non-occupancy.
0% Down Purchase Program
Our 0% Down Purchase Program is designed to make homeownership more accessible by providing a 3% down payment assistance loan, up to $15,000. This program allows qualified borrowers to secure a home without an upfront down payment. The second lien provided under this program has no monthly payment or interest, making it a financially advantageous option for many first-time homebuyers. This lien is only repaid when the first lien is refinanced or paid off.
Income Requirements:
- Borrowers must be at or below 80% of the Area Median Income (AMI) for the property location.
Credit Requirements:
- Minimum FICO score of 620.
- Loan-to-Value (LTV) must be equal to or greater than 95%, up to 97%.
Property Requirements:
- Must be a primary residence. Eligible property types include single-family homes, condos, and townhomes.
Loan Structure:
- The first lien mortgage must meet loan LTV requirements.
- The lender will provide a second lien mortgage for 3% of the purchase price, up to $15,000.
- The second lien has no monthly payment requirement and no interest.
- The second lien balance is due when the first lien loan is refinanced or paid off.
Additional Requirements:
- Borrowers must meet Home Possible® guideline requirements.
- Payments on the second lien can be made throughout the loan term, but are not required.
Frequently Asked Questions
Eligibility criteria for first-time homebuyer grants in Florida typically include being a first-time homebuyer, meeting specific income requirements, and purchasing a primary residence. Programs like the Florida Hometown Heroes Housing Program also require employment with a Florida-based employer.
The 0% Down Purchase Program provides a second lien mortgage for 3% of the purchase price, up to $15,000, with no monthly payments or interest. The second lien is due when the first lien loan is refinanced or paid off. This program helps first-time homebuyers in Florida by reducing upfront costs.
Income requirements for down payment assistance programs in Florida vary by program. For example, the 0% Down Purchase Program requires borrowers to be at or below 80% of the Area Median Income (AMI), while the Florida Hometown Heroes Housing Program has specific county income limits.
Most down payment assistance programs in Florida are designed for first-time homebuyers. However, some exceptions exist, such as veterans and active-duty military members participating in specific programs like the Florida Hometown Heroes Housing Program. Some programs define a first-time homebuyer as someone who hasn’t purchased/owned a property in 3-5 years.
Eligible property types for first-time homebuyer programs in Florida include single-family homes, condos, townhomes, and in some cases, 2-4 unit properties if the borrower occupies one unit. Manufactured homes may have additional requirements.
To apply for first-time homebuyer grants in Florida, you typically need to complete an application process that includes providing proof of income, employment verification, and homebuyer counseling completion. MJS Financial can assist you with the application process for programs like the 0% Down Purchase Program and the Florida Hometown Heroes Housing Program.
The required credit score varies by program. For the 0% Down Purchase Program, a minimum FICO score of 620 is required. The Florida Hometown Heroes Housing Program requires a minimum FICO score of 640 (660 for manufactured homes).
Yes, many down payment assistance programs in Florida, including the Florida Hometown Heroes Housing Program, allow funds to be used for both down payment and closing costs. These programs help reduce the overall financial burden of purchasing a home.
The Florida Hometown Heroes Housing Program provides up to 5% of the loan amount (capped at $35,000) in down payment and closing cost assistance. It offers a 0% interest, 30-year repayable second mortgage to first-time homebuyers employed by a Florida-based employer.
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Disclosure: The information provided on this website is for general informational purposes only and should not be considered legal, financial, or professional advice. MJS Financial LLC makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. All loan programs and eligibility requirements are subject to change without notice. Please consult with a qualified financial advisor or loan officer to understand the specific terms and conditions that apply to your situation.